If entrepreneurship or Job could be personified, it would be that cool new kid on the block that everyone wants to be friends with. With this new trend of ‘starting up’, the number of individuals who are quitting their full-time jobs to found their own companies and businesses have almost near-doubled in the last five years.
While the enthusiastic zeal of these soon-to-be entrepreneurs is charming, to say the least, given the first signs of saturation that’s been on the rise in the horizon, in India especially, it may be advisable for these same individuals to think twice before giving up their stable salaries and fixed working hours.
Being impulsive could be a huge mistake so you need to create a list of the advantages and disadvantages you will face when quitting your Job. If you decide it’s still what you want to do, there are a few things you must put in place before you quit. To help you get ready for your big day of freedom, I’ve highlighted 10 things you should do before quitting your job and starting your own company.
1.Do research before Leaving Job
Quitting your current Job before getting your company off the ground may seem like the best option, but trust me, it’s not. The best way for you to get the wheels rolling in a safe and profitable way is to grow your business while you are still employed. This will make your transition from an employee to an entrepreneur a little smoother.
2.Create a business plan.
Once you’ve done your research, you need to put it on paper. Laying out a business plan before taking the plunge will be a key success driver. Your business plan will be something you will show to potential investors, partners, and other company stakeholders.
3. Outline your funding options.
Before looking at funding for your company, you need to have your own personal finances in check. If you quit with just a couple of hundred dollars in your pocket, with rent, insurance, and your phone bill to pay, you may find it difficult to focus your efforts on your new company.
4.Create the structure for your business.
You need to have the structure for your startup in place before you can quit your Job, specifically, your legal structure. There are various types of businesses entities you could become:
- A corporation
- A limited liability company
- A partnership
- Sole proprietorship
5. Leave on a good note.
Quitting your job without working your notice period, gossiping across the office, not completing your final assignments, and not training your replacement could be the worst decision of your life. Of course, you are leaving to start your own venture, but you cannot be sure that it will be a success or that your old company won’t come in handy one day. Leave without burning any bridges and you may be able to cash in a favor one day. Your old employer may even send clients your way knowing that you are a trustworthy business person.
6. Leverage your resources.
Of course, you do not want to spend money if you can avoid it. You need to look at the resources that are currently available to you. For example, you may have a friend who is a web developer; they might be able to give you special rates and work for you on a need-to-know basis.
7.Don’t forget the smaller planning details.
As an entrepreneur, it’s easy to become the type of person that can see the big picture. Unfortunately, if you don’t focus on the small details, you won’t be able to mold the perfect company. Planning is key, and little things such as choosing the right social media channels, keeping up to date with emails or even remembering to file your taxes are vital to your success.
8.Choose your new office space.
When planning the day when you quit your job, many assume that they will work from home until their company is off the ground and they have a team backing them up. Although this could work in the short term, it’s not a feasible option in the long run.
If you choose to work from home, you need to find a balance between your personal space and workspace. Working in bed, on your computer, all day, every day will lead you towards an unhealthy lifestyle that could have a domino effect on the progress your startup makes.
9.Create a portfolio or resume at your best.
You may think that owning your own company means you’ll never have to create another resume in your life. Wrong! Bulking up your resume and/or portfolio is a key driver when building your new business because you will need to prove to your investors, teams, and even clients that you are worth their money.
10.Your Final Destination
Remember that starting a new business is going to be more challenging than you imagined. You’re going to have to make the planning process your full-time job before you even see an income. That said, with the tips outlined above, you could make it the best, most profitable adventure you’ve ever embarked on from both a professional and emotional point of view.
This end up of your job will definitely become a good beginning of your upcoming life by going through these 10 things you need to know!