Before starting their work at home journey, many people first have 9-5 jobs where they commute to throughout the week. Although it is possible to have a job outside of the home and work from home at the same time, it can be draining and sometimes unrealistic. To truly focus on a home business and make it successful, there comes a time when it is necessary to give up the job. How does one go about figuring out the best time to do so? The response to that question depends on many factors that each person would have to consider, based on individual situations. How do you know when you are ready to quit your job for your newly found home business?
No one else is in the position to answer that question for you because only you know what you want and what you can work with. Just make sure that you do not rush into something without first preparing for it. To really find out if you are really ready, there are further questions that you may want to answer before moving forward.
Do you have enough funds to cover your costs?
Just because your business will be online does not mean that it won’t cost you. Depending on what you do, your cost may be little or more. First, think about what exactly you would need to start off with and how you would finance your ongoing business. If you believe that you have enough, then move on with the next questions. If you do not have enough, then you may want to consider continuing with your job, and save money while operating your business on a part-time basis.
What is a Business Plan and 8 Reasons Why You Need One
Have you planned enough?
I am a big advocate of planning for every business idea or anything else for that matter. If you haven’t yet written a business plan, then this is the time to do so. Write or hire someone to write all of your legal documents (i.e. service agreement/contract), and go through all the legal processes of your business. Try as best as you can to outline everything that you would like to see happen for your business. You may want to also decide who your target audience is. Your audience would be your clientele. Know who you want to sell to and what they want. To find out more about business plans, click here to read my article about the subject. Do lots of research on everything.
Do you have a back-up plan?
Do not quit your job if you do not yet have a back up plan. It takes time and effort to start operating a business. You would be an entrepreneur, so make sure that you have everything under control as best as you can. A back-up plan is having something else to fall back on in case of emergency or financial problem. You may start your business now and not make any income right away. So focus on preparing your business for the long journey of entrepreneurship. Get a support group if you can. If you have dependents who count on you for their daily bread, then you may not want to just rush into something else by quitting your current job without any back-up plans.
Do you network or have a list of contacts?
Start networking as early as possible to meet like-minded people, potential clients, and people who were once in your shoes and whom you could learn from. Networking would be your best friend in the online business world. You just have to get yourself out there and show what you can offer. Connecting with people I don’t know is something I’ve always found difficult because I can be quite shy, but I’ve learn that I sometimes I have to push myself a bit more. I love meeting people, but the first step is usually the hardest part. So if you’re anything like me, don’t worry, it’s not as scary as you may think.
Believe in yourself with whatever decision you end up with.
You can either be your own best friend or worse enemy. If you believe that you are now prepared,
ignore all the inner negative voices that may prevent you from moving forward once you have come to the decision of moving on. You know what you want and what is best for you, so as long as you have done your homework, go for it. Some people prefer to keep their job as they work part time on their business till it becomes more successful. On the other hand, some prefer to simply quit their job and focus more on the growing of their business. You are your own judge, so go with what feels right. As you do so, do not let the competition out there stop you because you are unique and no one could be exactly like you. Everyone comes with something to offer. So come on board.
Give notice at your job beforehand instead of just quitting.
Just because you have new plans does not mean that you should completely disregard your current job. It is okay to leave once you are ready, but please do so on good terms. Give your employer enough time to look for someone to replace you. Your service was obviously greatly needed there, so do not keep them hanging all of a sudden. Talk to your employer ahead of time. Who knows, some of your future clients may even end up coming from your current work place.
To sum it all up, plan, research, take important factors into consideration, and believe in yourself with whatever decision you end up making. I wish you all the best on your journey.