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Deciding Whether Or Not To Quit Your Job To Start A Business

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Quitting your day job to start your own business is a big decision that should not be taken lightly. On the one hand, it could give you the freedom and flexibility to focus all your time and energy on your company.

On the other, it could be a risky move that could lead to financial instability or even ruin. It’s one of the most difficult decisions that employees make, especially in the current job market.

Today, more people are just sick of working for their bosses and either want to earn more, have an impact, and do something meaningful, or spend more time with family. There are countless reasons, but those are just a few. Let’s figure out if quitting really is a good idea.

Who are the best Candidates to Make the switch from working for someone else to working for yourself

Do you have an entrepreneurial mindset? It means more than simply having a good business idea; it means being able to think creatively, take risks, and persevere in the face of setbacks.

If you’re the type of person who is always looking for new opportunities and isn’t afraid of a little (or a lot) of hard work, then you may be ready to start a business.

Are you organized and self-disciplined? No one else holds you accountable for meeting deadlines or keeping on top of tasks when you’re your boss. For some people, this freedom is exhilarating–but for others, it can be overwhelming. Before switching to self-employment, ask yourself if you’re the type of person who can stay focused and motivated without someone else breathing down your neck.

Taking the Plunge from Employee to Entrepreneur

You generally have a set salary, benefits, and job security as an employee. As an entrepreneur, you are starting from scratch with none of the benefits of regular employment. But, there are some things you can do to mitigate your risks, like developing a solid business plan. This will give you a roadmap to follow as you start your new venture. It would be best if you also had a financial cushion before taking the leap. Saved-up money for the transition will give you some buffer if things don’t go according to plan. And, one more thing, surround yourself with positive people who will support your new endeavor.

Have a Conversation with your Loved Ones

It’s not just you who will be affected by the change. Talk to your partner, spouse, or anyone who depends on you about your plans. The more support you have, especially those closest to you, the more likely you will succeed.

Should I get an Office?

Expenses will vary by type of business, location, lifestyle, and other factors. For example, living in a place like New York, San Francisco, or Los Angeles is significantly more expensive than in a small town in the midwest.

Is your business something that requires renting out a specific type of space, or is it something you can run from home? Remember that renting an office or any other kind of space will cost higher in these more expensive areas.

For example, in Los Angeles, the average rent per square foot cost is above $40, whereas, in Salt Lake City, Utah, the average price is $27 per share foot. If you can work from home but are afraid you won’t be as productive, consider renting your own office or going somewhere you know you can focus.

Today, co-working facilities such as Onboard Coworking (https://www.onboardcoworking.com/) help alleviate the need to rent out expensive office space and offer shared areas where different types of professionals can come together. Another option is to consider sharing an office with another business.

Be Prepared to run your Numbers

At first, you may not have everything planned out, but that’s ok. Estimates are better than nothing. However, don’t just include business expenses; include all your costs such as rent or mortgage, monthly bills, car payments, and whatever else you’re paying for. Make sure you can cover it all. With careful planning and a solid strategy that includes a business plan, a financial cushion, and support from loved ones, you can make your dream and reality and be ready to give your boss a 2-week notice!

 

About Post Author

john natish

Hi! I am John natish. I am a content writer and SEO expert. I love to write and share my content with my audience.
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john natishhttp://bficoin.io
Hi! I am John natish. I am a content writer and SEO expert. I love to write and share my content with my audience.

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