The dream of being one's own boss is what leads many people to
start businesses, but leaving your bread-and-butter job to fulfill that vision
is a move that shouldn't be made hastily.
A lot of people wake up Monday morning and say, 'How did I get
here?'” he says. “You take a six-month stop-gap job sometimes and find yourself
still there years later, but it doesn't have to be that way.”
That said, Acuff
and other experts say there are some important things to consider before
quitting your job
to start a business.
Here are the ten questions you should ask yourself.
1. Is this going to make me happier?
Before leaving your job for uncharted territory, make sure this is
really what you want not just what you think you want or a way to escape your
current job. “I personally believe you should get enjoyment out of your
career,” says Chris Hurn, Orlando, Fla.-based, author of The
Entrepreneur's Secret to Creating Wealth: How The Smartest Business Owners
Build Their Fortunes (Advantage,
2012). “Too many people suffer silently in their job, but before you go out to
be your own boss, you have to believe you're going to be happier. If you can't
say that you believe it will make you happier, don't do it.”
2. Is the timing right?
If your wife is pregnant or you've just taken over the care of an
elderly parent, it may not be the right time to leave the security of an
established job to pursue the dream. “We throw out these Interest-sized
platitudes like, 'Just go for it' or, 'Step out in faith.' And then we pretend
that we don't have a mortgage or bills or responsibilities,” Acuff says.
Instead, be honest about your current situation; be realistic about your bills
and your commitments; and then make an informed decision.
3. How will I cover my expenses?
The biggest detriment to starting a business? Being
undercapitalized, says Deborah Shane of Fort Myers, Fla., author of Career
Transition – Make the Shift: Your Five Steps to Successful Career Reinvention (Deborah
Shane, 2010). You should have a rainy day fund or savings built up to cover you
and the business for a certain period of time, the length of which will be
determined by the nature of the business and how quickly you'll be able to pay
yourself a salary (although Shane suggests 12 months as a good place to start).
“Make sure you have the money to pay both your personal and business expenses
for that period before venturing out on your own,” she says.
4. Do I have the support of family and close friends?
The talents and shortcomings we have the hardest time recognizing
are often our own. So before venturing away from a secure situation, Acuff
suggests asking the people you trust the most how well-suited they think you
are to the opportunity. “Talking to family and close friends will help you
realize if you’re going after something that you really want to do, or just
escaping your current situation,” he says. “Don’t just talk to the dreamers in
the group that will tell you to go for it. Talk to the people that will be honest
with you and encourage you if you’re on the right path.”
5. How much am I willing to change my lifestyle?
Some people are very good at structure. Getting up, going to work
for a set number of hours, performing set tasks, and interacting with
co-workers works really well for them. Yet starting your own business can be
anything but structured and can mean long, hard hours – very often spent alone.
“There's also a lot of self-motivation involved. You have to be structured,
innovative, creative and proactive,” Shane says. “The solo nature of it is not
for everyone.”
6. Do I truly have the discipline to be my own boss?
Many people think if they can be their own boss, it's going to
make life easier. Sometimes that's true, but not always, according to Hurn. Not
everyone is meant to be a business owner. Although entrepreneurs come in all
shapes and sizes, they do often share traits like good leadership skills and a
desire to be in control. “Many people think entrepreneurship is for
risk-takers, and that's not necessarily the case,” he says. “I think successful
entrepreneurs do the due diligence before starting their business and minimize
the risk involved in a new project.”
7. Can I test the waters without giving up my current job?
Acuff urges people to 'beta test' their dream job before leaving a
stable situation to pursue it full-time. You might find you don't like the new
career as much as you thought you would. “Before you quit your accounting job
to open a coffee shop, it might be good to work at a Starbucks part-time for
six months to see if you hate coffee and humans,” he says. “Practice the
dream.”
8. Are there skills I still need to brush up on?
Before stepping out, make sure you have the relevant skills,
qualities and intangibles to make a new business work. It's important to be up
to date on the latest technology in your field and be able to use social media
to your advantage. “Make sure your skill gaps are closed and that you're up on
trends and best practices in the area you are getting into, following the top
blogs and web sites,” Shane says. “So much is changing so fast -- staying
relevant is crucial to success.”
9. Am I sure my business idea is sound?
It's important to make sure what you're planning to do is
marketable, that it fills a niche. Is there a need for this thing you want to
do? “I work with a lot of creative people who have started businesses based on
peoples' lifestyles, the world we live in today,” Shane says. “They've found
niches to help working moms, families, individuals who are time-starved.” Make
sure your idea is relevant before making that leap.
10. Do I have a business plan?
It doesn't have to be the length of a novel, but anyone starting a
new business should put together a plan that includes a sound sales and
marketing plan. Winging it is not an option in today’s competitive marketplace.
“It doesn't have to be complicated, but can be as simple as a one-page
summary,” Shane says. “Look at it as a road map.”
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