Thinking of starting your own business? Consider these tips before quitting your job.
Are you sitting in your office thinking how you could be running the business better? Or, perhaps you’re a tradesperson who’s sick of working under someone else’s rules. You know you can run the business better than they ever could. Perhaps you’ve considered starting your own business?
But, no matter how good you think your own business is and how well it will grow, there are a few things to always remember when you’re thinking of quitting your job to start a business. With up to 80% of start-ups failing, it’s more important than ever to make the right moves when thinking of starting a business. When I started my own business, there were a few things I did that helped me to find success… And you can, too!
Work on your business idea outside of work hours
It might seem like a pretty nifty idea, but the fact is if you’re working on your own business whilst you’re at the office, you’re stealing company time for personal projects. When you eventually do leave your job to start your own business, you’ll be leaving a lasting impression on your boss and it could even lead to developing a good relationship with them to gain your own clients.
Keep your resignation short and sweet
We’ve all seen the movies where a person leaves their job, slaps a note on their boss’s desk and dances out beautifully, shoving their butts in everyone’s faces as they leave. While it may be a dream, it’s actually just not practical. Think about how your resignation will impact your job.
Your boss will now need to hire or promote someone to take on your role and depending on the notice you’ve given, this will all need to be done within two weeks. When handing in your resignation, keep it short, sweet and simple and where possible, help with the process of filling your position. It’s the least you can do after the experience and knowledge you’ve gained since working with them.
Don’t steal the company pens/stapler/paper/anything
This shouldn’t really need to be mentioned, but when quitting your job, don’t take any of the company supplies. They’re not yours and not owed to you, no matter how bad things may have gone. Seriously… Don’t take anything.
Remember why you want to start your business
If you’re having issues with a co-worker or your current boss and just want to get out and start a business all on your own, this could be a bit of a red flag. Starting your own business just to get away from other workers is not a good sign.
The main reason you should be starting a business is that you want to fulfill or create a business that you’re passionate about. This drive is what is going to help you to keep going in the first two years when things are a little tough.
The fact that you’re working on something you love will help you to feel like you’re not working a day in your life. You may have another motivation, but to just want to get away from other people is probably not a good sign.
Are you prepared to be a little broke for the first two years?
This is something that, as a business owner, I was prepared to do. I don’t mean I was living on the streets, but I did have to watch my spending and make sure bills were getting paid.
Depending on your business idea, it might not hurt to have some money saved before quitting your job as a backup fund during your time building your client list. Set yourself up with some spare cash and you’ll be able to worry a little less when starting your own business.
Remember, no one is perfect
When you’re starting your own business, you may be looking at other entrepreneurs and thinking that they have it all planned. They look like they know what they’re doing and they’ve got it together. Truth is, no one is perfect and not everyone has everything together like they appear.
A lot of people starting a business or running a business are simply making educated guesses as to their next move and they’re learning as they go, just like you. Just remember, not everyone knows what they’re doing and they’re likely in the same boat as you.
Find support from others
Although running your own business can be difficult, it’s even more difficult when doing it alone. Find support from your family, friends, business network or peers. Although they might not have all the answers on how to run your business, they can still provide you with advice and motivation to keep going when things get tough.
Although it may seem impossible, running your own business successfully can happen. With the right tools, the right support and the right goals in mind, you’ll be able to run the business you’ve always been dreaming of.
I’m Sarah and I own and run my own business, Meetings Into Minutes. I’m a professional minute-taker and mum. I love my job and want to be able to share some of my own knowledge with other working mums.