Quitting your job before starting your dream business is not a good idea. You must first start your business before you quit your job. By doing this, you are minimizing the risk of going into bankruptcy.
Here’s a step-by-step guide on how to start own business before quitting your job:
Manage Personal Finance
Start within you. You must first learn how to manage your own money before managing your own business. If you don’t know how to manage your own money before starting your business, you might failed in your business venture.
Developing money management skills may be hard but it’s worth to take the
It was hard but I told myself that the skills I will learn in doing so are the same skills I will need when I start running my own business.
Commit Time To Build Your Business
Your business would need to be built during your spare time since you are not yet ready to quit your job. Commit a schedule for working on your business. It’s a trial and error at first but you’ll get right schedule for you in no time.
If you want to build your own business, be willing to let go of the things you do that won’t help you run a business in the future. Learn to say no to your family and friends most of the time to work on your business.
Also, instead of watching Netflix, you can use that extra time to work on your business.
Step 3: Let go of the employee mindset
Start thinking like an entrepreneur and let go of the employee mindset.
Your goal is no longer working to get that promotion. Start thinking about your goal as a business owner. Just do your work and be a good employee, but reserve your best effort and energy into creating your own business.
Quit impressing your boss. Start working and competing against your own weekly performance.
Stretch Your Vision At Work
Realize that your office is no longer a place for work but also a place for learning. Learn as much as you can. Observe how it is run and how the company’s mission, vision, and values are being applied. Doing so, you’ll have an idea how you’ll apply your MV&V and how to run your own company.
Study and analyze your market, your products and services. Find the WHY of your consumers. Why they are buying your product or why they want to buy your product and services.
Study how your current company run their business. Take note of the small details and how they solve the problems that they encounter. WHY? Because you are building your own company.
The best way to learn is when its free and you are getting paid at the same time.
Go On An Idea Hunt
If you don’t have business ideas, start by spending your spare time hunting for it. Try to see if you can make a business out of your hobbies or look around you, observe what’s making people annoyed, irritated, disappointed or angry because these are the problems that you could solve with your business.
You can also play mobile or desktop games about building your own business and how to grow it. By playing you will learn great lessons, especially on how you spend your money.
Write A Business Plan
You may hate to research and meticulous work, but you need to make the most boring but the most essential step– writing a business plan.
It is essential because it is the blueprint of the business machine you are trying to build.
Almost all houses and buildings in your city have blueprints but not all of them have strong foundations. Others do collapse or easily shaken. How much more if they don’t have any blueprints at all.
Just like those houses and buildings, if you make a weak business plan or you choose not to write one, your business will easily shaken and have higher chances to collapse.
Execute Your Plan
To start and run your own business while still working as an employee is the most difficult step. Your energy and time management skills will be put to test in the utmost levels. If you burnout and frustrated, know that all entrepreneurs go through that kind of difficulty. Try reading inspiring books or watching videos about how successful entrepreneurs started their businesses and the problems or frustrations they encounter along the way.
By doing so, you will not get discouraged. Make those inspiring stories fuel you in building your business to success!
Quit Your Job When You’re Ready
You’ll eventually know it’s time to quit your job. You may not know when, but you will feel it. A friend of mine realize that he is ready to quit when he get off the bus while on the way to their office.
You are ready to quit when your business is running smoothly and the only way to make it grow is by giving it your full attention. But if you can successfully built a business that can run without you then, why quit? The bright side is, you’ll have another income stream instead of one.
The decision is up to you. Are you strong and brave enough to quit?