Are you tired of your job? Do you want to quit your job? Do you want to start a business? Do you want to transit from being an employee to becoming an entrepreneur? If your answer to any of the above questions is yes, then please read on because I am going to reveal the step by step approach to quitting your job and starting a business.
Everyday, I come across employees who are sick and tired of their job. Everyday, I meet aspiring entrepreneurs and employees with million dollar ideas but they don’t seem to have the guts to quit their job because of fear of the unknown. If any of the above situations applies to you, then you are the reason I wrote this article.
Are You Really Prepared to Quit your Job?
One of the most frightening days of your life is when you are about to quit your job for what you really have passion for. Quitting your job is really a very difficult decision to make. You are not really sure how your employer is going to feel after seeing your resignation letter, neither are you sure of what is going to happen to you when you quit.
Believe me, you would go broke a thousand times but it is for the best. All those allowances, free medical check-ups, gift cards that your company gives will be a thing of the past. There would be no more paychecks, health insurance or even retirement plans.
But it is a wise decision you have made though by quitting your job and starting a business to become your own boss. Be sure that you are ready to quit before you do. Most people who are scared of quitting start a business and devote some hours after working hours and also during weekends.
Have you ever asked yourself why people love to work for big companies? Have you ever asked yourself why people quit their jobs? Don’t let the motive behind quitting your job be because every other person around you is quitting. Mostly it is the fear of not having a steady income that holds people back from quitting their jobs to start a business. If you want to quit your job and start a business then this article is for you.
Before I proceed into the detailed approach to quitting your job and starting a business, I want to personally acknowledge my mentor “Robert Kiyosaki” for his inspiration. His book “Rich Dad’s Before You Quit Your Job: 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business” provided the core guideline to writing this article and I personally recommend you read that book if you are really serious about quitting your job. Now how do you quit your job like a boss and start a business?
How to Quit your Job and Start a Business in 12 Easy Steps
1. Why do you want to quit your job?
Yes, this is the foremost and most important question you must answer. Why do you want to quit your job? Why do you want to start a business? I hear many people lamenting that they are quitting their jobs because they are tired of it.
Being tired of your job is not enough reason to quit because it doesn’t provide enough motivation to see you through the process. To successfully quit your job and start a business, you need a stronger reason; a reason that will see you through the dark times. Now I definitely can’t tell you why you should quit your job; that’s left for you to answer.
2. Work On Your Business Ideas
How do I work on my business ideas? Before quitting, work on your business ideas and ask yourself if your business is a viable one. Your family and friends would come in handy here, asking what they think would really help. You never can tell they might have a friend or a colleague who might put you through or give you some very good advice.
Some family or friends wouldn’t want to break your heart by telling you the business isn’t a viable one. Telling them a friend of yours is about to venture into the business is a better way of receiving an honest feedback from them. You should do a lot of research about your business so as to be sure the business you are about to venture into will be a profitable one and you are ready to take the risk.
You don’t want to end up going back to your employer after you quit, do you? This has happened to a lot of people. Getting your business plan ready and jotting down important things that will help your business, will go a long way in making your business a success. You are saying no to paychecks, health insurance and paid vacations. You don’t want to be doing all these for nothing. Work on your business, not in it.
3. Plan your exit strategy
After finding a good reason to quit your job, you need to plan your quitting strategy. Are you going to quit on your savings? Do you have an investment portfolio? After quitting your job, what next? Are you going to sit at home, get another job or start a business? These are questions you must provide an answer to and plan towards.
Now if you are going to look for another job, then this article can’t be of help to you. But if you intend to start a business or run a business of your own after quitting your job, then you have to plan towards it and this article will be of help to you. Now how do you start a business after quitting your job? I will suggest you read on.
4. Prepare your mindset
The transition from being an employee to becoming an entrepreneur is not just about a change of job or career; it’s a change of core value, a change of orientation. It is a transition from being a subordinate to being fully responsible for everything. It is a change that comes with a little bit of risk and uncertainty.
This is why I emphasize you that prepare your mindset. Quitting your job and becoming an entrepreneur means giving up your security to embrace a life of uncertainty. To successfully become an entrepreneur, you must be prepared to give your business the best shot; while still preparing yourself to handle failure.
5. Analyze your strengths and weaknesses
What are you good at? What do your co-employees compliment you for? What trait in you impresses your boss? What skills do you possess? Do you have a hobby, passion or talent? If you have a positive answer to any of the questions above, then you are on your way to starting your own business. The reason I say this is because I have seen employees quit their jobs to build a business around their passion and they hit tremendous success. If they can, then you too can.
6. Go for a Medical Check-Up
Knowing the state of your health is very important before quitting your job. Starting a business is not all that easy, managing it is very strenuous. You can take advantage of your company’s medical plans to diagnose and solve any health problems while you still can. Once you are out, you might not have the luxury of paying for medical bills as this might drain your purse, and remember you won’t be receiving any stable income for a while.
7. Ensure Financial Stability
Ensure you are not broke when you quit your job because you wouldn’t be receiving any paychecks for a while, it would be just you and your job. This is where your savings come to your rescue. When you are still employed, ensure you have attained some level of financial stability.
The major reason why start-ups end up closing their business is often as a result of lack of funds. It wouldn’t speak well of you to open your business and shut it down in less than 6 months.
You don’t want to be called a failure or a looser, do you? Automatically funneling money into an account that is not linked to your regular savings and withdrawals while still employed would help you be financially okay when you quit your job. Keep in mind that lack of money is a business killer.
8. Line Up Your Prospects
After the decision about quitting your job has been made, lining up your prospects should be the next thing on your agenda. You have to focus and give yourself a direction. Ask yourself very often where you are heading, this way you are sure to get an answer and the earlier you know where you are headed, the better.
You can make reaching out to people a regular practice as this will help you a lot. Your business is sure to be a success when you have lined up prospects, although there are other things that make one’s business a success.
Getting accustomed to being on a schedule is also very important while you are still employed because you would be doing more of this when you start your business. If you don’t know to manage your time, starting a business would be a bit difficult; although one out of ten people who were very poor in time management were able to push through.
You can learn anything only if you put your mind and soul into it. So many entrepreneurs today who had to take the risk of quitting their jobs to become their own bosses went through a lot. Be sure you are ready for this before you quit.
9. Set a targeted time to quit your job
When do you intend to quit your job? This is a question you must have a definite answer to. If you don’t have a set time to quit your job, then you are never going to quit. Setting a targeted time to quit is very important because it gives you a goal; it narrows your focus and sets you on a mission.
10. Start a business part time
Most people who desire to quit their job simply walk up to their boss and tender a resignation letter. Well, such approach is a brave and audacious one but it could be suicidal if you don’t have something to fall back on. Before quitting your job, it’s advisable you test the waters first. Don’t quit your job blindly on false hope. Quit on a solid foundation; quit your job on a tested and proven pathway.
11. Stick to the process
Sticking to the process is what makes the big difference between entrepreneurs that succeed and entrepreneurs that go back to their employee position cap in hand. You must have been an employee for years; so don’t think you will jump into the business world and hit instant success. Things don’t work that way.
To successfully quit your job and start a business, you have to go through the entrepreneurial process and it takes consistency to complete this process. Let me put it straight to you that the process is not an easy one, but it doesn’t have to be difficult either.
12. Quit your job
If things go according to plan and you successfully handle the challenges that may arise; then you may end up quitting your job at your set time with smiles on your face. But if not, then you might not make it at your set time. Either ways, I encourage you to stay true to the course. Nothing good comes easy, so if you are going to become a successful entrepreneur tomorrow; then you have to take the pain today.
Am I taking the right decision? Ask yourself this question a thousand times to ensure you are on the right path. Talk to people who also had to quit their jobs to startup their businesses. Ask them what it takes to manage a business. Ask questions and seek advice from them. Before quitting make sure you have something motivating you.
Don’t start a business because you watched a TV series that says quitting your job for a business is the best thing to do, neither should you start because you just want to do what you love doing. Very often it is not what we love to do that we end up doing. Discover what motivates you for this would help when you are fed up and almost about to give up.
After you might have submitted your resignation letter to start a business. You won’t be receiving any pay checks for a while. You need find another means of income which can sustain you and your business. Enrolling as a freelancer in any freelancing site is an option.
The money you earned through this source would be used to pay your bills and also to invest in your business. You would also want to be cut down on your expenses because your income may likely be lesser than working a stable 8-6.
Starting a business is not really hard, managing it is. If you can read through this article and put what is been said into use, your business is sure to be a success. Read wide to get wide exposure and also to catch a glimpse of what you are about getting into. You must be so sure you are ready to quit your business to avoid regrets later in the future. The sky is just the beginning.
Follow this process through to the end and I will see you at the top.