More and more people are quitting their office jobs to pursue other ventures. With easy access to information, this is more feasible than it was for previous generations.
If you just think, “I hate my job, I want to quit and start my own business,” then this actually probably isn’t the right move for you. You can’t be motivated by discontent of your current job, you have to be motivated by a passionate idea.
Many people leave their stable office job because they have an idea they’re passionate about and want to be their own boss. If this speaks to you, then here’s what you should consider before you start your own business:
1. Consider if you already spend time on your idea
Many successful entrepreneurs begin their new business while they’re still working full time. This means you’ll be working pretty much all the time, but it also means you won’t be taking such a huge risk and can test the waters. Trying it out while you’re still working your office job means you can see if the passion for your idea holds up, if the idea is actually successful, and gives you a financial cushion as you’re starting out, so don’t quit your job just yet.
2. Do research
Read, test, experiment, network, plan, repeat. Throw yourself into researching your idea. Whether it’s a product or service, know as much as you can about it. Who is your audience? Who are your competitors? It’s important to create a business plan so you can be prepared and professional in your new endeavor.
3. Look at your finances
Staring a new business costs a lot of money, and will continue to cost you money for a while. Are you prepared to take on any financial setbacks you may encounter? To found a new business you should have a hefty amount of savings and a meticulous budget plan. Consider the funding you may need and reach out to potential investors.
4. Use your network
Tell everyone you know that you’re starting a new venture. If you’ve been following along on our blog, you know that networking is key to success in business. This key part of your career at your office will follow you when you own your own business, and will likely play an even more crucial role.
5. Polish up your resume and portfolio
Yes, you still have to have a good resume and portfolio. Even though you’re “working for yourself,” your clients and potential investors will be interested in your work history. So have something prepared when they ask about your experience.
6. Be flexible
With a new business, you don’t know what to expect. As the old adage goes, “Expect the unexpected.” Things will happen that you could have never planned for. They could be both good and bad things, so just try your best to keep cool, find solutions, and adjust.
7. Be willing to make sacrifices
When you’re making any lifestyle change, you’ll have to lose something in exchange for what you gain. The same goes for starting a business, which will really impact your entire lifestyle. You may have to sacrifice time and money, which could effect the way you budget your personal spending and your time with family and friends.
8. Set goals
It’s important to know where you want your business to go so you can plan accordingly. It’ll be easy to get overwhelmed with everything you have to do, so knowing what you want to achieve will help you prioritize. In the same vein, it’s important to know why you want to achieve your goals. Define your motivations and repeat them to yourself when you start to feel deflated. Make your motivations into a mantra and hold on to them when you need a boost.
9. It will never be the perfect time to start
You just have to take the leap. You’ll always be able to find another excuse, and there will always be at least a few obstacles in your way. Starting your own business is a risk, but it’s also an adventure. Be brave.
10. Ask for feedback
If you’re ready to start your own business, it’s clear that you’re passionate about your idea. However, sometimes that passion can blind you to the idea’s flaws. Seek out third party feedback from people you respect, prospective clients, and faithful clients. You should always be seeking to improve, and you have a lot to learn from what others have to say.
11. Prepare for failure
Many businesses fail. Yours may very well fail too. However, you must always remember that failing is a temporary state. You can and will rise out of it. Try to stay positive and don’t beat yourself up too much. If you’re wise, you’ll treat the experience as a learning opportunity and a chance to do things better the next time around.
Breaking away and starting your own company is an enticing, yet intimidating, idea. Have you started your own business? Share you experience on UltiCareer to help students and others discover if it’s the right career path for them.
on UltiCareer to help others on their job search, get to know what your type of job is really like.