Today’s Guest Post is by, Dave Thomas
In a day and age where the economy has been on life support in the eyes of some economists, why on earth would you want to quit your job to start you own business?
Are you nuts? Have you lost your mind?
Those are likely some of the responses individuals get when they tell others they are thinking of or definitely quitting their job that provides a reliable paycheck for the unknown.
Are You a Gambler?
For those individuals who feel leaving a steady paycheck for the unknown is their destiny, they’re not exactly castaways.
As the economy has been stuck in neutral for some time now, more and more individuals who are either fed up with their current jobs or have gotten laid off, feel now is the time to go into business for them.
If you find yourself getting the entrepreneurial itch, then now might very well be the time to scratch it.
Before you do, however weigh the pros and cons of such a decision.
On the plus side:
- You have freedom to make decisions and do not have to answer to anyone other than yourself;
- You set your own hours, although expect in most cases to work more hours now than you did under someone else;
- You have the ability to have an unlimited income as opposed to having a set salary under someone else.
On the down side:
- You are making all the decisions and the ability to consult with co-workers and get their advice is removed;
- If you are not disciplined, you could find it hard to put in the necessary time commitment for the job, especially with a family involved;
- In the event your business takes a while to get going, what are you going to do for a regular source of income?
If the decision is a go to open up a new business, do you have the business plan up and running?
What? You’re not quite sure how to go about the business plan?
This can be your first and biggest obstacle.
Conceive the Business Plan
One of the biggest mistakes start-ups make is not having a well thought out business plan in place. Remember, starting your own business is not something you just dive into.
Prior to writing a business plan, be sure to research your market and compile up to date industry data. If you’re unsure about how to write the business plan, take note that there are a variety of business plan software packages available to new entrepreneurs. Many of the packages offer document templates, sample plans at no charge, along with advice on conceiving a plan.
As you put your business plan together, don’t be afraid to ask for advice from family or friends who run their own companies. Once the plan is completed, make sure that a friend or family member/s reviews it to look for any holes or unanswered questions.
In the event you are going to require funding to get your business up and running, you will likely be required to produce a formal business plan that speaks to your needs.
Finally, determine if your writing skills are up to the challenge, as the last thing you want is turning in a plan that is riddled with grammar issues, etc. If you will require financial information that is either above your abilities or unavailable to you, consider working with a certified professional accountant.
Make the Gamble Pay Off
With a business plan in tow, the necessary funding (if required), and support from your loved ones, you could very easily make your own business the centerpiece of your life.
Remember, your dreams and hopes that may not have been achieved under someone else could now be for the taking.
Are you ready to take that gamble?
