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6 Things to Remember Before Quitting Your Job to Run Your Own Business

by Ismail N   ·  3 months ago   ·  
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For most of us, the path paved by years of schooling ultimately leads to an office job. As a salaried worker, you may have already reaped the benefits that come with a cushy 9-to-5: a stable income, employer-provided benefits, vacation days, and the occasional pay raise. However, desk jobs also have a reputation for being monotonous and limiting, especially in terms of staff policies and earning potential. Most likely, you have already thought about leaving your job to start your own business.

That said, there are a lot of challenges that come with quitting your job to pursue your entrepreneurial ambitions. If you’ve been under someone’s employ for years, business ownership may come as a culture shock. What’s worse, your inability to adjust might set you up for failure within your first year.

If you’re on the verge of leaving your desk job to become a full-time entrepreneur, here are a few reminders to help you transition smoothly and have a higher chance at success:

Ask Yourself Why You Want to Run a Business

Running a business is a big commitment, so you need to be sure that you’re pursuing this career move for all the right reasons. Before handing in that resignation letter, you need to ask yourself why you’re choosing this path in the first place. Do you want to pursue your entrepreneurial vision, or do you just want out of an unfulfilling job? It takes passion to become a business owner, and switching from one high-stress environment to another will not make your work-related issues go away. If you only want to be rid of your current job and don’t have a plan for your business, maybe it’s better to find more rewarding work with another employer.

Create Your Financial Reservoir

It usually takes some time for a new venture to start delivering returns. If you quit your job on a whim and don’t have enough saved up for everyday expenses, you could derail your long-term plans and drain your funds. Before turning your business into your primary source of income, you need to ensure that you have sufficient funds for the expenses typically covered by your take-home pay. Ideally, you should stash away six months’ worth of your salary to cover your needs like rent, utilities, and food.

If you need a financial helping hand, you may want to explore options for acquiring additional funds. You can get low-commitment side hustles, rent out extra space, or explore investment options such as stocks or foreign exchange (forex) trading. Apart from supplementing your income through side gigs, you can secure an online loan Philippines-based borrowers usually turn to for hassle-free application and disbursement. It’s best to choose lenders with flexible terms and low interest rates that help you maximize your earnings as a business owner.

Start Thinking Like a Boss

If you’ve been a lifelong employee, you may be used to making decisions based on specific tasks in your job description. As an owner of an emerging business, you have to get used to getting your hands dirty and calling the shots.

In particular, you need to learn how to take full responsibility for all tasks. From creating reports to shipping items, there’s a wide range of processes that you may need to handle simultaneously. Since you’re going to be a one-man team for a good while, you will likely work more hours than your typical office job.

Before quitting your job think like a boss

To help you get used to this hectic setup, you may want to create a schedule to fully flesh out your tasks. A comprehensive schedule will help you establish routines and serve as your “training wheels” until you get the hang of things.

Test Your Offerings on a Small Scale

None of us has a crystal ball that predicts the success of a business. However, you can still get an overview of how your target market may respond by assessing the feasibility of your ideas in small groups. Test your offerings on a few people in your network first, possibly some coworkers, and get their feedback on points for improvement. Starting with a small part of your chosen market will eventually help you get a good grasp of how your customers will behave.

Establish Yourself in Your Chosen Niche

If you’re still not sure what your brand and target market is, you need to go back to the drawing board and stick with your job a little longer.

Before getting into business ownership, you need to know which problems your business wants to solve and to whom you intend to sell these solutions. You also need to know how saturated the market is and which of your offerings have the potential to be game-changers in this space. Doing plenty of market research may also help you make a smoother shift to full-time business ownership.

Set Up Your Network

Lastly, it’s important to have a pipeline of reliable experts to help your business grow. Since you don’t have enough resources to establish a whole staff yet, you can consider your network as your initial team of experts and consultants. For one, you may want to connect with accountants and lawyers who can give you advice on financial and legal matters. Moreover, you may want to build connections with people who could be potential customers. You can broaden your network through events such as conventions, community-based activities, and trade fairs. Finally, one shouldn’t discount the power of word-of-mouth and social media marketing.

A Smoother Journey Towards Becoming Your Own CEO

Becoming the head of a thriving venture is a dream that most of us have, but diving into business ownership head-first will only lead to poor management and bad decisions in the long run. An analysis by Fundera found that a small business’s chances of survival decrease over time, which is why it’s important to strengthen a business’s foundations early on before deciding to leave your job.

That said, the transition from office worker to business owner can be rewarding despite its challenges. In the end, businesses are all about taking risks based on informed decisions. If something’s telling you that it’s time to take the plunge, maybe you should listen to your gut and consider the viability of taking charge of your own earnings.

 

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