Questions to Ask Yourself Before Quitting Your Day Job to Start a New Business
You might be in a dilemma right now because you still have a day job, but you also want to start a new business. Before you decide to quit your job, you need to ask yourself these important questions so you wont regret your decision in the end.
Am I ready to take the lead?
With your current job, you might not be taking a leadership role, and you are only following the commands of someone with a higher position. It is not the case anymore when you start a business. You will be responsible for everything. When the endeavor fails, you will be the one to blame. As a business owner, you are the team leader, marketer, product designer and accountant. You might have employees, but everything depends on you. Therefore, if you are not ready to take on the leadership role, you need to think twice.
Is there a market out there?
You need to be sure that there are enough people who could possibly buy the products and services that you will offer. If you think you dont have a clear market yet, you need to think twice. You cant start a business when you are not sure that there are potential buyers, or else you will regret your decision to quit your day job. Survey people first about what they want and if they would think of buying your products. If there is a positive response, you might want to give it a go.
Do I have a plan B?
You need to have an exit strategy if your initial plan wont work. Otherwise, you will instantly regret your decision to leave your job. Even if you have a great plan for your business to succeed, you cant expect it to end that way. If things dont go your way, you need to have a new strategy right away to keep the business going.
Do I really want to be an entrepreneur?
Not everyone deserves to run a business. Some people are simply not cut out for the job. If you want to succeed in running a business, you need to love what you are doing in the first place. There are people who hate taking the lead or being the one to blame for potential failures. If you are this type of person, business is not for you. It will just cause undue stress.
Am I financially ready?
You can only leave your day job if you can sustain your personal expenses over the next few months. You cant expect your business to immediately take off. You will experience months of losses before seeing profits. If you think you cant survive in terms of your finances, you cant quit your day job just yet.
You have to keep asking yourself these questions before you take the big leap. Yes, business comes with a risk, but you can try minimizing the risks by preparing well before launching it.
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