How To Quit Your Job And Start A Business

How To Quit Your Job And Start A Business

Are you thinking of quitting your full-time job to start a business, and you have no idea how to do this?

Are you nervous at the mere thought of starting your business?

Many people are not happy with their current jobs and will prefer to start their own businesses.

However, many do not know how to go about it.

If you are on this train like many others, we will share these steps with you to guide you on quitting your job and starting a business.

So stay with us until the end to discover all the important details we have for you.

How To Quit Your Job And Start A Business

First of all, let us tell you that it can be quite challenging to resign from your job to start up a business of your own.

The major reason for this fear could be that you don’t know the potential outcome of your decision.

Sometimes you don’t know the reactions of your employer.

It is also scary to know that you will not be receiving any more paychecks, and the benefits you get from the company will stop.

Take note that starting a business will or may not generate income at the kickoff of the business.

However, taking this step is very advisable and wise because it will yield positive in the long run.

Here are some guidelines to help you as you make this decision:

1First, You Need to Ask Yourself What are your Reasons for Quitting?

This question needs a reasonable answer.

And don’t tell us the reason is that you are tired.

You can’t resign from your job because you are tired.

Do you know why?

The reason is that being tired of something is no reason to quit because you will get tired as well if you go into something else.

Feeling tired will not give you the determination to scale through challenging times even when you resign from your job to set up a business.

You need more than being tired to motivate you in your potential business.

Be sure to have a reasonable reason for resigning to set up a business.

An example of a reasonable reason has a passion for helping others.

Such a reason will keep you going even when the times are rough.

Making more money should not be a reason as well.

When you start a business, you might not make much profit at first.

Therefore, if this is the reason you want to quit your job, you might end up getting frustrated and eventually quit the business.

Hence, have a rethink before you quit your job to start a business.

2Develop an Idea for the Business Before You Quit Your Job and Start a Business

After you have determined why you want to quit, the next step is developing a business idea.

You should do this before you quit your current job; don’t just quit when you have no idea about what you want to do.

Once you get the idea, work through it to find out if it is possible or realistic.

To be on the safer side, work on more than one business idea.

Examine the ideas you came up with, and ask questions from people that own that same business for clarity.

Above all, doing this will equip you with more knowledge to know the best suitable idea for your potential business.

3Acquire the needed Skill/ Education Before You Quit Your Job and Start a Business

Starting up a business without the required skills and education is not wise.

To enjoy and maintain the business, you should acquire a skill.

Learn the necessary skill that will support you in the business.

It’s not all about setting up a business but knowing what to do at every particular point in time while running the business.

Don’t waste opportunities; take them as it comes, and master a skill.

Be sure you have this skill at your fingertip before quitting the job.

Another thing you should do is to get more education before starting the business.

You can get a degree in line with the business; this educational qualification will help you have more insight into the business.

Read books and journals to acquire more knowledge too.

Go all out to get knowledge for the success of your business.

4Set a Goal – How to Quit your Job and Start a Business

Have a goal; you can’t just walk out of a well-paying job to set up a business when you have no goals or objectives laid down.

It’s like shooting blindly, and you’ll most definitely not hit your target (the purpose of starting a business).

Your goals and objective will give you a clear idea of what you want for your business and how you intend to achieve it.

Hence, set specific and achievable goals for your business before quitting your job to start a business.

5Get Your Mindset Ready

Quitting your job and going into a business is not as easy as you think it is.

It comes with a lot of ups and downs; hence, you shouldn’t take it lightly.

Therefore ask yourself, are you mentally ready and willing to take the task at hand?

Is your mindset prepared to take the heat?

Do you have an entrepreneurial mindset, or do you intend to go into business with an employee mindset?

If your answers are ‘NO,’ then don’t venture into any business.

Instead, stay on your job until you’re mentally ready to handle the challenges that come with running a business.

However, if you are sure you can handle the emotional demand that comes with it, you can start your business.

Give the business the best you’ve got, and watch it blossom.

Overall, you’ll need an entrepreneurial mindset to succeed in business truly.

6Save Up – Before Quitting your Job to Start a Business

This is an essential step to take before even planning to resign from your job.

If you have any plans of starting a business, then you should have a saving plan.

Save for the future of the business.

Having this in place will make it a lot easier to keep the business afloat, at least for the main time, until the business starts bringing in profits.

Saving the amount your business needs might take a while, so start saving early.

Save a lot if possible to avoid financial challenges later in the business.

7Evaluate your Ability – How to Quit your Job and Start a Business

Before leaving a job to begin a business, evaluate yourself.

What are those things you are good at?

What are the things you can and can’t do?

Use this as criteria to evaluate your abilities.

When you have evaluated your strength and weaknesses, you will know how well you can handle your business, given your strengths and weaknesses.

In all, your passion or strength will give you a better chance at succeeding in the business you plan to start.

8Learn from Other’s Experiences

Most business owners go into business without even having any experience.

Indeed, this might be your first time starting a business, so there’s really not much experience of your own to learn from.

However, you can draw from the experience of others.

Therefore, ask other business owners in a field similar to or the same as yours what their experience has been so far in the business journey.

Some have succeeded, while some have failed.

Find out what caused those failed businesses to fail, and work on how to avoid such pitfalls when it’s time to start yours.

Also, watch out for those who succeeded and know the key ingredients that pushed the business to success.

Use these ingredients but improve on yours.

Overall, with the lessons learned from the experience of others and some innovation to your business, you can be sure of the right steps to take in running your business.

Given this, you can now comfortably quit your job to start your business.

9Research the Marketplace – How to Quit your Job and Start a Business

As we all know, starting a new business is a big responsibility.

Likewise, studying the marketplace is equally important.

You need to understand the market, your competitors, and the best marketing strategies to sell your products/services.

This will help you identify ways to stand out as a business and, in due time, beat the competition in the market.

Overall, researching the market will help you identify if there’s indeed a ready marketplace for your services/products.

10Have a Business Plan Before You Quit Your Job and Start a Business

Before you tender your resignation letter to set up a business, be sure to have a business plan.

A business without a plan is a business set up for failure.

Hence, create a workable and realistic business plan.

Also, the business plan should be in line with your business goals.

Overall, the business plan should be simple and comprehensive enough for better understanding.

11Test your Business Idea – How to Quit your Job and Start a Business

Ensure you test your business idea before you resign from your job.

Test to see how workable and realistic your business idea will be through this step.

You can test your business idea with these questions:

  • How well will clients request your product/ service?
  • What is the level of income my products/ services can generate?
  • When and how does my client shop?
  • Am I going to make a profit or loss in this business?
  • Are my services/products solving a problem?
  • Do I need to improve on my services /products?

With these questions properly and extensively answered, you will get an idea if you are going on the right track or not.

12Have a Support system

A business startup can be a lonely venture sometimes.

Before you quit a job and set up a business, be sure to have a support system.

You need this because you might not be able to do everything alone.

It can be draining and extremely stressful to work alone, especially running a business.

You’ll need all the physical, moral, technical, intellectual, and financial support you can get.

Therefore, ensure to have friends or family that will give a helping hand and support you in the business.

A business mentor who is available and eager to help will be of great benefit to you.

The mentor’s advice, counseling, teachings will guide you on how to run your business.

Regardless of whose support you get, family, friends, or a mentor, just be sure to have a strong support system as you plan to start your business.

13Check Your Financial Strength

This is similar to saving up but still different.

It is similar in the sense that saving up allows you to build financial strength.

However, financial strength can equally be built through other means.

Hence, before you quit your job, you should ensure that you are financially able to start a business.

You need to understand that you will need capital and continuous funding for the business.

Also, you will need money that has been saved to take care of your personal expenses while the business grows so that you don’t eat up your profit and capital.

Therefore, if you are not financially buoyant, don’t dive into any business till you are ready financially.

14Have a Side Business – How to Quit your Job and Start a Business

Before you leave your job and begin a business, endeavor to have a backup plan.

You should not just tender your resignation letter when you have nothing to depend on.

Before you do so, have a part-time business that will serve as an alternative source of income when the salary is not coming in anymore and the business isn’t yet bringing in profits.

This will help you take care of some personal and business expenses whilst giving your business time to grow.

15Stay on the Plan

You remember that business plan that you drafted. It is important that you stick to it.

This will prevent you from running into a failure.

When you leave your job and start a business, it shouldn’t end with you going to search for a job again.

Therefore, follow through with the plans you have made.

16Have a Target Time to Quit

You have to be sure of when you want to quit before actually quitting.

Don’t just quit anytime you like to avoid been stranded.

Having a set time to resign from your job will help you to focus on your mission to start your business.

17Strategize your Exit – How to Quit your Job and Start a Business

If you have found tangible reasons to resign from your job, the next step is to strategize how to resign.

You need to be clear if you are starting up your business immediately after you resign from your job or have to stay at home for a while.

If you are ready to start a business, it means you ought to have adequate plans put in place.

All this should be put into consideration before leaving your job.

18Quit

If all you have planned worked accordingly and successfully, then you can leave your job.

When you resign from your job and begin a business at the right time, you will derive satisfaction.

But if this is not the case, then there will be an issue.

So, at this time, you’ve tied up all loose ends in your business plan, mapped out an effective business strategy, and gather the needed resources to start your business.

You can now respectfully quit your job and explore all that the business world has for you.

While quitting your job to start a business seems like the best thing to do, it does have its pros and cons.

Therefore, we will quickly discuss the advantages and disadvantages of quitting your job and starting a business to help you finally determine if it is something you want to do.

Advantages of Starting your Business

Investment Satisfaction

Investing in your own business gives satisfaction.

Being a boss of your own without answering to anyone else also comes with pride.

Here you are responsible for everything that goes on in the business.

You have the advantage of endorsing any dream you have for your business on your own.

However, you need to be careful when doing this.

Just because you own your business doesn’t mean you should handle it anyhow/with levity.

If you do so, then you’re setting yourself up for failure.

Better Income

Being the business owner, all the profit that comes in belongs to you, especially if you handle everything alone.

This happens when you have passed through the trying phase of the business.

At this point, your income will keep flowing in.

Free Time

Having your own business affords you free time.

You can decide when to work and relax or go out for any important thing you have plans for.

Also, you may decide to work from home depending on how your business is.

You are in total control of how you spend your time.

This is an advantage so many people working under any management will want to have.

You can only enjoy the above advantages when your business has passed its trying and challenging period.

Disadvantages

No Hiding Place

Having your own business comes with its problems if not properly managed.

When the problems come, you will have no hiding place but to face it alone headlong.

You can’t blame anyone for any mistake or challenges the business might be experiencing.

When such issues arise, you have to handle them on your own.

Time Investment

At the initial stage of the business, you have to spend more time putting things into place.

Working extra hours to get the business to grow might not give you time for yourself.

It can be exhausting at this point because you might not have the time to rest.

Financial Tragedy

Most business folds up because of the financial tragedy that hits the business.

If this occurs, you will face the financial tragedy the business brings alone.

Conclusion on How to How To Quit Your Job And Start A Business

Quitting your job to start a business may not be easy as it looks.

However, with the steps we have shared above, you can make it easy and enjoy the satisfaction of owning your business.