There are no alarms or warning bells that go off to signal you to leave your current workplace and venture out on your own. However, there is an instinctive feeling that overcomes you and tells you that it’s time to look beyond for opportunities and perhaps even start on your own business. This feeling often surface when you have been in your position for years, and there is a sense of complacency that sets in that makes you either resent your work or glow with pride when you describe it to someone else. Or, as is common in some cases, your immediate line manager could be replaced with someone whom you don’t respect because of malpractices. It could be a promotion you have been yearning for years and work hard towards and have to deal with someone less qualified filling those shoes. Whatever your reasons may be, you need to ask yourself if you are ready to take the plunge into starting your own venture. This guide will take you through a few points which will help you identify if you are really ready for the challenge.
Having a reason to leave – like a bad boss, sour work experience, or even boredom – is useful, but it needs to be backed by intense passion, or you might burn out within the first few years. This is one of the first things you need to consider: is your desire to leavesimply an escape route or is it an overwhelming desire that you’re ready to set sail with for at least the next few years of your life?
Next, realize that an idea alone is insufficient. “What is sufficient?” you may ask. Have you researched the market? How long is it before you break even? Many entrepreneurs don’t spend the time to learn more about their market, and are thus completely unaware of the future that looms over them. You need to be confident that your business venture will be a success, and be able to back your claim with evidence,before you even consider quitting your day job. It’s better to be employed and unhappy than unemployed and homeless.
If you are unsure about the success of the business, you can try setting it up while you are employed. However, in the long run, this is not an advisable method for running a successful business. You may end up frustrated with the pressure of under-performing in your area whichmay cause you to lose interest in your own venture. If you are unsure of starting your own business, then that may be a warning sign that you aren’t ready yet. If you are certain, then, by all means, quit your day job, and drive your concept with full steam.
What about your personal life? When you work for a large corporation, your day ends at a certain time. If you are late to work, that probably goes unnoticed. If you are sick, you know that your company will find someone to substitute for you. However, when it’s your own business venture, you need to realize that you will miss birthdays, anniversaries, friends, family, and many meals.
Finally, make sure to properly take care of the legal side of owning a business. You can start with finding out which company type is best for you.