TechInAfrica – Working as an employee in a big and well-reputed company sometimes doesn’t always make us happy and proud. If you ever think of being a boss to your own company, you must think of quitting your current job and start your own business. However, it’s not an easy decision since you have to deal with several challenges in the future.
Before you decide to quit your job, ask yourself these five questions in order to find out whether or not you’re ready for taking the risks.
1. How sure are you with your business idea?
When you think of quitting your job to start your own business, you need to be all certain about your business idea. Consider how firm the idea is, in terms of capital, success possibilities, market, and challenges you would face when running a business. All have to be well thought to figure whether it will work or not. Moreover, this will also help you to identify a profitable business model.
2. How strong is your network?
Business is not only about idea and strategies, but also network. How strong is your network? Because if you think of starting a business, especially in the service sector, a strong network is the most important thing you should be having. Furthermore, the network you have should be able to serve your customers at the first batch.
If you don’t have a strong network, you will experience a hard time to achieve success in a reasonable time. If you think the network you have now can’t afford your business, wait a bit longer and stay in your job while widening your network. Once you think you’re network is strong enough, you can quit your job.
3. Will you give up your social life and focus on your new business?
Starting a new business need your whole focus and attention. It takes long hours of work, long study time, meeting hours, and a lot more. Consequently, you will lose time to socialize with family and friends. Even more, you will lose time to relax or rest.
If you’re typically not a workaholic or often tend to like hanging around with your family and friends, starting a business perhaps not your thing since it will against your nature. If you can’t put your entire focus and attention to your startup, it will affect the future of your business.
4. Are you ready to be broke for a long period of time?
When you start a business, finance will be one of the major challenges you will face. Most new businesses don’t make profits when they just started. It will take a few months or even a few years for your business to be profitable. This can be very frustrating for many entrepreneurs.
Before you quit your current job and start your own business, rather ask yourself first if you’re ready to be broke for such a long and unpredicted period of time. If you hesitate or not ready, just stay where you are now.
5. Have you prepared a backup plan?
Since you’ll be broke for a long and unpredicted period of time, you will have to prepare for a backup plan as well. You should think about how you’ll be able to keep cash coming in to support your business, especially in a critical time.
To support your business, you can take a side job or involve in freelance projects. However, you should make sure these side jobs or projects won’t mess up your main focus. By doing these, you can keep cash coming into the business you just started. You can try some trusted freelance sites like Fiverr and PeoplePerHour.