Tired Of Working For Other People- You Should Start Your Own Business | Fusion - WeRIndia

It’s the first and most important question every would-be entrepreneur asks themselves: Should I quit my day job to start my own business?

We turn to three experts to sort out if it’s the right time to take the leap.

When you hate your job the idea of jumping ship to start your own business seems like a no-brainer. But if you have a well-paying job you actually like the question becomes a little more tricky.

Ask the right questions to make sure you’re thinking about the right key business decisions.

Here are some questions to ask yourself:

• Why am I starting a business?
• What kind of business do I want?
• Who is my ideal customer?
• What products or services will my business provide?
• Am I prepared to spend the time and money needed to get my business started?
• How much money do I need to get started?
• Will I need to get a loan?
• What differentiates my business idea and the products or services I will provide from others in the market?
• Where will my business be located?
• How many employees will I need?
• What types of suppliers do I need?
• How soon will it take before my products or services are available?
• How long do I have until I start making a profit?
• Who is my competition?
• How will I price my product compared to my competition?
• How will I set up the legal structure of my business?
• What taxes do I need to pay?
• What kind of insurance do I need?
• How will I manage my business?
• How will I advertise my business?

Write a business plan

Every successful venture has a business plan, a written description of your business’s future. That’s all there is to it–a document that describes what you plan to do and how you plan to do it. You can find a wealth of good business plan templates and models online.

Customize your time
Time is one of your most precious resources. To gain serious momentum for your new venture, learn to customize your time with SMART goals:

• Specific: Know exactly what you want to accomplish.
• Measurable: Know how you will demonstrate and evaluate the extent to which the goal has been met.
• Achievable: Make yourself stretch, but not beyond your abilities or time frame.
• Relevant: Tie your goal to your key responsibilities and objectives.
• Timely: Set target dates for goals and sub goals.

Get help 
Hire someone who knows how to get you from where you are to where you want to be. Holding on to your steady corporate pay check can help give you funds to hire a coach to help you with time management, business planning, and preparing you for the ups and downs of entrepreneurial success.

Build a safety net

Until you can establish a solid stream of income from your side business, you don’t really want to quit.

When you’ve got a few months of expenses stashed away in the bank, you can feel freer and not as fearful about moving forward.

Even if things don’t work out, you know you can survive.

With a safety net you can be bolder with your decision making and take more risks. It makes work much more satisfying when you know you are putting your freedom in the bank.

Set a date
Lay out a plan to build up your side business into a full-time gig, and highlight the specific date you want to quit on your calendar. Give yourself an incentive to have your new venture up and running by the date you’ve picked.

Make quitting your current position happen sooner than later, not with a risky leap but by following a great plan with smart goals and bold implementation, with help and patience.

Spend some time with these questions and look deeply into yourself and what motivates you.

You may find that owning your own business seems exciting and challenging to you or you may decide that you just don’t want to take on the diverse and numerous tasks involved in running a business.

Photo by Tyler Franta on Unsplash (Free for commercial use)

Image Reference: https://unsplash.com/photos/RbFDzMKTH6Q