Many people are beginning to move into entrepreneurship alongside their professional jobs. While it is safe to jump into starting a business while keeping your job, such an arrangement may not provide you with a potential for greater success. If you have identified an idea or you want to scale up the one you already have, you might be thinking of quitting your job to concentrate on realizing your dream as an entrepreneur.
Many people have rushed into quitting their jobs only to find that their businesses aren’t as successful as they thought it would become. Therefore, the question many people would ask is, “When Should an Entrepreneur Quit Their Day Job? To answer this question, make sure to take into account the following:
Ascertain that your Idea is Viable
While millions of business ideas are born on a day-to-day basis, not all of them are the best or viable. If you have performed your analysis and you are sure that the idea is sustainable and can stand test of the moment, then you can go ahead and quit your job. You could be having a the best idea that promises to solve a need in the market but it may not live longer if the market isn’t ready for it. The trick is to perform a market research to establish the viability of the idea while considering the potential competition on the market.
Ready Yourself for the realities of the Business World
Entrepreneurship has been dressed up nicely as a glamorous path to success, and it is at times and not always. You become your own boss and decide what to do. While there are tech-startups such as Facebook and Uber that have succeeded, there is a general misconception that an entrepreneur can start up a business and the next day he becomes a millionaire. This is not always true. Most ideas conceived die or never become successful and most entrepreneurs end up to their formal jobs again. The truth is that many people who have succeeded have had to travel on the road of challenges sometimes failing times before finding the right bearing to success. Therefore, if you are ready for the realities such as failure and competition that may stall your success, then you can go ahead and quit your job to face the real business world.
Establish a Strong Financial Plan
Quitting your current job would mean forfeiting your sure source of income. Therefore, you need to have an excellent financial plan before you quit. You don’t have to quit a job only to begin borrowing to fund your subsistence and that of your family. Even though you think that your idea is so incredible that it will begin to churn out great returns, this might take time before you can begin to see this happen. Look at your savings to see if they can sustain your current lifestyle for a year or so before quitting. What other fallback options to you have just in case your business doesn’t pick up as quickly as you would have thought or in case you run out of money? Considering these questions might just help you know when to quit the nine-to-five job for entrepreneurship.
Don’t Ignore Talking to people.
Ultimately, the decision to quit your job is personal, but before you quit, ensure to talk to other people that you consider helpful or experienced. You could find alternative options on how to go about the whole idea. Your mentors and spouse might be the best people to help you look at the idea with a second mind. Is your spouse willing to accept the challenges and risks you are about to take? This way, you will be able to get advice on some of the issues that may have missed your minds. In addition, it will help you take corrective measures before plunging into the challenging waters of entrepreneurship.
Maintain the bridge
Ensure that you have exemplary relations with your current employer. The last thing any person can do is to quit the wrong way. You might want to come back if your idea just doesn’t work out. Never burn the bridges that helped you climb your way to where you are now. Consider discussing with your employer about your plan to leave. Ensure that they have found the best replacement before you exit.
Once you have checked on all the above issues and you feel are sure about each of them and are set to leave to become a full-time entrepreneur, you can go ahead. While taking risks and making huge decisions are part of entrepreneurship, extra caution and a lot of preparation is needed to prevent or minimize the challenges that might come your way.