If you are reading this article, you have to some degree flirting with the idea of leaving your job and turning to entrepreneurship. Becoming an entrepreneur can be either the best decision of your life or your worst mistake.
While some people have been successful, others have been forced to incur losses and return back to what they were doing.
In this article, we are going to outline five important things you should do while you are still working as a salaried employee. This will help you when you finally take the plunge and start your journey as an entrepreneur.
Starting your Entrepreneurial Journey: Why it can be a good thing?
When you have a decent salary coming in every month, and start thinking about starting your own business, many will dissuade you. This is because everyone prioritizes safety and security. They might not be able to see your passion, commitment, and enthusiasm for the new journey.
However, becoming a successful entrepreneur can be a highly rewarding experience. This experience will not only be in terms of remunerations and earnings but the general overall satisfaction levels.
You can also create more employment opportunities for others in society. Many people have a personality wherein they cannot work well under someone’s authority. If you are someone who carries this personality, then you should explore the life of an entrepreneur.
List of 5 Things you should do before Quitting your Job and Becoming an Entrepreneur
- Plan and do adequate research-
You have a business idea, a product, or a service, which you think will work. However, it is important to flesh out the smallest details at the preparation stage. This will allow you to have a detailed plan ready before you leave the job. The planning and research phase should never be started after you leave the job. This will not only help you save time but also quicken the process of getting the final strategy ready.
- Get your finances in order-
Starting a new business is no mean feat. For one thing, you will realize that you will need ten times the money you were making every month as a salary. This is why saving more, taking self employed loans from credible institutions, and asking friends and family should be top of your list. Getting finances for your new business might be the most important and toughest part of your new journey.
- Use the available resources at your disposal-
Many aspiring entrepreneurs fail to see and exploit all the available resources at their disposal. An uncle’s run-down garage might be big enough to convert into a warehouse, or someone’s old desktop can be a system, which can be used by your new accountant. Making the most of the resources is something all entrepreneurs should learn. This will enable them to be frugal and invest in intelligent ways in their business.
- Look for a Co-Founder-
Do you know why most of the successful businesses of all time had co-founders? This is because you will be able to do twice the work and share responsibilities and liabilities. When you are getting your business off the ground, you are not concerned too much about sharing profits. What you are concerned about is setting up the business and turning profitable. You should start the search for a co-founder early and see what they can bring to your business.
- Prepare yourself mentally for all possibilities-
It is important to keep a positive mindset of being successful when you start out. However, you should be prepared for all eventualities as an entrepreneur. The fear of failure should be used in a productive fashion to motivate you to do better in the new business. If you are strong, the people around you will also benefit from the energy. This will also help you to navigate the challenges as and when they come in your entrepreneurial journey.
The Final Word
Everyone thinking of quitting your 9-5 job and turning entrepreneurs should remember that the journey is going to be a difficult one. This is why you need to ensure that you tick off all the five points from the article when you are working. What are some of the best things about turning to entrepreneurship? Let us know in the comments section below.