Venturing in entrepreneurship is always a dream for every employee. Having to live under somebody’s rules is not always fulfilling. Sometimes employees will feel like they are making their employers richer by the services they offer. However, when employed there are some benefits that are not a guarantee when in entrepreneurship.
Quitting your job to start a company is a major development that everyone should endeavor to have. Someone said that in order to be successful, you must be willing to get out of the comfort zone. That salary guarantee and the daily job routine might not be there in your new company, although it is for some time. Even the big brands started somewhere and yours could reach their heights.
When to quit
Success and happiness come hand in hand and without one, your life will not be complete. The first reason why one would decide to quit a job is lack of fulfillment. Some jobs may be too demanding and the pay is poor, which might influence one to quit. However, this excludes the lazy excuses since venturing in a new company will be demanding too.
Some people may want to pursue their passion and talents, which is safer since you will have some direction. For others, some projects happening in the country may seem an opportunity for them. All these reasons validate quitting your job and starting a private enterprise. When quitting, it is important to follow the right procedure, since your employer might be an interested party in your company.
Things to consider
Starting a new company is not always easy before you reach an establishment. You may have to have input time and money commitments, depending on the nature of firm you invest. However, before actually quitting, here are some things you must consider:
Why are you quitting
The reason why you want to start a company is very important. It should be valid and sustainable. For instance, it would be unwise quitting to venture in a seasonal company or firm. In addition, some companies will require minimal commitments and you can manage both simultaneously. You should have enough conviction before venturing in a new company.
Where to start
Remember you are leaving behind many assurances and guarantees. You should have a laid-out plan on what steps to take to start the venture. It will save you time and money since you will have a schedule to follow. If you can, quit the job with the company already registered or with the aims and objectives already in place. This might save you regrets and frustrations after leaving the comfort zone.
How to survive
Unless you are very lucky, most new companies will have a slow starting growth rate. During this time, all the capital comes from the proprietor since the profits are still down. This means that you will have to device on how settling personal and family bills will end up. The only secret is to save up enough capital before quitting, if possible.
Although there is no proper timing to start living your dream, there are some things to consider. You cannot quit with unpaid bills and unfinished loans, unless you feel that you could earn more from the new company. It is important to make a realistic decision that will favor you both in the short-term and even in future prospects.
It is always wise to do some feasibility studies and make financial prospects. Yes, even big companies started from scratch, like you want to, but you must have some strategy. The main aim of starting your company is to reach greener pastures, both in happiness and moneywise. Even if you are sure, you have to quit, analyze the market to determine how you will pick up as fast as possible.
What you need
Do you have something that you can start the company with? Skills and capital are the main requirements that you must have. If you already have customers or clients, it is still better for you since they may help you build the company. However, do not wait until you feel that you have all that the company requires. The truth is, you will never reach at such a point.
Quitting a job should be an honest and realistic decision. However, career development is part of life and venturing into a new company is part of great success. The only thing you may require is nsome security and safety while quitting.