In business and in life, timing is everything.
The famous iPod wasn’t the first portable, hard drive music device; Compaq beat Apple to market by three years. Yet today, the iPod is iconic, and nobody remembers the PJB-100. Knowing when to do something is often just as important as knowing how or knowing why.
When I mentor aspiring entrepreneurs, I often stress the importance of timing. Determining the best point to quit your job and launch your company requires serious reflection.
Here are three important questions to ask before you take this leap:
- Do You Have a Game Plan?
It is not uncommon to fantasize about being your own boss, especially if you are unhappy at your current job. But it can be a mistake to quit your job without a game plan or clear vision for starting your own company.
Successful entrepreneurs don’t launch companies because they have problems in the office and crave independence. Instead, they are guided by passion for an idea, and they believe their idea can be successfully monetized. You should only quit your job once you have done the necessary market research and have developed a business strategy.
- Are You Financially Prepared?
If you are ready to launch a business, it is crucial to be financially prepared. Having an adequate monetary safety net is pivotal in the early stages, especially since you will be treading unknown waters.
Once you have enough money saved to fund operations until you start generating enough revenue to pay for your operations, you will be in a better position to thrive. With more money saved, you will be able to seize growth opportunities and be prepared for the unexpected.
- Are You Ready for a Lifestyle Change?
If you are an employee, you likely are able to devote your free time to family, friends, and hobbies. But budding entrepreneurs aren’t as fortunate. Starting a new venture initially requires a lot work and can be all-consuming, leaving little time for loved ones or extracurricular activities. This will require a lifestyle change and an unwavering commitment to your new endeavor.
Your Next Move
Take the necessary time and research to determine if you are ready to launch your own business. Don’t quit your day job in a moment of frustration without a game plan. Be sure to take stock of the changes you want to see happen and make a commitment to achieving your new goal. There may be bumps along the way, but being prepared will be half the battle.
Contact me today for more information on starting your own business.