May 06, 2015
Staff Writer/ Marketer
So you’ve decided to take the plunge and start your own business. Many thoughts are constantly going through your head. You are probably anxious to leave your present position. The excitement and adventure of starting your business beckons you continually. While leaving your job seems exciting, you need to wait until the time is right. This time varies for everyone, but here are some important things to consider before cutting the ties.
A safer alternative may be to continue to work at your present job while starting up your business. An advantage of keeping your existing position is that it insures a steady source of income. Your business will most likely be slow at the beginning and this option will give you financial security until your business gains momentum. However, if you need to devote all your time to your new endeavor, make sure that you can pay all your bills. If your spouse is employed, he or she may have to be the sole income earner for a while. Consider whether this is a viable option.
Time – Is there ever enough?
Working at your present job while starting your business is a lot of work! You will have less free time to spend with your family. It will be like working two jobs for a while.
It is important when you start a business to build your customer base and move forward with your business plan. You need to put some serious effort into achieving that goal. You may soon find yourself at the point where there are not enough hours in a day to work both jobs. This may be the time to quit your present job or reduce your work hours, if possible. However, wait until you have a least one or two orders, or definite clients before you do this. Make sure both your business plan and future prospects are on solid footing.
Do the Prep Work First
Before you leave your present job, make sure you have a business plan. Consider the following:
• Financing – Are bank loans secured, or will you use your own funds?
• Employees – Will you need employees, and if so, how many?
• Bank Accounts – Have you set up a separate bank account for your business?
• Inventory – Do you have sufficient inventory on-hand? If not, how will you get it?
Government Registration – Check to see that you have registered your company and complied with all regulations.
• Record Keeping – Do you have a recordkeeping system in place to record sales, invoices, purchases and mileage?
• Advertising – Where will you advertise and what are the costs?
• Competition – Make sure you are aware of the competition and can offer an advantage over competing services and products.
As you can see, there are many things that need to be done initially. Most of these things can be done before leaving your present job. If you feel pressed for time, or need to dedicate more time to your business, consider taking vacation time. The rewards for early business planning will be seen in the future. When the time is right, you can cut your ties with your employer and enter the wonderful world of entrepreneurship.