Fantastic Voyage? What You Need To Ask Yourself Before Quitting Your Job To Set Up A Business

We’ve all had that daydream, going up to our boss, giving them the finger, and telling them “I’m going to make my own way in life now!” You set up your own business, make millions, and ride off into the sunset. While it’s not a concept far removed from reality, we’ve still got to be realistic about our expectations of the feasibility of doing this! Before you quit your job, and make some enquiries on how to set up your own business online, what do you really need to know? Let’s answer it for you, by asking three simple questions.

Are You Miserable In Your Current Job?

Let’s start here, we all suffer from “the grass is greener on the other side-itis” from time to time, so does your life benefit from a shake up, rather than starting a dream business? Look at why you aren’t happy in your current lifestyle. After all, you spend a third of your life in work, and maybe your career demands a change. It might not even be that, it could be that your work-life balance is completely out of sync, and you can benefit from more time doing things you enjoy outside of work, so when you do go to work, it doesn’t feel so emotionally draining.

Do You Know How Much It Costs To Realize Your Dream?

In other words, have you really thought it through? Setting up a business is easy, almost too easy. But remember the statistics, roughly 80% to 90% of businesses fail within their first year. This is all down to the expenses, and knowing how to manage them. Setting up a business isn’t just about creating a website, it’s about marketing – where you would benefit by paying marketing agency to craft an ad campaign for you, it’s about being ahead of the technical curve – where you pay for managed IT services to protect your company from threats like viruses and malware, but it’s also about paying your employees, or at the very least, paying yourself! Depending on the type of business you imagine yourself setting up, the costs can vary, but you need to crunch the numbers first before you know what you’re getting into.

Do You Know Enough About What It Takes?

Why this all sounds incredibly negative, it’s not too bad putting you off setting your own business up, it’s about understanding the challenges you will face on a constant basis. This is why many people choose to set up a business as a part-time endeavor first. That way, you’ve got the security of your full time job keeping you afloat financially, but you have your evenings and weekends free to explore the possibilities of this business. In many ways, this leaves you in a more advantageous position than an entrepreneur. You can afford to take more risks, but you can also learn more about where you are going wrong with these risks. You need to be like a sponge, and learn everything you possibly can!

It is a fantastic voyage, but so many people are quitting their jobs to follow their dream, without necessarily knowing the fine details of what it entails. Ask yourself these questions, and then choose wisely.

Image Credit

Reply