Are You Ready to Leave Your Full Time Job to Start Your Own Business?

 We've all had the feeling at some point- I want to be my own boss! Sometimes it's after: a demanding project, an interaction with an unpleasant coworker or when a job no longer challenges you. Regardless of how it starts, or if it lasts, there are a number of things you need to keep in mind before you make the transition to running your own business.

1. Why Are You Leaving?: It's important to think through whether this is something that can be addressed with a manager or if there is something fundamental that cannot be changed. If it's the later, will you be able to find what you're looking for at another employer or do you need to carve out your own environment?

2. What Stage is Your Business At?: Having your own business means being responsible for supporting yourself and any employees that you might have financially. It's therefore important to understand how much time it'll take to be able to reach this goal. The range of stages are: pre-idea (i.e. You're still brainstorming) to fully functional and profit generating.

3. Can You Afford It?: As mentioned in the point above, once you're your own boss, the responsibility of generating monthly income sits squarely on your shoulders. It is therefore important to understand what the state of your finances are and what obligations you have. Are these obligations flexible? What will happen if you can't attend to them for a few months or even years as you grow your business? Do you have a savings cushion? How far will it take you?

Here are a few more articles to help you as you make a decision.




Have you made the transition or are you balancing the two? Share your story with us today!

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