How to Quit Your Job to Start a Business?

It's an ambiguous feeling, starting your own business. There is a lot of excitement involved; no doubt about that. But there is also a hint of fear. Indeed, regardless of how exhilarating embarking on a journey of entrepreneurship is, it carries a set of difficulties that many find daunting. Still, if you have a million-dollar idea, go for it. After all, as Hellen Keller put it in one of her manuscripts, "Life is either a daring adventure or nothing at all." So, if there was once a spark somewhere in the back of your head, and you cultivated that spark until it grew into a full-blown flame waiting to burst out and take the world by a storm, it's worth seeing where it can take you. But first, you have to quit your job to start a business. And that is what we will help you with.

Before anything, answer this

Are you really ready to leave your current job? 

Yes, you have a burning passion, and you know what you want. Nevertheless, the day you have to leave the security your job has provided you for years will be one of the scariest you will face. And it's not only because of the uncertainty your future endeavor entails. You will encounter the frightening reality of no more regular paycheck, health insurance, bonuses, or retirement plans. There is also the tete-a-tete with your employer. How are they going to react to your resignation? It may be one of the more unpleasant conversations. Regardless, never lose sight of what is important: it's all for the best, and you have made the right decision. Just be ready for what is waiting for you.

For many people, the fear of losing a steady income is the primary reason for never quitting and doing something daring. For others, dedicating a few extra hours every day and even on weekends is too much of a hassle. But that is the price of success. So, make sure you know what you are getting into and figure out if you are ready for some sacrifice.

And if you decide you are, if you realize that you indeed want to quit your job to start a business, here is what to do next.

Make sure the reason you want to quit your job is a good

Many people become sick and tired of their jobs. It's perfectly normal. However, it's not good enough of a reason to quit. Moreover, why do you want to start a business? Do you have romantic ideas about being a business owner? Are you infatuated with an imaginary character you have concocted in your head? The one that comprises many cool types you have met in your life or even seen on TV and now want to become?

These are not viable reasons to leave your job nor to start a company. Firstly, you must have a strong motivator to keep going when the going gets tough. And it will get tough. It takes a strong person to handle the problems that come their way and the willingness to work hard to solve them. Now, nobody can tell what that motivator is. It is something you will have to decide. So, this means you are in for a long and hard conversation with yourself.

If you want to quit your job to start a business, talk to your family

Are you married? Do you have kids? If so, you must remember that this is not a unilateral decision. You cannot make decisions that will affect your family without getting their approval and support. Therefore, your spouse needs to be in on the idea from its very inception. Communication is vital, and your partner can even help you get through some challenging times later. But that will only be possible if you don't blindside them. 

Also, discuss your idea with your family and friends. They may have some helpful insight. Also, if your idea is not a good one, it would be great to hear it before you do anything dramatic. It is always best to have someone impartial share their thoughts about what you are working on because it may shed light on some aspect you have been too subjective to notice. 

Finally, you may conclude that moving to another city to start a small business would give you the best chance of success. For example, you may figure that the DMV area is great for this undertaking. Relocating will massively impact your entire family, so you must make sure everyone is on board. Also, it would be best if you decided where to go together.

Starting a business requires a different mindset

Make no mistake, being an entrepreneur and being an employee are like chalk and cheese. It's not only a change of a position, job, or career. It's a much more profound change that will necessitate a shift in your core values. You are no longer a subordinate to another responsible entity. Now, you are the one in charge of everything and responsible for everything.

Make sure you are financially stable

You must have some savings to fall back on before you quit your job to start a business. You will not be getting any paychecks for a few months. Many companies close before they have even gotten a chance to succeed precisely because of a lack of funds. It's only natural; you cannot do business with no money. 

Therefore, you need a runway. It's like an emergency fund that will cover your personal expenses for at least six months. You need enough to cover your rent or mortgage. Also, you must ensure health insurance for you and your family. And it would be best you are free of credit card debt.

However, if you cannot manage to save enough, you may want to continue working for your current employer for a while. Starting a business while working is not easy, but it is possible. So, it would be best if you did it until your new business can generate a minimum of 50% of your current income.

Give it time

The bottom line is, if you want to quit your job to start a business, you need to have a good idea, the support of your family, a good business plan, and financial stability to endure the first months. Many companies have failed because they weren't financially secure. However, you also have to give your business enough time to start generating profit. So, don't give up too soon. And remember, many have succeeded before; so can you.

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