Do you work as a full-time employee for someone but think you can do a lot better? Have you been feeling stuck in a rut lately? Or as if you’re turning into a cubicle-bound robot for your company and not really doing what you want to do?
Don’t ignore these feelings, they may be trying to tell you something: to chart and follow your own path. In other words, you may want to consider quitting that job that’s draining you and start your own venture!
Starting your own business can be a dream come true. It can also be daunting. A lot of people get too comfortable with their 9-to-5 jobs; their fixed source of income and put their fantasy of owning their full-time venture on the backburner.
Quitting your job and getting into business requires exceptional levels of preparedness, commitment and perseverance. The possibilities are endless and exciting and being an entrepreneur can prove to be a rollercoaster ride with its inevitable ups and downs. It can also bring you incredible success or turn out to be a cataclysmic failure.
The dichotomy of such possibilities is what leads to apprehension in many a wannabe entrepreneur. However, they soon realize that it’s all about taking chances and remaining committed.
Here are a few signs that indicate you’re ready to take the plunge:
1. There’s Nothing in Your Job for You
Think hard and figure out if you’ve ever incurred or expect to incur any significant benefits of waiting. Having said that, you must also consider the fact that you’re bound to experience good and bad days in every job. Just because you’ve been experiencing a bad spell lately, does not mean that you’re ready to quit it and start your own business.
However, if both the bad as well as the good days just don’t feel fulfilling, then it may be time to consider owning your own business. People tend to feel dissatisfied with their job when they’re unable to do the work they want to do because someone else is calling the shots.
If the idea of setting your own agenda, delegating tasks and undertaking the projects that really interest you thrills you, you may just be ready for entrepreneurship!
2. You’re Up for Meeting Business Demands
Sometimes people make the grave mistake of assuming that managing your own business is easy; only to realize later on that it is actually the opposite.
Owning a business is like creating a new entity altogether and bringing it into the world. You need to be ready to face the physical, mental, and emotional entailments that come with it.
Know for a fact that you’re going to be tested every day. You’ll often find yourself being forced to move out of your comfort zone. You’ll experience good and bad days, and even very bad days. You will also have long days of intense work and tough decision-making, which will be physically and mentally demanding. This is a part of the learning and growing process and you need to be tough enough to endure it rather than get overwhelmed by it.
3. You're Qualified and Experienced
Not that you need a particular degree to start a business, but you definitely need to be aware of the goings-on and the things that matter in your industry. You should be capable enough to identify opportunities and threats and deal with them head-on.
Apart from that, forecasting future trends accurately, recognizing your competitors, and their strengths and weaknesses are just few of the several things you should know about.
Also take into consideration the experience you may have that might be relevant to your industry/business. Whether it is managing people, making sales, or understanding the technicalities, you will do well to have a certain amount of experience and expertise in all these aspects.
4. You Have a Robust Support System
Whether it is at the personal or the professional level, your business is bound to affect your relationships. In order to keep things running smoothly, having trustworthy and reliable people with you will do you a world of good.
Your family, friends and spouse (if applicable) need to understand that your new venture will probably take up most of your time and energy and support you in your endeavor.
Further, you will also need a robust support team to assist you with your business. The business world is vast and it is better not to venture into it all alone. Find people who complement your strengths, build a strong network of influential people from your industry, and associate with people who are where you want to be.
5. You’ve Been Saving Up
One of the most important factors of starting and running a business is money. Ponder over whether or not you have the financial capacity to support your business. Your business is bound to require a certain amount of money for upfront investment.
And it’ll take some time before you reach breakeven. The profits will come in later. So you don’t want to depend solely on your business for steady income from the beginning. You need to have reserves.
6.You Have a Plan and Several Marketable Ideas
All great things need planning. And while you don’t really need an elaborate business plan, you should be clear about taking your idea to the market, your strategy for executing your plan, targeting customers, setting prices, fulfilling orders, having the IT support and other necessary systems and procedures for accounting for it all, and raking in the profits.
Having a market-tested idea in place will make you more confident about quitting your job and pursuing your business permanently. You can begin by starting part-time while still continuing with your job. If that goes well, making the decision to go full-time should be easier.
7. Your Contingency Plan is Ready
When making the life-altering decision of getting into the business world for good, you will do well in hoping for the best and being prepared for the worst. You need to consider all the possibilities before launching your venture. What would happen if your income expectations aren’t met? What if things get too difficult for you to handle? And what if you succeed beyond your wildest belief (now that would be a great problem to have)?
While planning is always great, having a back-up is better. And having a back-up for your back-up plan is the best way to go.
Leaving your job to start your own business is one of the biggest decisions you will ever have to make. No doubt it is risky, but once you get past the initial hiccups, it can prove to be extremely rewarding. You may want to perceive it as choosing personal freedom to do things your way over the security that a regular job provides. Both have their pros and cons which need to be weighed wisely before making the big leap. The above signs should help you decide whether or not you’re ready to bid adieu to your job and become a full-time entrepreneur.