Many people fall into this ordeal whether to resign from their current job and start a business or retain both. It is a big decision that you have to make, so you better consider the pros and cons or quitting your day job before taking any major step. Here are some questions that you need to ask yourself before handling your resignation letter to your boss.
What kind of business should you have
There are many kinds of businesses to choose from depending on your expertise, availability and capital. If you want to have more time, then you could start selling different products on e-commerce and social media platforms. You could also set up a retail shop where you can display your products and cater to walk-in customers; it is up to you to determine what kind of business set-up will work for you.
How much money do you need as a start-up capital
Each type of business has different operational costs you need to deal with,so that means you need to find out how much money you actually need to start up a business. Generally speaking if you do not have much capital, you can start with having an online store and wait until such time that you have enough money to have your place. Getting a rental property means that you have to set sales targets to pay for overhead costs such as rental fees, employee salaries, benefits and recurring bills. It is better to analyse your current financial status before making any significant decisions that you might regret in the future.
How much money do you need to survive each month
Many business people fail to consider their current lifestyle expenses. So before thinking about quitting your job write down on a piece of paper your monthly payments that includes food, mortgage, car loans, credit card debts and other things. After getting the amount of your total monthly expenses plus your monthly operational costs, ask yourself if you can afford to earn more than enough money from your business alone. Staying longer in your current job is a wise decision if you think that your potential earnings are not enough. It would be best if you waited for such time until your business becomes stable.
Are you willing to sacrifice?
How much time are you willing to spend running your business, especially if you have a full-time job going on? If you want your start-up business to flourish, then you need to spend much time looking for clients and promoting your products online. You could start posting photos, blogging, answering queries and sending sales proposals to potential customers before checking out http://www.coacha.co.uk/ if you want to invest in a membership management tool to make things easier for you.
Do not be discouraged. because it is normal that most start-up businesses go through this challenging phase for the first one or two years, until such time that their brand becomes more popular in the market.
Having your own business is not easy all. Most successful entrepreneurs need to work nearly twice or thrice as hard as compared to regular employees to get to where they are right now.