Should You Quit your Job to Start a Business?

1. Is this Business Idea something you could do even if no one paid you for it?
Are you passionate enough about it?
Honestly, passion alone too is not enough. You’d have to be obsessed about it, else it’s really easy to give up when things turn hard.

Pro Tip–
Start a business on something that you are already into. For example, I am deeply in love with Personal Development, becoming and helping other humans become teh best version of themselves. So, creating GetCoached just made sense, and there was no friction with my belief and ideas. I could quit my job with the self belief that I could make it happen.

2. How’s your finances looking?
Do you have the finances to cover you till the Business starts generating you income?
While  you are just starting your business, you’ll have more money outgoing in bills than incoming in revenue. 
Now, even if you have saved for the next 6 months of having quit your job, you’ll also need to consider that your expenses will increase, because of the expenditure in the business. That saving that would have lasted you 6 months might only last you 3 months with the added business expense.

Pro Tip–
Create a financial forecast. List out your expenditures- personal and business. Analyse how much your expenditure will be. Add another 3 months overhead to this cost and aim to save this total amount. 

3. Do you have to quit your day job?
While you set your new business up, could you work part time in your own role?
Going to a new role even if part time means spending your precious energy getting familiar with the job, people, systems etc. It’s still a new job and you still have to put in the effort. If you could go part time in your current role, it means you save a lot of time and energy, because you would know the job at the back of your hand. You could now work part time on both your day job and your business.

Pro Tip–
Just ask if you can go part time. Amazing things happen to people who ask- believe me.

4. Develop the Business before you quit your job.
This is the time you hustle and this is the time you use to plan and prepare. So map out that Business Plan. Start building your network- online or offline. Drill down to knowing your customer- what they do, what they like, dislike, what their problems are, what they are using to solve that problem and where is your business sitting in all of this to solve that problem for your customer easily. Use this time to create your social media page, follow accounts in your niche and gauze on what’s working and what’s not. 

Pro tip– This is a good time to identify what your personal strengths and weaknesses are. Play to your strengths and delegate, hire, outsource everything you’re not that good at.

5. To carry on with the hustle or not to hustle.
The word hustling has been so glamorized- you see it calligraphed in cool fonts on mugs, t-shirts, wall art, cushions and what not. Perhaps everyone you know has a side hustle. But should you be hustling in your business? Hustling is definitely going to provide that extra bit of passive income, but if you want to grow your business to heights that it replaces and even exceeds your salary, you’ll have to give it your time – at least that full time 9-5, 5 days a week amount of time- the kind of time you gave you’d give your corporate job if you had not quit that job.

Edison had over 1000 Patents but apparently, he was never working on all of them at once. In fact, he worked and focused on only one thing- the power of focusing.
 
While you stay in hustle mode, you will always be playing the small game- small risks, small effort, small gain. Moreover, you’ll always have that safety net of your salary; why would you even jump, right! But for this business idea of yours to mature, at some stage you’ll have to remove that safety net of your salary and jump….and put in everything you got into it. It takes a lot of courage and results in a lot of discomfort. How willing are you to be in discomfort. Yet, how much do you trust yourself- that this discomfort will bring you a lot of comfort.

Pro tip–
Sit quietly, meditate and learn more about the person that you truly are. The answer will come to you. Do what’s truly you.

Bonus Tip:-To get a feel of what it feels to work for yourself, try freelancing. This is a great way to see if just doing invoices and taxes are enough to put you off the whole business thing.

If you’ve analysed your situation and feel you’re ready to quit your job, then by all means go for it. Build the business and make sure you’ve ticked all the boxes to launch it to success.
And if you think you are ready to invest in someone who’ll hold your hand and help you get to your dream business life, our Business Coaches are here to do just that.