Want to work for yourself? 3 questions to ask yourself before you quit your job
You’ve been pouring your heart into your side hustle for the past few months (or even years). Each evening, you leave the office excited to head home and dive into another few hours of creative brainstorming.
But you’re ready to take things to the next level. You’re ready to become your own boss. Even if you feel mentally ready, is your business ready? Before you make the leap, make sure you can answer “yes” to the following questions.
1. Is your business idea profitable?
Go back to the basics and see if your business idea is profitable. Can this dream of yours make money? (Because we’d hate for you to be living in a box under the bridge.)
Do a little research and see if similar businesses exist. If you can’t find any, that can mean a couple of things.
Perhaps your business idea isn’t actually that fab (meaning, profitable.) That’s bad news. No matter how awesome you think it is, if there isn’t a need or desire for what you’re offering, no one will buy it.
Or, the lack of similar businesses to yours could be an enormous opportunity for you to be successful. You may have discovered a gap in the market and it could be a gold mine. Somebody has to be the first. Maybe it’s you!
2. Do you really have what it takes?
Unfortunately, there’s not a magic formula to find out if you’re meant to quit your J-O-B and become an entrepreneur.
But there are a few key factors that can greatly influence (and predict) your success.
Ask yourself these questions before becoming your own boss.
• Are you self-disciplined?
• Can you hold yourself accountable, even if no one else is paying attention?
• Do you have a burning desire to achieve this?
• Is there something bigger about this idea that will keep you going, even after the initial sparkle has worn off?
• Are you flexible?
• Can you roll with the punches?
One of the most exciting parts about starting a business is that you don’t know exactly where it’s gonna go. You might discover that where you thought your business was headed is totally impractical once you actually put it into action.
If you answered YES, then becoming your own boss might be your next step. You’re about to become completely responsible for your success.
3. Do you have an action plan?
Once you figure out if your idea is profitable and have decided you do actually want to dive into working for yourself full-time, you need to create a plan to make it happen.
Pick a date to quit your job. Put it on the calendar. This simple step will make it real to you and to the Universe. Give your supervisor and HR adequate notice and leave on good terms.
Then it’s time to focus on the important financial details. How much do you need to cover your monthly expenses? What number do you want in your savings account so you can feel comfortable walking away from your steady paycheck? Create a budget to reach this number. And stick to it.
As your excitement grows and you approach your last day, begin wrapping up dangling work projects. You can also use this time to lay the foundation or continue building momentum in your business.
Finally, feel the fear and do it anyway. Walking away from your job to do your own thing will be scary, but you’ve totally got this. You’re smart. You’re talented. The world is waiting for you!
