What’s the Right time to leave your job and start your own venture
Quitting a stable job and starting your own venture or business is a quite risky move. But if you have the courage to take the chance and also have an entrepreneurial talent within you than its worth taking the move.
Start a side business parallelly: To have that entrepreneurial experience while still doing your job is lesser riskier as you still have the safety net of a career. This will help to you to define your initial business model for your own company and you will also be able to do some market research by ensuring that there is client or customer and a need.
Plan your finances: Before quitting the job, ensure that you are financially ready to run the show, you must have enough savings to support your venture and life expenses. You must also keep your emergency funds aside.
Draft a business plan: Plan out your business plan in terms of what your business is going to be, the target audience, analyse your competitors, stages of development, sources of funding, project your profits and losses. Look into the technical details of incorporating the company and other business licences.
Networking, promotion and marketing strategy must be well in place to start up your business venture.
Always remember there is equal risk in running your own show or working with a steady job. Whenever you notice that you can lose your job, there is no guarantee that you will find the similar or the better one.
Always follow your business protocol to succeed in your own venture. If you have a good idea and have faith in its success and you are having strong entrepreneurial & distribution skills with finance in place to support, it is the best time to start up.
First of all, ask yourself these questions:
- Are you starting the venture for the money or for fame or you want to become your own boss?
- Do you have sufficient finances to support your venture and also for feeding yourself for approx. 2 years.?
- Have you done your current liability check?
- Are you having any alternate source of income to support your family?
- Do you have the right skills and team with right skills to implement your business idea?
Assuming some answers to be positive and some to be negative, evaluate in the light of answers and take the leap. “Don’t be worried too much else you will never be able to get started on your trip to the top.”
Hence follow your own gut and allow yourself to enter the world of business with confidence, vision and a new journey to succeed and make your dreams come true.