These days, more than ever, millions of people around the world are looking for how to quit their jobs to start their own company. People fantasize about calling the shots in their own business, not answerable to anyone, but the truth is that the idea will always be different from the reality. Starting a venture involves time, money, risks and energy.
While some juggle their 9-5 jobs with side businesses, others believe that they are brave enough to leave the former for the latter which is not a bad choice but one must be ready to put in the work to make the business successful.
If you are resigning to focus on your own thing, follow these steps to have a seamless transition:
- Don’t take your current job for granted
One of the best ways to ensure that your business is a success when you launch it is to learn as much as you can about business in general, management and leadership. Once you make up your mind to switch to entrepreneurship, you should even become more interested in the happenings in your workplace. Understand company structure, culture, employee relations, and more.
If you work in an industry that your business is also going to be in, it makes it better because you have front row seat to all the action, strategies, requirements and tools needed to excel in that sector.
Another way that your current job contributes to your future entrepreneurship pursuit, is that you are able to keep relevant contacts who could be your colleagues, suppliers, contractors, and other people in your company’s network who could be of great help to you when you start your own business.
2. Research is your buddy!
Just like every other new thing you would like to try, you have to do your research before starting your venture. Do some digging to understand the terrain. This means you have to figure out the necessary knowledge, and skills. Absorb relevant concepts such as sales, marketing, finance, human resources, pricing, and customer service as they relate to your specific niche.
know your target customer, their behaviour and pain points, find out whether or not there is demand for your business offerings, and identify your competitors.
You can conduct research on the Internet, through forums such as quora, social media sites such as Twitter, an online survey. You can also ask family and friends, keeping up with industry news and updates or by attending industry events both virtual and physical. All of the information you’d gather from your research will help you know where you stand and if your idea is viable. It is not uncommon to have a brilliant business idea in theory only for one to realise that in the real world, it would not work.
3. Check your finances
Quitting your job means your major source of income will disappear. This is why your personal finances need to be in shape and not in shambles because it will definitely take some time for your business to attract revenue even if it’s a fantastic business idea. Even then, your revenue will probably be minimal and inconsistent.
To adequately prepare for this period, ensure you have sufficient savings enough to sustain you for a year or more.
4. Start your venture first as a side hustle alongside your job
This will give you real life experience and taste of how running a business would be like. This approach will also ensure your regular income doesn’t cease before your new company starts bringing in money. Your business might not grow as fast as it would if it were full-time, but at least it’s in operation, and you know what to expect when you eventually resign. You may decide to maintain it as a side hustle as well at the end of the day, who know?
5. Network and talk to people
Talk to your family and close friends about what has been on your mind, seek their opinions and advice. This might highlight other factors that you may not have considered all along. Talk to your peers and mentors and hear what they have to say.
Go out more and meet with people who have successful businesses in the same industry that you are in. learn a thing or two from them and let them know you are open for future collaborations.
6. Block out fear
Entrepreneurs are courageous people so if you must be one, you must develop the mindset of an entrepreneur. Whether you take the bold step of starting or allow fear creep in and get the best of you, it all depends on no other person but you. you have the power to begin and the power to sustain a business.
7. Quit without drama
If you decide to keep the business as a side hustle while you stick to your 9-5 job, it’s totally fine. But if you choose to leave your job, resign amicably. Quit in the right manner, never burn a bridge in the professional world. This creates room for possible partnership or collaboration if your venture turns out to be a success. if it doesn’t go as planned, you can always return or get help from your former employer. Talk to your employer about leaving, give them as much time as they need to find a replacement and exit as smoothly as possible to preserve your relationship. Also, prepare to answer questions as to why you are leaving or why you must leave.