You may hear this in your life more than once, and you may think of it many times. "I want to Quit job and START my own Business"
Whatever you are doing, please don’t quit your job to start out a business.
Unless you achieved these highlights we're talking about today:
1. You can't start a business if you haven't sell anything yet.
Don’t quit your job if you’ve never sold one product, you haven't built anything, haven't any savings, or you’re thinking that family and friends will buy your product. no matter the industry, you would like consistent sales before going full time. Pick a sales goal, set a period time then quit your job when goal achieved.
2. You should save at least 6 months of expenses.
Unless someone is offering to cover all your expenses for the next six months, then you'll quit your job immediately and begin your business. But if you don’t have an investor, you would like to save lots of a minimum of six months of your expenses before quitting your job. Because you don't expect to generate a profit since day 1.
3. Your revenues should cover your monthly expenses.
For example, if you generate the first month an income of 2000$ and your expenses 1800$, don't quit your job yet. Never quit your job after just one month of operating at a net income, aim for 3-6 months before quitting your job.
4. Talk about it first.
Tell your partner and family about your business plans. allow them to skill your life and schedule will change moving forward. mention how they will support you. Make it clear to them that you simply can't work from 9-5, as a full-time entrepreneur, you'll expect 10–12-hour workdays six days every week.
5. Find why you want this?.
Ask yourself why you would like to become an entrepreneur. Is it for the lifestyle, financial freedom, control, legacy, or solving an enormous problem? Everybody wants those things, but the method is incredibly hard and painful. a robust Why can get you thru it all.
You need to have an idea about how businesses started, a lot of leading businesses now had a side hustle yesterday, I wrote an article about 12 Super Successful Founders Who Failed, check this out:
- Groupon- Originally “The Point”, Groupon started as a social network that connected a group of users to a specific cause.
- Twitter- It was a tiny side project created by a company called Odeo during a hackathon.
- Instagram- The founder taught himself coding after work and launched a Photo Check-in feature called Burbn which later pivoted to Instagram.
- Craiglist- Started as a simple email list to help the founder meet new people.
- Oculus- The founder used to work on his side hustle in a garage after his day job at Mixed Reality Lab.
- Khan Academy- Salman Khan started creating short youtube videos from Economics to Art after his day job as a Hedge Fund Analyst.
So as a final advice, just before thinking of "Quit your job" you may test the following:
- You need to save from your salary at least 30%, Remember you are saving to fund your business, so do whatever it takes.
- Find your niche, and explore it as deep as you can
- Make an MVP (Minimum Viable Product)
- Sell it to a few people not more than 10, because you just need to test your product, you are not ready for the big launch.
- Take feedback from these few people, fix what's missing keep improving
- You'll know the right moment to launch your product by yourself
"It's quite good to think of quitting your job to start your business, but you can't go to a war while not prepared." -defrix
Lbiinga
Getting Rich From Scratch
