Quitting Your Job to Start a Business? Consider These First
When office-related stress comes to a head, it’s often tempting to troop into your boss’s office, slap a resignation letter on his desk and yell, “I QUIT!” But are you really ready to quit your job to find another — or start a new business altogether? Here are a few things to consider first.
#1 – First of all, never quit your job without a plan. Quitting your job then running into a new one with your head in the air may just make things worse for you. What if your new job/business actually makes you more miserable? You can’t crawl back to your old boss, either.
#2 – Start something on the side first. It’s fairly easy to decide what you want to do — you can list down your talents and interests in two separate columns and see which items can be found on both. But before you go all gung-ho on your new business idea, start slow. Keep your day job, but start growing your side biz in your own time. It’s much easier on the nerves that way.
#3 – Make sure your relationship with your boss doesn’t sour. Even if your boss treated you unfairly for years, you might find yourself having to go back to him if your biz doesn’t take off. And even if your biz does well, good relations with your old boss might actually send some good business your way one day.
#4 – Check your finances. This one’s a no-brainer, but unfortunately many business owners go into business without thinking of the cost. As a good rule of thumb, don’t quit your job until you’ve saved enough expenses to keep you afloat for at least two months.
When starting a new business, the first step is always the hardest. But once you’re prepared to take the leap, and once you’re prepared to handle whatever curveballs life throws at you after you get started, you’ll be better able to stabilize your business’s growth after a few months or years.