5 Things to Factor in Before Quitting Your Job to Start a Business

By Virginia Mwangi / March 29, 2019




Entrepreneurship has always seemed all rosy for bystanders who watch from far and quite enticing to the point of people quitting their jobs to take the risk they are told there is no success without.

Quit your job, work hard and build an enterprise and become the next big story…? This will not always be the case if anything; one has higher chances of failing. Publications do not tell of the many failed entrepreneurial stories and mostly paint an image of all rosy that fail to prepare start-ups on what to realistically expect.

To jump into that business idea, you need more than the will power, you need to research well into what your jumping into to know exactly how well to prepare. A 5000 entrepreneur study over 15 years established that 33 percent of start-ups who kept their jobs were most likely to succeed. Quitting your job should never be among the first things you do though you ought to have a timeline of when to if you are not able to balance and your start-up is on its feet. It is even easier if your start-up is in the same industry as you have experience and understand the challenges and how to maneuver.

Below is a list of five more things you need to consider before quitting that job.

  1. Write down your Goals and Plan

What is it you seek to achieve? When it sounds exciting and daring to just dive in, remember even in pools, it takes great swimmers to make the dive lest you lose your life.

Inexperience should not hold you back but should push you to gather as much information as possible. Write down a plan that will help you be specific on your venture, set the goals you focus to achieve and develop a plan to achieve them.

Set realistic goals that are easily achieved to motivate you and avoid getting discouraged.

  1. Prove it’s Possible with a Side Hustle

The beginning of a business is not always very fruitful financially and it is hence not advisable to quit your job as you could be committing financial suicide, which could be very frustrating and impact your venture negatively.

The importance of proving the viability of the business venture before quitting your job is to ensure there is a sustainable market for your product. This is likely to be exhausting and deny you a social life for a while but its worth in the long run.

  1. Save sufficiently to ensure financial safety while off Employment

Starting entrepreneurship is a journey that does not start with quitting your job but with saving. It takes money to make money and it is advisable that you more than just enough for easier journey entrepreneurship.

The bigger the financial savings the lesser the pressure and the more time you get to make the business idea work.

  1. Research and Grow your Skills

Never dive into a business you know nothing about! Whatever it is your business is selling, research on EVERYTHING, big or small, have as much information on your fingertips as possible.

Learn the skills you need to succeed in the venture and begin practicing them.

  1. Get Support

“Talent wins games, but teamwork and intelligence win championships.” – Michael Jordan.

Learning to work with others can never be over-emphasized, get mentors to advise and support you, hung around other entrepreneurs. Social media platforms such as Facebook and LinkedIn have very helpful groups that you will not only learn from but will also get thousands of accountability partners.

Conclusion

Do not be scared to begin once you are well prepared, you will never know unless you do. There will never be the right time or day to start so avoid procrastination.





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