You’ve been thinking about this for a long time. Your heart races. The adrenaline seeps into your veins. When you’re at work, you wish you were somewhere else. Instead, you feel that you’re living someone else’s dream. But you’re waiting for the right moment to start. So when is a good time to quit your job and start your business?
While “Now” is the correct answer, it’s important to make sure you and your family are secure.
Don’t Quit Yet — Save
Before rushing to quit, make sure you have something to fall back on. Don’t put your life savings into your business. Instead, budget and save for you and your family first. Make sure that you have enough in your personal account to where, if something bad happens, it wouldn’t hurt much.
Along with that, it would be nice to also think about a business savings account.
Instead of working for your job, make your job work for you. Save and plan ahead before you quit your job.
Make a Business Plan and Stick to It
One of the major reasons businesses fail is because of a lack of planning. If you’re just dreaming about your business without planning, it won’t work. It’s normal for upcoming entrepreneurs to simply make their business and promote it.
Although that is a start, there is much more that goes into it. You have to do your research in your field. You have to evaluate who your competitors are and the things they’re doing.
Do you have a plan for when things go left? In 2020 alone, many new businesses were wiped out because they hadn’t planned for the possibility of a pandemic. However, some utilized the tools that other competitors were using to stay afloat.
The very blueprint of your business lies in your plan. Make a timeline of when you want to kickstart your business. Stick to it. Make the deadline. And then plan.
Invest In Yourself
82% of businesses fail within the first year due to a poor understanding and management of money. Little money before the startup and a lack of financing are major reasons why businesses fail. Not only that, but the unexpected expenses are what can cause businesses to flop.
To avoid being in that number, you should overestimate your costs. When investing in your business, make sure you put in enough money to where you can get things done. If need be, borrow your money.
Invest in your business. Save up enough to where you can start without issue.
Start Your Business Now
Whether your quit your job or not, start now! Stop waiting for the right moment. There is no perfect moment to start a business. There will always be fears of failure and “the market.” Failure is inevitable. Put your best foot forward and follow your dreams. Then maybe, one day, you’ll be able to leave that 9-5 behind.
Have any more advice on starting your own business? Let us know down in the comments.
This article originally published on GREY Journal.