Every day, we are confronted with different life situations which we have to deal with accordingly. Some of which are related to career, money, and family. Does it ever come across your mind to quit your current job in order to give more time and focus on a business idea?
While few are contented with their career or being employed in some medium to big companies, many people dream of starting their own business. Two of the most common reasons is first, to gain financial freedom and second, to gain full control of their time.
There is really nothing better than working on your own and be your own master. Which is why we constantly assess our situations if we can pursue this goal. We imagine ourselves laying down the foundation and creating direction for our new business. We work really hard in order to achieve the tip of success. But there something preventing us from working on it closely... our day job.
Having an 8 to 5 Job
You have to comply with the company's policies which include but not limited to going to work on time set by the company. You have to do your best in every aspect in order to contribute to the success of the company's business. Most of all, you need to follow orders from the people that belong to the top management.
You have to finish the tasks incumbent upon you at a specified time. You felt that you were taken away some freedom.
A Decision to Start a New Business Venture
You decided to have a taste of setting up your own business and you were in the middle of contemplating whether you have to give up your current job or not. You were thinking that giving your full time and attention to the business would lead you to a better situation.
Before you jumped into something that might bring you into big trouble, try to consider the following realities.
Life is full of Uncertainties
This truth is not to discourage you from taking the road to entrepreneurship but rather to prepare you for the harsh reality of life. One of the most common reasons for failure in a new business is by taking bold steps without taking into consideration the possible outcome.
Having our own business means we have to shoulder the consequences of our actions. We cannot go back once we made a decision. It's a point of no return. So unless we are certain that everything is going smoothly. it would still good to have a reinforcement just in case things don't turn out as we planned.
Our day job serves as our safety net in case of mishaps and failures.
Being a Risk Taker
It is a positive human attribute. A risk taker is someone who loves trying out new ideas with the aim of achieving greater success. A person who takes risk has a great tolerance for failures and most likely to achieve their goals. They are willing to exert more effort, experiment with the different possible ways and are daring and bold.
However, while it is good to take risks, we should set aside a certain margin for possible blunders. This will serve as our guard against possible adversities.
When is the Best Time to Quit Your Job?
Before you decide to leave your day job in order to focus on running your own business, make sure to consider the following:
(1) Established a solid foundation for your business
You already established a good name in the community. Starting a business will make you go through different forms of hurdles. You must be ready to face the challenges. It would take sometime before you could achieve a name in a certain line of business. It takes years before you could achieve such status.
(2) Financial liquidity
You are assured that the income from the business would be enough to pay the monthly bills, people, and other necessary expenditures. This would mean that the business can sustain on its own.
(3) You have enough savings
This is a backup fund in case there come some problems along the way. Having a fund ready to pay for our daily expenses for at least six months is a big thing to have.
(4) Return on Investment (ROI)
Some business ventures are projected to recover the investment in 2 to 3 years. The actual scenario may be different.
(5) Consider the people that rely on your for financial support
Do you have a family that relies on you for financial support? This is another concern that you should consider. What if you fail? Think of those who will suffer.
On the final thought...
Having a business of our own is a good thing to consider. It would spare us from dealing with a stressful life of an employee. It can give us more freedom, more choices and the ability to decided on our own.
Take a risk. Be open to taking adventures. But be prepared for all the possible outcomes including failures.
Here is another video that will help you in making a decision.
More from this author:
- What to Consider When Opening a Coffee Shop?
- The Ease of Doing Business in the Philippines
- Ways to Raise Starting Capital for Business
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DISCLAIMER: The views and opinions expressed in this blog post are that of the author and does not in any way represent the agency or department she currently belongs.
ADDITIONAL NOTE: The sites mentioned in this post are for information purposes only and links are provided for easy access. The author does not receive any remuneration from the said companies or sites.
Written for Bitlanders
by Sharon Lopez
Date: July 31, 2018
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