What’s stopping you from just walking out of your job to start your own business today? Is it common sense or integrity? Both are valuable commodities.
Common Sense and Integrity
Common sense says that you will most likely have commitments, obligations, and responsibilities that show up monthly, weekly, and even daily. It is not smart to risk any of those commitments with brash, cavalier action, which could cost you in the immediate future and long term.
Also, you put both yourself and your new business under immense pressure if you are under the gun at the start.
Having the support of your family, your bank, and countless other individuals and institutions is crucial when you are starting a new venture.
Integrity takes a long time to earn. The integrity you earned at your current place of work, both with your employers and with your work colleagues can be useful, offering influential contacts in the future.
It’s unwise and unhelpful to put your integrity in jeopardy when it’s absolutely unnecessary.
Instead of just pulling the plug, plan your escape from your current employment with both common sense and integrity.
Preparing for Your Business
It makes good sense to do plenty of research on your new business and get all your questions answered before you make any decisions.
Consider these ideas:
- Get an insider’s opinion. An insider’s view of your potential business will serve you well, potentially saving you a lot of time and money. The view on the outside looking in is a lot different from the inside looking out.
- Find someone who has already walked the path you intend to tread and ask them, “If you were doing this all over again, what would you do differently?” Their answer will likely provide the most valuable information you can find about your new business.
- How will you generate a profit? It’s important to figure out, to the best of your ability, the easiest and most effective way of generating a profit from your new business.
- How will you scale up? Determine what you need in place to handle increasing volumes of customers. Customers are the key; they are the people who will provide your profits.
- How much time do you need to get the business started? Determine how much time you have available to get your business off the ground. Naturally, the more effort and energy you put in the quicker everything will go.
- How long will it take for your business to generate meaningful profit? Make a reasonable estimate based on the information collected.
Once you have this information, it should be possible to calculate, with some reasonable level of certainty, what needs to be done to create a timeline for escaping your current employment.
A Wise Way to Start Your Business
So, now you can quit your job, right? Hold on! You’re almost there!
Many smart people get their business into the marketplace by working part-time from home while they keep their regular job intact. Even if it takes nine months or a year, or even a couple of years, to get your business running efficiently and effectively, it’s got to be worth it, right?
Remember to factor in some wiggle room for the unexpected, some down time, self care, and even some holidays.
Talk to people who have made this kind of transition to understand what is reasonable and doable for someone in your situation.
Work Smarter, Not Harder
Remember, your new business should not require you to work 40, 50, or 60 hours a week. Your intent is to increase profit and income potential, and decrease time needed to create it.
Seriously consider working smarter, not harder. If hard work was any guarantee of success, most people would already be wealthy.
It’s not about working hard. Your success will come from having a plan, an effective strategy, and the discipline and enthusiasm to follow through on it.
Once you are confident you have a profitable business plan working part-time on your business, and showing some profits, it’s time for you to work out a sensible plan to quit your job.
Yes, it takes patience. But remember: “All things in their season.” Soon, you’ll be looking back at the job you once had and looking forward to greater profits in your own business.