Like most people you may be wanting to work for yourself and quit your 9 to 5 five high income job. Attractive, however you need to think carefully and ask yourself tough questions before you quit your job. The following is the list of questions you need to answer to determine if its time to kiss your boss goodbye:
- Are you ready to quit?
Most people think they are ready to call it quits when they are actually not and vice versa. Never let a bad job you currently have rush you to starting a business you are not ready to run. Rather change jobs until you are ready to quit your job for self-employment.
- What excuses are you having?
We sometimes get ourselves a long list of what we need in order to quit our office jobs. The most important thing we need is to make sure we are not over-stretched with unnecessary debts. We can choose to lead a frugal lifestyle especially when we start on our home businesses. It is usually temporary and does pay off later.
Everything you are spending your salary on today can probably be attained at a much lesser cost. A lot is rather a luxury you don’t need. Look at your monthly expenses and you’ll discover the truth about your spending patterns. You can do without those stilettos, expensive bags, diamond earrings and bottles and bottles of perfumes.
- Can you start part-time?
You may consider a business idea that you can grow part time before you quit your current job. One idea is what I do for a living, which I also started on a part-time basis, following my passion. (More about my business). Be warned, it is not a get rich quick scheme but very consistent and gets you where you want to go ultimately. In my opinion and experience “get rich quick” schemes always have bad endings.
- Do you have dependants?
A very important question. It is more difficult to leave your job when you have small kids and other dependants. Ask yourself a question: Can you manage without a “sure” salary at the end of the month? Rather stick to building your business on a part-time basis until you are ready to quit your 9 to 5 job.
- Do you have support structure?
The other important factor is weather you have family or even friends’ support to take this decision. You may for instance depend on your spouse’s income whilst you are starting out on your business.
You may also ask for support from your parents, even move in with them for a while if you can. It helps to eliminate some of your monthly expenses. But do you have such support? If you don’t have that you rather start your business on a part-time.
- How much Capital do you need?
Some businesses are too capital intensive. You may consider starting smaller and growing your business with time. Every business has capital needed to start. Be sure to save enough capital for starting your business. Remember that you will have to buy everything for the business, from stationery to a computer if that required.
- Will it really make you happy?
Owning a business is not as glamorous as it sounds. It involves a lot more responsibility that a full-time job. You have yourself to account to and yourself to blame for failures.
Will you be happy to make failures and learn from them? Are you ready to take decisions at all levels of the business? Do you like hard work and are you passionate about your business of choice.
