If you’re ready to leave the corporate world behind and head out on your own there are a few questions that you should answer before you make the big leap. Many people don’t realize how unprepared they are to cut ties with what they’ve known for so long and end up not succeeding because of this. Since we love our readers and we don’t want this to happen we’ve put together a little Blog about the 4 most important questions that you must answer before going it alone. Our advice; read them, use them and answer them because when you do you’ll be ready. Enjoy!
Is your new business making enough money to support you and your family? If it’s not but it’s close and it’s sustainable then you may be ready but if you’re going to be hurting if you lose that paycheck we suggest that you wait until your side-venture is making enough to at least pay the basic bills before you tell your boss you’re leaving. Keeping your job and the money it provides as you get you won business going isn’t a bad thing as long as you don’t let it hold you back from making the break.
Do you have enough money to run the operation until it is in the black? If you do kudos but if you don’t you’ll need to plan where, when and how you’re going to get said money before you start. Lack of capital is one of the biggest causes of small business failure so make sure you have the resources you need before you quit your day job.
Do you have a safety net? If your new business fails completely (and we sure hope that doesn’t happen) it’s always best to be prepared and that means having something to fall back on. Money stashed away, the opportunity to get another job and a place to stay are extremely important, even if it’s just you. If you have a family this is even more important. If worse comes to worst, make sure you have a means of obtaining cash. For instance, there is a new UK based lender that offers pay day loans, if you contact them they can answer your borrowing questions you may have.
Can you multi-task? If you can that’s great. If not you’re either going to need someone who can by your side or you’re going to need to be a fast learner who can pick things up quickly as your business grows. You also can’t have an ego because you may need to sweep, stay late, come in early, go home late and take care of a million things that you may never have even thought about. And then some. If you’re not up to the task you may want to stay put until you are.
Only 4 things but all 4 very vital to your success so make sure you know the answer to them before getting rid of the safety net you know as a ‘job’. And, when you’ve answered them all, by all means get out there and kick some butt! Cheers!