At some point in their careers, many corporate professionals will have toyed with the idea of quitting their full-time job and starting a new business. After all, the idea of running your own company is very appealing. You make your own hours, there is potential for true financial freedom, and you’re in complete control.
What holds many people back is knowing when the right time is to take that proverbial leap into the unknown. For some, that time will never come as they have excuse after excuse lined up as to why they just can’t seem to do it.
So how can you tell when the time is right to quit your day job and move into the world of self-employment—especially if you’ve never started a business before?
We’re going to look at five crucial steps you should take before you quit your corporate day job and start your own business:
Finances
As with all new businesses, it can take some time to start generating reliable income. This is why it’s suggested that new business owners have at least one years’ worth of living expenses in the bank before they quit their day job.
There are many individuals who can’t afford that and will instead work on their business in the evenings and on the weekends while they’re still gainfully employed at their full-time job. The additional safety net of a regular paycheck allows them to grow the business at their pace and not have to worry about income.
You Enjoy a Challenge
Starting a new business can present many challenges that you didn’t have to necessarily deal with at a full-time job. From sales and marketing to general business issues such as taxes and bookkeeping, many new business owners will have to wear multiple hats during any given week.
If you enjoy a challenge and won’t get bogged down or stressed out by the various nuances that new business owners face, you’re in a great position to take that next step towards small business ownership.
Quit Your Job on a Good Note
Don’t burn your bridges. This includes quitting your job without giving the customary 2-weeks’ notice, not training your replacement, or mentally checking out before you left. You never know when you might need to call in a favor or ask for help.
Many of your current co-workers and even your boss might turn into useful resources in the future. They could also send leads and new business your way because you were a trustworthy employee. Intentionally or unintentionally burning your bridges can destroy years of business relationships, friendships, and trust that you might need to rely on one day in the future.
Realistic Expectations
Having proper expectations is a must when starting a new business. This means realizing that it can take a while to see regularly recurring income. While it’s entirely possible you may luck out and start making big money within the first few months, it’s far more likely that it will take you a lot longer.
One of the biggest reasons that cause new businesses to fail is that the owners didn’t see immediate success and gave up too soon. They didn’t set their expectations correctly and gave up when the going got tough.
Success comes from both dedication and mental perseverance, and that means keeping your head up and continuing to follow both your business and marketing plans until they pay off.
Marketing Plan
A solid marketing plan is a must-have for any new business. It not only spells out how you intend on marketing your business, but it helps keep your efforts focused and on track. It can also prevent wasteful spend on marketing channels that don’t drive results.
One of the most important aspects of a marketing plan is where you plan on doing your marketing. While paid online advertising is an option, it has gotten highly competitive and very expensive over the years.
Such channels as cold emails, direct mail, and good old fashion pavement-pounding footwork can not only help prevent your marketing budget from spiraling out of control; they can also help drive new clients and allow you to market where your competitors aren’t.
Ready to Quit Your Full-Time Job?
Are you currently stuck in a corporate job and have been giving serious thought to starting your own business?
If so, TravelHost is an ideal low-investment business opportunity that you can run from the comfort of your home.
Put your years of experience and sharp business acumen to work, and it can provide you with financial freedom, flexibility, and control over your life.
Say goodbye and good riddance to working for someone else on commission. When you run a TravelHost business from your home, you’re in complete and total control. TravelHost will also provide you with a First Year Experience (FYE) on-boarding package and launch plan which will allow you to hit the ground running.
To learn more about this fantastic business opportunity, contact the TravelHost New Business Development Department at (972) 556-0541 or click here to get started.
Owning your own business is hard work. But if you have what it takes and are willing to make a strong commitment, you’ll have all the necessary tools that it takes to succeed when you strike out on your own
