When I worked in corporate America, I used to daydream about the day I would start my own business. At the time I didn’t know what I wanted to do. All I knew is I wanted to be my own boss and the sooner I got out of there the better. But I was too chicken shit to leave my job for the unknown.
There was a saying at my job, “there is life after SBC.” But I was to afraid to find out. The what-ifs always took control of my thoughts. What if my business fails. Or, what if I don’t have what it takes to be my own boss.
I had my exit planned out in my head but what happened IRL (in real life) was totally different.
One day during a meeting at work with the ‘higher ups’ I let my emotions get the best of me. I abruptly left my job after working there for nine years.
That didn’t quite work out the way I intended though. I gave no thought about the loss of income, And the worst part of it was losing my insurance coverage when I needed it for my son who has Epilepsy.
Five Important Questions To Ask Yourself Before You Quit Your Job To Start A Business
I know how it is when you feel like your job is sucking the life right out of you. But take it from me, dear reader, before you tell the boss to take his job and shove it, take a deep breath and don’t make a move without asking these five important questions.
#1 Will I Be In It 100%?
The excitement you get when you start a business can cloud your thoughts.
This is where most folks fail. They’re only focused on being their own boss, running a successful business and making money.
But you have to consider whether or not you’ll be able to handle setbacks. Because believe me, there will be.
As soon as business starts to get slow or suffers some kind of setback, that’s when most folks shut down. But are you willing to see it through no matter what?
That leads me to the next question.
#2 Do I Have A Plan B
Finger’s crossed you won’t need to activate plan B but in case your business shuts down for whatever reason, what will you do next?
It’s good to have a back up plan in the event things don’t work out.
#3 Is There A Need For The Type Of Business I’m Opening?
Your business idea may sound like a great one in your head but is there a market for it?
Make sure to do a thorough research for your business. Find out if there is a market for your business and if there is, how saturated is it? Do you have ideas that would make you stand out from the competition?
#4 Can I Afford To Start A Business?
Before you quit your job, make sure you have rainy-day funds set aside. check your finances and see where you can downsize. That way, the bills won’t eat up whatever money you have saved.
You also have to consider how much start up money you’ll need for your business. Will starting a business affect your finances? Do you have enough finances to cover your bills and other expenses in case you’re business isn’t making money right away?
#5 Can I Afford To Lose Health Benefits?
This is another question you should ask yourself before you quit your job to start a business. I left without thinking about it. Let me tell you, paying out of pocket for meds sucks big time. My son’s meds costed about $500 for a 90 day prescription. Even the discount programs didn’t save me much.
If you or a loved one has health issues that requires taking meds on the regular, you have to seriously consider this one.
Bonus Consideration: Do I Have The Skills To Manage Such A Large Project?
Lastly, if you’re planning on quitting your job to start a business, consider whether you have the necessary skills to do it. Managing something as massive as a startup requires a whole bunch of skills that you don’t learn in most regular jobs.
Before you quit, consider getting project management certification. This way, you can get to grips with the basics of building something from the ground up and doing it successfully.
Wrapping Up the 5 Questions To Ask Yourself Before You Start A Business
I hope the advice I just shared will be helpful for when the time comes to start a business.