If you’re currently employed, one of the first questions you may be asking yourself right now is…
“Should I Quit My Day Job?”
Quitting your day job is always a tempting proposition when you’re excited about the prospect of starting a new business – especially if you hate your job, as it is. However, this may not be the best thing for you at this early stage.
You need to get into the mindset that nothing is ever guaranteed in life, and no matter how sound you think your new venture is, it is probably not at the stage where it can support you and your family for the long term. Being able to leave a boring, or otherwise unpleasant job is certainly an admirable goal to strive for, so always have a backup plan and go with whatever feels right… after you have examined all the relevant facts and figures.
Having a job not only gives you stability, but it also gives you the advantage of time to gradually build up your reputation and client base. Bear in mind as well that you will have the opportunity to fine tune your processes, and improve your products features without any undue pressure on your financial well-being. While you are employed you can experiment and find what works best by presenting your product or service to a closed group for testing. For a service based business you will also have the luxury of being able to run it part time to see how well you can handle one client, or many.
So far the benefits of keeping your employment are many but you need to be careful that it doesn’t become an excuse to slack off and deviate from your business plan. This module intends to show you how to stay focused on your business plan, and on track. Despite all of the above, if you have the resources to stay afloat financially then quit your job if you hate it that much, or if you feel you need to devote %100 of your efforts to your new venture.
What we want to stress is that you shouldn’t quit your job for the sole reason of finding it unbearable and monotonous. The exception is if you are currently working in a toxic workplace where you are treated badly, and are not respected. Nobody should have to put up with that sort of an environment for any reason.
Check with your local government business organizations for any offers of start-up programs and educational material for first time entrepreneurs. Also don’t dismiss avenues such as the small business development office or local employment office for any help and advice they can offer. The local library is still a great source of information, as is online.
It is rare that a new enterprise is an all or nothing affair. There are other alternatives in the form of cutting back your work hours to make room for your new business. Failing that, you could also discuss job sharing with your employer and your work colleagues. Many workers would welcome the opportunity for a few more hours a week because of the extra income it brings.
Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity