There’s nothing quite like having your own business. Taking your passion and what you love and making it into something you can earn a living from is just incredible. Yet it also takes a lot of courage to do this. Walking away from what you know and the stability of a full-time job to put your all into something you don’t necessarily know will work is a lot to do. Before you make the jump you need to ensure it’s something you really want to do and that you have the right planning behind it to make it work. It’s not enough to just have an idea and leap without the correct preparations. In this article we put together some top tips on how you can quit your job and start your own business. Keep on reading to find out more.
What are some top reasons to start your own business?
There are many reasons to start your own business and it could be something you’ve always wanted to do, or an idea you’ve had recently. Perhaps something was a catalyst to you wanting to quit and start it, or maybe you are only just getting round to making the jump. Some reasons to start your own business includes:
You can turn something you love into your full time career
If you have something you absolutely love, whether it be product design, fashion, travel or marketing, if you turn it into your own business it means you can do something you love full-time. You don’t need to worry about being told what to do and can work on your own passion and dreams. As they say, if you’re not working on building your own dreams, you’re simply helping somebody else to build theirs. If you’re in a job you don’t like, or that is only remotely in a field you enjoy, perhaps it’s time to turn that around and work on your
You don’t have to answer to anybody else
One of the best things about quitting your job to start your own business is that you don’t have to answer to anyone else. You can do what you want, when you want to and have free reign and creative control over all aspects of the business. If you want to suddenly switch things up, or put out a social media campaign, you don’t need to answer to anyone else and can just go with what you want. You also can take time off when you need to, work from where you want and just don’t need to worry about ever asking permission to do things.
Your earning potentials have no limit
When you’re in a job, your earnings tend to be restricted to how much your salary is. You could be able to earn more through things such as commission and bonuses, but you’re pretty limited depending on the individual terms set by your employer. If you want a raise, you have to either wait for your boss to give it to you, or pitch it to them and hope that they give it to you.
When you’re self employed, the sky’s the limit with your earnings. You can continue to come up with new ideas, new products and new services that can help you to make money. You aren’t restricted to a set salary from anyone else, you can simply keep earning more and more as your business grows. This is one reason many people choose to become entrepreneurs and work for themselves as they will be able to potentially earn a lot more than if you were working for somebody else and relying on them taking control of your money at all times. It’s a win win!
You don’t have to commute every day
If you’re someone that has to commute to work every day, not only can it be expensive to pay for things such as fuel, train fares or the bus, but it can take a lot of time out of your day. When you work for yourself, you can choose to work wherever you want to. If you want to work in a coworking space, you can choose one near you, or you can simply work from home if you want to. Your commute is only as long as you want it to be, meaning you get a lot more flexibility and freedom.
You have more flexibility with your life
When you are employed, you’re restricted to the hours and constraints that your employer sets for you. They decide where you work, when you work and what you do when you’re there. If they require you to stay late or work a weekend, you have to do it. When you work for yourself, you have complete flexibility with everything from your hours to your daily schedule. You can choose your tasks, the hours you want to put in and have a day off if you need to. You don’t need to worry about attending doctors appointments or dentist appointments during work hours as you can work around it.
What do you need to do to prepare for leaving your job and starting your business?
When it comes to quitting your job and starting your own business, there are a myriad of things you need to consider. It’s important you take into account the earnings side of things and the scalability of your business so you can make sure you continue to bring enough money in. Some top ways to prepare for leaving your job and starting a business include:
Ensure you have a solid business plan
While you might have a great business idea, you need to have a solid plan to give it the greatest chance of success. The last thing you want is to just quit your job and not have any idea of what you’re getting yourself into. A business plan needs to consist of what exactly you intend to do, how you’re going to run your website and your marketing plans. It needs to detail where you’re going to get your income from, how you’re going to make it and what you project to make. You can go into as much detail as you like in your plan, including a whole section on your website and how you’ll make it user friendly with things like the best live chat for website, the design and the colors. Include how much you will spend each month and what you need to break even as well as to make a solid profit. These all give you a good indication of what you need to make and how you can do this. By being as organised and prepared as possible, it gives the best chance of success.
Get it underway before you leave your job
While the ultimate goal is to go full time on your business, it’s usually a good idea to get it running before just upping and quitting your job. The only exception to this is if you have a lot of capital to keep you going, as it might be a while until you actually earn a proper living from your company. By keeping your job at the same time you can bring in a wage and it relieves a bit of the pressure from yourself while you work to get your company off the ground and earn enough money.
Have a solid support system behind you
Starting up a business is no easy feat and it’s one that will be a struggle at times. One of the most useful things you can have when starting a business is a good support system behind you. This could be your family, friends or partner. Make sure they are there to pick you up when the going gets tough as well as give important insights into the things they like and think could do with improving your business.
Have a website and social media set up
Before quitting your job, it’s a good idea to have things such as your website and social media setup for your business. This is a solid foundation that will help people to find out about you and work with you.
These are just a few top tips that should help you going forward when it comes to quitting your job and starting your own business. Remember that being an entrepreneur and your own boss is no easy feat and something that many people find they don’t necessarily have the aptitude for once they really get into it. This is why you need to test the waters and ensure you’re properly dedicated before going ahead and stopping regular work. From running a cocktail blog, to being a marketer, chef or selling physical products, the world is your oyster but you need to be prepared. Being part time on a job and starting your own business on the side tends to be one of the most popular ways to keep going, as mentioned above so be sure to consider this! What are some top tips you have for quitting your job to start your own business? Let us know in the comments below, we’d love to hear from you.