The dream to start your own business is not letting you stay in peace and you desperately want to quit your job to turn entrepreneur; but what you can’t decide the ‘right time’ to take the plunge. Isn’t this a common problem afflicting those who are driven by a passionate dream to start and run a business?
A word of caution though – Starting a business is no small feat; apart from courage and determination what you need is careful planning. We will give you a few tips in order to prepare you for making the life-changing decision when you call it a day and hand in over your resignation at work.
Definite Business Idea
No business can ever start off without an Idea. It could be the simplest of ideas but you need to strongly believe in it and be greatly motivated before you consider branching out on your own. Take some time out and consider whether this is the ‘one’ idea that’s been giving you sleepless nights or is it just a hankering after fool’s gold.
Working on a half-baked idea won’t take you far. • Check out the viability of your idea by making sure that there truly is interest in the market for your product or service. • Study the challenges by assessing the local market conditions and competition.
• Carry out as much research as possible to assess the feasibility of your idea. You can perhaps approach a mentor or colleagues for their input and advice.
For example, you strongly feel the need to open a pastry shop or a gift shop near your current office area as it has none and you see a business opportunity here. Now take a step further and find out what your colleagues think about this idea, its feasibility, location of the shop, etc.
Remember, your own business will be a 24/7 job – you won’t get the luxury of ‘logging off’ on time or over weekends. Once you are at it, you will need to be fully committed to it — you are in it totally or not there at all. Be prepared to work long hours, go without holidays and miss important family occasions.
Not only this, you have to be well prepared to go without the safety net of a regular monthly salary. Are you ready for all these? Ask yourself and come up with honest answers.
Start Creating a Safety Corpus
Keep well in mind that once you quit the job, you also wave goodbye to the salary, bonus, and other perks that come pre-designated, every month. Furthermore, you are not sure when you will be seeing the first profits pouring in, it might take months and sometimes more than that.
Hence, start creating a safety corpus to take care of your imminent needs like monthly rent, provision, gas, electricity and telephone bills, etc when you will be on your own.
You start your business venture on a positive note and are absolutely determined to make it work. But sometimes, things don’t work out as planned. You need to be thoroughly ready with a contingency plan in case the business doesn’t work out:
• How much time will you give your business to take off; six months, a year or maybe two?
• What will be your exit strategy?
• Can you get back to your old job (only if you had left on a good note)?
• Can you pull up some strings and get a good job elsewhere?
• Can you enter into the family business if any? The above pointers will make you take a long hard look at your decision to go the entrepreneurial way. It is a litmus test. If you are honest with your answers and findings, you will know the time when to cut the strings and pursue your dream.