Is it time to quit and start your own business?

January 26, 2015

Are you an entrepreneur in the making? Does your blood sing with business models? Do you think you have what it takes to quit your day job and set out on your own, on an all new business journey? If you’re asking yourself these questions right now you’re on the right track. Starting your own business means asking yourself a lot of questions. There is much to understand and prepare for before you take the leap.

Is your idea any good? It’s not enough for you to think your idea is a good one. There are a lot of people out there with ideas, and all of them think they’ve come up with the best thing since sliced bread. The true measure of the value of your idea is what other people think of it. You need customers, and to get customers, you need a business, and before you can start your business you need investors. If no one is willing to fund your plans you will have failed before beginning. Instead of jumping right in, think about slowly building your business on the side, until you are sure you can be a market success.

How do you handle stress? Entrepreneurship is a high-stress job. While being your own boss might sound ideal, the truth is once you’re on your own there is no one to rely on but yourself. When you encounter problems you will have to solve them. There won’t be any managers to turn to for help. No boss to ask for advice. You’re also going to be your only source of income for a while, which means that when you’re just starting up you can expect next to no return from your company.

You’ve built your business — now what? You have done the unthinkable. Your business is up and running, you found the resources, the workers and the customers. Things are finally looking up. So what now? Are you thinking about incorporating your business or forming an LLC? Have you talked to a register agent service? There is always something new to do when you become an entrepreneur, always a new goal to reach. Make sure you are prepared for the next step.

Before you quit your job and start your own business take a good long look at what entrepreneurship takes and ask yourself if you can meet the demands.