Five tips to consider before quitting a job and starting a business
Leaving a job to start a business can be a significant step in one’s life. Obviously one can consider many things, here are five tips.
1. Try talking to others who have taken a similar path to the one you are considering taking (and are perhaps a little further down that path). These people are facing or have faced many of the same problems and issues that you might encounter down the road.They can be a gold mine of information. They can also give you suggestions for insurance, and references for tax professionals and attorneys. They can also tell one about trade groups, associations or conventions. Not a resource to overlook.
2. If you do leave your workplace, do try to leave on the best of terms, with your reputation solid and intact.
If you set up your business in an industry that supplies your old profession, you may find that your best customer is your old company. Do not burn any bridges.
If your business does not work out, and you need to get back into the job market, you will need references. Get good references BEFORE you leave your job. While you still have a lot of goodwill and everyone’s memory is still fresh.
Finally, leaving on good terms (if possible) is simply the right thing to do.
3. Do an inventory of your strengths and weaknesses. Sometimes it can help to ask family and friends about this since they sometimes can see things about ourselves that we may miss. Develop a plan or timeline to deal with, or mitigate, your weaknesses.
For example, if you identify a particular business weakness, you may consider outsourcing that task. Or you might decide to start the business as part of a team, rather than as a loner.
4. Do a “what if brainstorming” session. ( It may help to do this with close friends or family members.)
Your job and the business you are considering might not be your only options. Instead of a potential fork in the road of life, there may be four or five different paths or branches for you to take (including perhaps staying within your company but changing job functions.) List the pros and cons above and below that potential branch. Include financial, and non-financial, rewards. Compare your options.
5. Do a goals assessment of your life. Where do you want to be 5 years from now, 15 years, 25 years, 35 years, and when you are ready to retire? When you are in your twilight years, how do you want to look back and remember your life? Now, instead of working from where you are currently in your life, work backwards.
See where you want to be in the future and work backwards keeping in mind that each future state may require that previous states fulfill certain prerequisites. Work back to where you are currently in life, while keeping a realistic timeline. This can be an illuminating exercise sometimes.
Finally, don’t forgot to have fun! Life is too short not to enjoy it!
Note: Check out resources for ecommerce and ebusiness on this website, it is a great place for startups and ebusinesses to understand the fundamental shifts and trends happening in the ecommerce economy. Get a quick primer on business and the internet (Part I).
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