Planning on quitting your job to start out a business??? If you’re thinking about quitting your job and starting a business of your own, I’m positive you must have a great idea or a full proof plan to move towards the aforementioned direction. Having your business gives you freedom, freedom of choice, freedom from time limits. But before you do so, make sure you ask yourself certain questions. If the answer to most is affirmative, then know it’s the right step in the right direction.
Is this the Right Time?
Quitting a secured job is sort of an enormous step, an awfully risky one too. Stop for many minutes to think “is it the right time to move ahead?” unless you are 200% positive that you have a great idea for a product or service, you better wait.
Do I have the Required Funding?
For starting a business you require funds. Not only for your production, however, have several expenses entailed for a start-up. The hiring of employees, office space, inventory, stationary, advertising, etc. are just a few basic costs. Plan your source of funding and also keep it continued till you are fully operational and your product, service or idea starts giving returns in profit.
Can I Make Sacrifices?
Are you ready to move out of your comfort zone to achieve your goals? Give up your time, your family and friends’ time, your leisurely activities, and your weekends? A start-up business demands plenty of sacrifices before it starts reaping results.
Donning Several Hats?
A start-up needs you to assume multiple roles, one day you will be the marketing head, one day the administrator, one day you will be handling meetings and one day you will be the HR personnel. You have got to be able to play roles while not going in along with your ego.
What are My Strengths and Weakness?
Analyze yourself. Understand what you are getting into. Know what you can do. Up to what limits can you stretch yourself. Know your weakness (read: in the business sense) and find a solution for it.
Am I Ready for Critical feedback?
Getting instant success in a start-up could be a matter of luck. Your hard work, dedication, and focus will pay off, however, not instantly. Be prepared for any kind of feedback once you launch your product or service. Critical feedback gives you an opportunity to enhance and better your product.
Have I Done enough Market Research?
Identify your competitors and your competition. Analyze the market where you propose to sell. If too many people are selling the same product, you are bound to fail. Study how you can make your product unique and different from others.
Starting on a new journey, on an unknown trail, leaving everything ‘safe’ behind is a big leap of faith. But careful planning, detailed research, and focused approach can give you a haul in the right direction.