It’s time. Quit your job and work on your dream. Are you ready? This is something all aspiring entrepreneurs ask themselves at some point. The answer that some don’t listen to is, “Don’t quit your day job.” Why? Operating a small business is more involved than you could ever know. And most dreamers are simply not prepared.
Think of the “entrepreneur” or “startup founder” as buzz words. The truth is being an entrepreneur is not easy and not everyone can do it.
It’s easier to work a job and earn a steady paycheck. And have someone else take on the burdens and responsibility of the business.
Did you know as an entrepreneur you may work 80 hours a week instead of 40? It’s true. There will be times when you make the wrong decision, costing your hundreds, thousands or more.
As an employee, you are the cog in a large wheel and allowed the freedom to be mediocre. The least amount of work is required to get by and not get fired. If you are an entrepreneur, mediocre is not an option. The buck stops with you.
Before You Quit
- Do your research
- Then, do more research
- Create a business plan, never start blind-turkey
- Outline your funding options – Do you have the money?
- Show me the money!
- Structure your business
- Choose a Co-Founder carefully
- Leverage your resources and experts
- Leave your job on a positive note (you might have to return)
- Consider a home office (Watch the budget)
- Create a resume and portfolio (You still need it as a business owner)
- Starting a business is the hardest task you will ever take on in life!
Can you balance job security and entrepreneurial itch? Yes, but keep your day job and get your side hustle on. This sounds a bit cliche but it really does make sense. Get your head out of the clouds and understand that your business will not start the way you want. The business won’t grow as fast as you want. Things will go wrong and you will suffer from depression, stress, and bouts with anxiety.
It’s normal, get over it. If you are good at your job it won’t take you long to learn how to juggle work and side hustle. Start to craft a sophisticated exit plan, but don’t just walk away.
Take time to learn about business startup processes and what’s involved. If you do decide to throw caution to the wind and start a business, make sure you know what your bottom line is.
What’s your plan to leaving your job and taking your product/service to market?