Over 75% of the emails I receive on a daily basis are from disgruntled employees who want to leave their job to start their own company. I can’t blame these individuals because I was frustrated and in that same position myself 7 years ago.
However, it’s not always the easiest decision to make. You need to have a strong plan of action along with the ability to take on some risk when making the leap from employee to entrepreneur.
In this article, I’ll share 5 steps you must take to successfully quit your job to start your own company:
1. Be clear with your financial & lifestyle goals.
Often times, people underestimate what it means to be a business owner. You need to ask yourself from the beginning, what do you want your life as an entrepreneur to be like and how much time are you willing to spend?
Have a good reason WHY you want to quit your job. Do you want to have more self-fulfillment? Do you want freedom or financial abundance? Tap into the deeper parts of your mind and understand why exactly you want to take this entrepreneurial route.
In addition to this, you need to ask yourself how much money you want to make and how much money you NEED to make to cover all your expenses. Ask yourself how much cash you need to invest in your business and how much savings you need to continue paying your expenses while you work on your new business.
2. Decide on what type of business you want to start.
What type of business do you want to start? What type of business is ideal for you? Often times, people want to start a business because they heard someone who made a ton of money in that industry. However, that doesn’t mean that industry fits your skill set and education the best.
Find a business that you have knowledge in and something that you’re truly passionate about. Ask yourself important questions such as if you’re going to sell a service, digital product or physical product and how your sales process will go.
3. Figure out how you like to work.
In elementary school, you often heard your teachers say that everybody learns differently. Some people are visual learners, others learn well with audio and some even need to break everything down on paper to learn things the fastest.
Work is very similar. Everybody has their own style of work and you need to identify what fits your style the best. Do you like working in systems? Do you like working with other people, can you trust others to bring on a partner?
4. Find your customers, identify a problem and determine how you plan on obtaining sales.
Many people email me saying they want to make the leap to starting their own business, but they haven’t spent any time thinking about any of these issues. First and foremost, you need to come up with an idea/problem and the solution you plan to deliver.
After that, you need to identify who your customers are going to be and where you’re going to find/obtain these customers. If you don’t have a planned strategy of how you’re going to find your customers and market your products/services, you’re going to be in for a lot of trouble. These are all things that you can plan and prepare before quitting your job.
5. Create your product/services and set up your infrastructure.
Finally, before you can quit your job to start your own business….you need to have a plan of action on how you’re going to create your product or services. If you’re making a mobile application or website and aren’t a developer yourself, you’re going to have to enlist the help of a technical person to build your product out.
Not only do you have to build your product out, but you also need to set up a business entity, figure out where you’re going to work and set up some kind of routine to follow. If you don’t have the following steps taken care of, I HIGHLY recommend that you continue working your job until you figure all of these things out.
Conclusion
In this article, I shared 5 steps you must take to successfully quit your job to start your own company. What are some things that you did before quitting your job to build your own business?
