Launching a new business comes with its perils. A big number of would-be entrepreneurs are in full-time, regular 9-5 jobs or consulting gigs when they decide to launch a business. It always seems to be a safe thing to do to start your business while working full-time and "see how it goes". It is always easy to squeeze in some time during the day job to start your new enterprise discreetly while collecting the regular paycheck. Heck, why not! You are literally being paid to start your own business. If the new business does not work out, you can always continue in your existing job as if nothing happened and without a break in wages or work. But is that the motivation you need to succeed in your business? Can you really excel in launching your business successfully while working elsewhere? Would your priorities be right?
Starting a new business takes a big commitment. An entrepreneur is also the leader and sets the example for others to follow in his/her team. Any start-up requires significant risk-taking besides capital expenditure and planning. But above all, it requires a vision setting for the business and for yourself. What do you want the business to do? And what do YOU want to do in order to take the business there? What's going to drive you to help you achieve your vision?
It is quite a difficult proposition to quit your job and all the comforts that come with it. Taking a leap into the land of uncertainity and no regular paychecks and without nice corporate office with regular coffee and lunch breaks can be quite intimidating. It is made more difficult when you do your personal financial planning on the length of time you can manage without any income coming into your new business and without having to look for a new job. This exercise can be even more difficult when you have a family to support. Some questions that probably go through your mind are:
-- What if my business fails?
-- What if I am unable to raise the additional capital from outside investors?
-- Will I be able to build the right team in order to build the company i want?
-- Will the market accept my product or service?
-- Do I need a business partner? Can I trust this business partner to be as passionate as I am and give his 110% too?
-- What if i run out of money
-- Is my spouse completely supportive of my actions?
-- Where do I start?
-- How shall I quit? Will my boss take me back if I quit?
-- Would I miss my office? The cooler talk? my friends? the free parking? the access to the office printer and secretary?
Here's some things to consider when you are in such a situation:
-- Why do I want to start a business?
-- Can I handle irregular income at this point in my life?
-- What is my current financial situation? How long can I manage without any new income?
-- How soon before the business potentially starts generating an income which I need to achieve?
-- If supporting a family and/or married, how will my family manage my being without a job?
Some tips and suggestions:
-- Talk with your family
-- Always speak with other entrepreneurs and find out how the have dealt with such life changing instances
-- Indulge in some financial planning
-- Its a great time to finish the business plan and financial projections for your new business
-- Think and then think again....and think things through
Starting a new business is an amazing thing. But making sure that your priorities are aligned with your spirit of entrepreneurship are something that you should think about before taking the leap in order to make it more rewarding for yourself and for those around you.And above all else...enjoy the journey and don't look back.