Blog

Quitting your job and starting a new business?

Quitting your nine-to-five and becoming your own boss is an exciting proposition. It’s also scary. Making a successful transition takes hard work, a lot of luck and strategic planning. So before you hand in your resignation letter, there are plenty of things to think about. A recent Forbes article listed eight things to know about making the switch from working a regular job to starting your own company. They are:

Finish financial transactions while you still look good on paper: You probably need to borrow some money before starting your company, and if you start this process after quitting your job, it might be harder to get that money. Remember, timing is everything.

Get your health together: Remember, you won’t have medical coverage once you quit your job unless you pay for it out of pocket. If you have any medical needs to take care of, do that before quitting.

Pay off big bills: You may accrue some debt as your company is getting off the ground, so while you’re still earning a steady paycheck you should try to wipe out any lingering balances.

Double-check your numbers: We all like the idea of starting our own successful business, but you really should only attempt it if it’s financially viable. Do your homework and make sure you can survive the transition, particularly if it takes a while for you to start making money.

Line up new prospects: Once you know what your business is going to be and what sort of service you will provide, you can start searching the market for potential customers. This may put you in position to win business right away.

Finally, incorporating your business is another important step that you must take to ensure your company is set up in the best position to succeed.