If you’ve contemplated exiting the corporate world and starting a small business is now the time for it?
It is important if you do want to open your own business to have the timing down right. If you do not, you could end up making quite a mistake in the process.
So, are you thinking of leaving Corporate America and setting up shop for yourself?
Think Decision Through Before Leaving a Job
Before you turn in your two-week notice, it is important to think about some different factors.
- Money – Can you replicate the money in the business world that you’ve made working for someone? If there is any hesitancy in being able to answer such a question, you may not be ready to start out on your own. Should you still go ahead with starting your business, you may find you will need some help to get things going. With that being the case, you may need to try a small line of business credit. Having that line of credit allows you to not only get things off the ground, but also have some power after you open up. As part of your financial decision making, see if the type of business you will be opening is doing well these days. If that particular industry is struggling due to slow sales, now may not be the time to turn in your two-week notice.
- Workers – Will you need workers to help you run the small business or is this going to be a one-person operation? If the former, you want to do your best to get the right people on-board. Not having good help can hurt you in several different ways. Of most notice, you may turn off some customers if they are not happy with the services your workers provide. By bringing the right people in, you increase the chances of staying around for years to come.
- Time – Unlike a corporate job where you have a 40-hour work week, running a business often means long hours. While you do not have to become a slave to your small business, expect to put in some long days. With that in mind, are you the type of person with the stamina and energy to do this? This is even more so the case if you will not be hiring any employees. While the independence you will have working for you can be a great feeling, make sure you are up to the task at hand.
- Goals – Finally, what are your long-term goals with your small business aspirations? If you do not have your heart all in with this, it may not be a good choice to open up. Not being all into it could lead to gaffes in your small business. If one or more big ones happen, it could spell doom sooner than later. Have your goals on what you want spelled out so you have a better chance of achieving them.
If mulling over whether to leave the corporate world and begin your business, where do you stand now?