​Shall I quit my day job to start a business?

If you’re serious about your business you will have to resign from your day job at some point. Making this decision is like jumping out of a plane. At first, you are eager to put on the parachute and get up in the air, the idea of free falling on your own is exciting.

You are now several thousand feet up in the air, with your feet hanging out of the plane. Then the question come into your mind. Is it safe? Am I ready? Should I wait? But if you wait too long the moment might pass completely.
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The first thing you should do is double-check your business plan. Has it covered everything? Do your finances make sense? Do you have accurate financial projection? Do you have a marketing strategy? What about staff, equipment, premises? All of these things need to be considered and you need to be confident in your plan.

Next, are you sure that your product or service will work? Make sure that you have sufficient market research and that it is something the public want and need. Are they willing to spend money on your product or service?

Most importantly, can you financially afford to give up your job to focus on your business? So many people think that the reason their business isn’t doing as well as they expected is because they don’t have enough time to put into it. Make sure this is the real reason it’s not doing so well and it’s not just that the business really is viable.

Think ahead. It’s likely that your business will take longer than you expect to become profitable, make sure you are financially secure enough to cope with it. So before quitting your job, perhaps see if there is the option of part-time, freelance or contract work with your employer – an arrangement that will give you far greater flexibility and won’t tie you down, but will still give you some regular income. Alternatively, are there other sources of funding you can fall back on? Can you release equity from a home? Can a partner’s income cover over both of your financial needs? Do you have savings?

Before taking the plunge, it is well worth investing time and money with an experienced business advisor. They can really help you to ensure you have considered everything and bring experience and knowledge to help make the right choice for you. Remember that quitting your job will put an enormous amount of pressure on your new business to succeed. It might not be ready for that. You might not be ready for that.

Give RBSS Consulting based in Romford, Essex a call on 0333 355 1696 or email us at info@rbssconsulting.com.