Read This Now if You Want to Quit Your Job and Start Your Own BusinessMarch 24 2018
‘I want to quit my job, start my own business, travel the world and be free!’ thought Tina in a moment of frustration. A week later, Tina did quit her job and plunged into the ‘entrepreneurial lifestyle,’ completely unprepared for the challenges to come.
Although a fictional name, Tina’s story represents the story of many of the women in our Woomentum community who quit their jobs to start their own business without having a strategic plan ready. If you relate to this story, here are five important points to understand before you take the plunge.
1. Understand the Toll Entrepreneurship Can Take on You and Your Life
Entrepreneurship articles on the Internet are dangerously unrealistic. They make people believe that just anyone can quit a job, start their own business, make $$$$ all while sitting at a beach in Hawaii. Reality begs to differ.
You spend more than 12 hours at your desk in your pajamas, being a one-man army tackling clients, resources, vendors, payments all at the same time. Entrepreneurship takes a huge toll on your mind, your body and your life. Fear of failure, financial constraints, tax issues, work-life balance all come together to make your life difficult and frustrating.
2. Create a 6-month Sustainability Plan
The first rule to entrepreneurship is having a plan. Never quit your job to start a business without at least a 6-month sustainability plan. When you make a plan, ask yourself these essential questions:
a). Do I have enough savings to back me up if things don’t work out in the next 6 months?
b). How do I get clients/investors/supporters?
c). Is my product/service something people would want to buy/use/invest in?
d). What do I need to get my business started? (website, branding, marketing, manpower etc)
e). Do I have the skills, knowledge and experience to go solo at this point in life?
We can’t stress it enough – never start a business without a plan.
3. Learn the Necessary Skills to Start Your Own Business
Entrepreneurship requires you to have multiple skills. You have to be a good hustler, seller, marketer, business manager, all in one go. Choose a training, get certified, learn new skills and build your profile.
4. Savings and a Source of Income
Do you need capital? Do you have a side income to rely on while you work at your business? Thanks to angel investors and crowdfunding platforms like Woomentum.Fund, thousands of entrepreneurs are able to receive funding for their business. However, getting an investor or a group of people to believe in the profitability of your product and fund its operation is a time-consuming process. Make a financial goal and do not let a financial crunch become an additional burden and stress factor that takes away all your focus on developing your product.
5. Taking it One Day at a Time
Entrepreneurship may be adrenaline pumping when you first set out, but it’s only a matter of days before it burns you out. What do you do when you get burnt out? You take a break. You breathe. Success is never overnight and perseverance is the only way you can maintain a long-term business.
We’re all tempted with the impulse to quit our jobs at one point to start something we can call our own. However, unless, you don’t have a plan, sufficient funds and enough support, it will be a difficult, frustrating and lonesome journey.
To know more about starting your own business, while still maintaining your job or side hustle, sign up at our community forum and get advice from female founders and top experts.