Are you thinking of building your own online business? Well, let me start by saying congratulations! You’ve made a tough decision but a rewarding one. There is always a good feeling when you follow your dream, it may seem tough in the beginning but I will tell you it all worth it. Truly, the idea of having your own business and being your own boss is a liberating one but it’s a big undertaking.
However, this period can be a very confusing time, I know because I once took this leap of faith myself. There are so many things going through your mind at this moment. You are probably asking yourself right now, am I making a good decision? Is this business going to be profitable? Should I take a loan? Do I need to get an office? Should I quit my job to concentrate on my new business?
Asking whether or not to quit your job is one of the most important questions that every new entrepreneur asks themselves. It’s very tempting to quit your job so you can give your new business all your attention. However, you might need to ask yourself some relevant questions and make some serious considerations.
Quitting your job out rightly when you want to start your business might sound like a good idea but it can go both ways. You can build a profitable business immediately after quitting your job or you can go flat broke for years after that, either way, you will need some serious consideration.
Don’t quit your job just yet because you hate your boss or because you think you have an idea that can fly. Trust me, a lot of us have really good ideas but they don’t usually become profitable until after weeks or months. During this period, you will need some cash to get by; so keeping your job can be a good option. Deciding whether to quit or not is never an easy decision, in the next few paragraphs, I will help you to make up your mind after you consider some important factors.
We will take a look at a number of factors you need to consider before deciding to quit your job.
Things to Consider Before Quitting Your Job for Your Business
Do You Have Enough Savings?
Don’t quit your job just yet if you don’t have enough savings to last you for a really long time. Starting a new business is quite a delicate situation, it can go either way. In case your business didn’t do well as you expected, you need some money to live on for a few months. Additionally, most new businesses demand extra cash injection in first few months. This extra cash may not be in your initial cash projection or business plan, your job can serve as a source of extra income you need to live for few months into your new business or to boost your business when there is a need for extra capital injection.
Before deciding to quit your job for your business, check how long your current savings can last for you and your family. You should have a savings that can last for at least 6 months before you decide to quit.
Working Part Time Can be a Good Option
Before starting a business, you need to ask yourself how much time you need to realistically run the business. Instead of quitting your job, you might opt to work for part-time or get a part-time job so that you can have enough money to live for few months into your new business and extra cash to support your business.
Are you Ready for the Life of an Entrepreneur?
Trust me on this, being an entrepreneur is quite a different ball game. As an employee, you only do tasks assigned to you and collect your pay at the end of the month. But as an entrepreneur, your responsibilities will be multiplied. Your greatest fear will be losing your investment; you will be tasked with coordinating every aspect of your business to ensure it ends in profitable return. As an entrepreneur, you will always be on call, including nights, weekends, and holidays. Don’t just quit your job yet until you figure out the challenges and responsibilities of being an entrepreneur.
Starting your own business is a wonderful idea. There is no better feeling than having your own company or being your own boss. Elon Musk, Richard Branson and a lot of other CEOs on Fortune 500 List have jobs while working on their own idea. There is nothing bad in keeping your job until your business picks up, this will ensure that you don’t lose on both sides. Once again, thumbs up for starting your own online business, you are on the right path to an incredible and rewarding experience.