Entrepreneurship 5 steps to take before quitting your job to start a business

Before you leave your job to start a business, keep the following things in mind.

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Not everybody would be able to start work on a side business and still maintain a 9 to 5 job.

Thus, the eventual thing might be to leave your current job to start that business venture. Even though this decision may sound ideal, it could also be risky, especially when the potential business does not come out strong as one might expect.

So before you jump to make that decision, keep the following in mind:

Ensure the idea is practicable

Before you leave to start a business, make sure that the idea is a good one. The issue is, you may think your idea is brilliant, but if the market is not ready for it, then you are likely to fall.

So before quitting your job, think thoroughly about your idea. Research on it and find out if others are doing a similar thing in the market. There are times that someone may have tried that particular idea and has failed. Find out why they failed, and draw a financial module if necessary.

READ ALSO: Here are 4 significant things your body might be trying to tell you

Make sure you are prepared for the realities of entrepreneurship

When you set up a business and you get to be your own boss with a great idea, your wish is that you end up being a billionaire overnight. But remember that most businesses fail and those who start such businesses sometimes end up going back to the workplace or office. So before you quit, make sure you do some reading on the realities of starting your own business so that you would not be disappointed when the challenges arise.

Speak to people

The final decision to quit your job to start a business rests on you. But before you make that move, it will be ideal if you are able to talk to others about your intentions. Talk to friends, family; ask them what they make of your new idea. If you have a partner, ask them if they are ready to take that risk with you. Seek advice too from people you look up to. It is very important.

READ ALSO: How to deal with failure as you jump from Corporate to Entrepreneurship

 

Have a personal financial plan

When you quit your job, your main source of sustainable income will no more be available. So before you leave, check how much you have and find out if your current savings can sustain you for a year or more. Always have a backup plan. The fact is, no matter the idea you have for a new business, it may take you months or years before you are able to gather enough revenue from it.

 

Don’t burn bridges

After making that decision to quit your job, make sure you do it the professional way. Don’t leave on bad terms, because you might need your former employers in the future as clients, or as partners in your new business. Besides, there is a chance that your idea will not work out well and you would want to come back to your former job. So ensure that your exit is smooth.

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