Quitting you cushy high-paying corporate job for being your own boss and starting your own company sounds like a very confident, bold and progressive decision.
However, there is much to consider before you finally decide to quit a daily schedule for something new where there could be erratic work hours and no breaks, forget weekends and parties or going clubbing, especially for the initial days of your start-up career.
Working with insensitive, cruel bosses or having issues with colleagues or even dealing with long hours of commuting and inept company policies cannot be the only reasons why you feel prompted to start something of your own and quit your current employment.
Dreading to wake up to go to work, getting bored and feeling uninspired with your current role and responsibilities and feeling there is nothing new to learn can be enough reasons to believe that you need a drastic change in your professional career but it still does not suggest that you quit your job.
Starting up your own business would mean that you would be the deciding factor for each and every step you take with regards to your business, but it does not claim you being your own boss as there will be some customers who will be at the forefront of your business idea and it is they who will guarantee a success or a failure for your company.
Though uncertainty and the fear of failure are the two biggest reasons for unwillingness to give up the stability and security you are already enjoying, there are several other reasons that might have made you cringe at the idea of starting an entrepreneurial venture.
Even if you find your job miserable and want to quit, you will need a business idea that is possible to carry out and also have a plan ready for carrying out marketing and operations of your company successfully. You can keep working on these plans till the time you are not sure about how you are going to start your own business, and earn a monthly income side by side till that time.
Following the same daily schedule as your current job when you have quit and working the same number of hours would be a boon for your company, rather than letting yourself think that now that you have lot of time in hand, you can keep duties for later.
Money can be yet another big hurdle when it comes to starting up a company. So, it is always fair to yourself that you decide your plan of action before you are firm on taking the leap. Have your projections as realistic as possible as you need to prepare yourself for not earning profit for the initial years of your business. Your ways of supporting yourself and your dependents, if any, should be clear to you. Once this is clear, you can focus on your short-term and long-term goals related to your company without thinking about your bills and payment issues that you need to adhere to, once you are on the grid.
You sure don’t want to be surprised with the costs you have to continuously incur on your business, especially if and when you have not anticipated it. From market research, legal advice, lease agreements, stamp duty, phone, internet installation bills, electricity connections, obtaining statutory licenses, marketing, equipment and fittings to wages to staff members, purchase of initial raw materials and wholesale stock purchases, etc., there are many bills in your kitty that you have to handle, so it is better to figure out the possible unavoidable and unforeseen expenses and even managing through freelance or part-time gigs can contribute a lot to make ends meet. So, consider all your options before you put down your papers.
Also, until and unless your start-up business grows and branches out where you would have to delegate different people for separate works; you will have to manage different tasks on your own. Donning different hats such as the marketer, the techie and even the cleaner is what you should be prepared to do before the impulsive decision to quit. You can still manage with your ego clashes and attitude problems in an office environment, but when you start-up something new, you will be the one responsible for your company’s growth, marketing and maintenance, so you practically cannot afford to have an ego then.
Making an extensive research on your competitors, market value of your business idea and the kind of customers you will have to tackle is a good idea. However, till the time you conduct these research operations, you can consider starting up your venture as a test plan part-time and gradually as you start earning good profits through the same, you can then quit your job to work on your business full-time.
Your family and friends form a strong network of support while starting up a business. They might even help you financially. It is always better to let them in on the risks you are planning to take as your family is definitely affected with your risk-taking initiatives.
You will have to keep options open of part-time, freelancing and even full-time regular jobs while keeping your start-up plans on hold, and avoid burning bridges with recruiters, employers and other networking contacts. It is a small world and you never know when you might even need the help of your current boss in building up your venture. Helping with transition duties during notice period and being honest about your future start-up plans can be beneficial for both you and the company as they also may offer to give you flexible work hours or retain your services as an advisor or consultant to the company.
The first effect after you start your entrepreneurship would be on the monthly salary that you have a habit of expecting at the end of every month. So you must chalk out how you will handle monthly expenses, if not for salary and how much can your savings last you. Give yourself this buffer time before you plan on making your mark in the business field.
Whether you take a loan or speaking to prospective incubators and investors in your business, you will need to understand that both the plan of getting into manufacturing and services would require you to plan the costs your business will incur. Seeking venture capital or VC can be another good option but you may not be able to secure funds right away so crowd-funding can also be considered. Many new start-up ventures have succeeded using the idea of crowdsourcing of funds.
Also, too much planning may spoil all your plans so when you seem to make assumptions on the basis of your plans so far, realize that it is time to act and not fall in paralysis because of your analysis. You can think of talking to potential customers, and even consider speaking to people who have already experienced the issues in the segment of industry you are planning to launch a start-up in.
If you take care of these necessary do’s and don’ts before you plan on the plunge-in, you are bound to come up with flying colours in your entrepreneurial career.
Note: It is different to start a business and to sustain the same.
Good Luck!
