Ask-A-Boss #008 Communication Is Key
“Should I quit my 9-5 to start my business? I work in corporate America and I want to start my own business but I’m scared to quit.”
The question of whether or not to start a business full time is one that a lot of people debate with. It’s a tough question, and it’s very personal and the answer varies.
Some people are born entrepreneurs and they know from an early age that they have the drive and the skills to be successful in business. For others, the idea of starting their own company can seem terrifying, even if they think they could be good at it.
There are also those who take some time to figure out if entrepreneurship is for them - but once they do, there’s no stopping them.
Here are some questions I’d like you to ask yourself when thinking about whether or not you should start your own business:
Why do you believe you need to quit your main source of income?
Is now a good time for this FOR YOU? If not now then when?
Is everyone in your life prepared for this change?
Are you financially prepared to quit if your business where to stop making income for one quarter (3 Months)
How far have you gotten into starting your new business? Can you START while working your current job?
Are you prepared to stay consistent with working in your business with little to no official time structure?
Do you have the emotional bandwidth to start and fund your business, pay for all obligations, educate yourself on the business, and have your personal life?
Are you ready to shift from an employee to a full time entrepreneur?
What’s holding you back from quitting?
Seriously write the answer to each and every question. If you are satisfied with your answers and you feel the self-employed, investor, entrepreneurial restless spirit in you that must come out, I recommend you weigh out all pros and cons, risks, possible gains, and lastly talk to someone you know that’s done it. Find an expert (or a few) in the business or industry you are looking to get into. Ask that person their starting journey, fails, gains, and openly share that you’re starting plus you’ll want to ask any questions that will assist along your new journey of starting a new business and quitting your 9-5. If after all this you are not 100% ready to dive in head first, DON’T DO IT.
There are plenty of people that treat their jobs as “Investors”. They use their job to fund their business and start making the changes slowly to become a business owner and transitioning slowly out of corporate. First find time to start. Work on it on weekends, days off, an hour after you get home, when the kids go to sleep, 15 mins every morning, or something just to get things going. Start doing things like finding your doing research, get a logo, business cards, website, any licencing, get an EIN (know what an EIN is), and make moves toward reaching your goal so when you are ready to make that choice, you know it is FOR YOU.
Choose wisely,
Naomi