If you are in a paid 9 to 5 job, and you are stressed on it, chances are that you must have dreaming of leaving the job for entrepreneurship. The idea of running your own business is incredibly appealing, especially when stories of people who successfully quit their day jobs seem to be everywhere. But are you really ready to take the leap?
Leaving behind a steady paycheck and benefits in favor of startup life is one that must be carefully considered. However, when done well, it could be the most profitable decision you ever made.
To help you make a smooth transition from your paid job to the world of entrepreneurship, here are a few things you should do before quitting your job and starting your own company.
- Conduct extensive research.
It is not advisable to start a business without conducting proper research. Researches will give insight which will help you to make proper and informed decisions. Some background research you need to conduct includes, learning everything about your product or service, knowing your audience and buyer personas, researching your competitors, finding the right teams, knowing what your most profitable sales and marketing channels will be, among others.
- Create a business plan.
You can’t venture into any business without a concrete plan. Once you’ve done your research, you need to put it on paper. Laying out a business plan before starting will be a key success driver, which will guide you through. Note that the details and preconceptions might change. Your business plan should include, an executive summary, a company description, your objectives, vision, and mission statement, your go to market strategy, financial plan, etc.
- Invest in Your Entrepreneurial Mindset
What makes up an entrepreneur is his or her mindset, which is different from that of an employee. Read books and watch videos about startups and entrepreneurship. Work with a business coach. Take classes on sales and marketing. Have coffee with other business owners. Learn how a business owner thinks, and adjust accordingly.
- Create a portfolio
One important thing most client ask for, is your previous work done, so as to confirm your experience. You can create a portfolio from the jobs you did at your paid job, if it is related to the job you will be doing as an entrepreneur. Creating a portfolio is a key driver when building your new business because you will need to prove to your investors, teams, and even clients that you are worth their money.
- Be Willing to Give Up some things
Starting a business means moving out of the comfort zone. This mean less sleep at night, less hangouts and partying, less time for your family and relationship, in fact, less time for yourself. If you are willing to give some things up, then great. If you are not, try starting your business on the side or on a smaller scale first.
- Have a few months runway.
Save up to an amount of money that can comfortably cover your living expenses and business expenses for at least 6 months before you quit. This is because, your business might not start yielding you money from the first month. Even if it does, you don’t want to spend from the revenue of a business that just started.
- Leave on a good note.
Quitting your job without working your notice period, not completing your final assignments, and not training your replacement could come back to harm you.
Make sure you leave your job without burning any bridges that you might need one day. If you quit and are still in good terms with your old employer, they may even send clients your way knowing that you could be trusted.
Quitting your paid job to start a new business is going to be more challenging than you imagined. But putting into consideration the factors above, you would have a near smooth transition from your 9 to 5 job, to being an entrepreneur.
My name is Chigozie Japhet. I am a content writer, and a brand strategist. I like writing, reading, researching and watching football, especially my team, Man United. i believe in working hard, and also in relaxation as all work without play, makes Chigozie a dull boy.
