Do you want to change the world? Are you looking to transform lives and the society for good? If your answer to those two question is yes, then you have probably considered quitting your 9-5 job to venture into entrepreneurship. Entrepreneurship has many advantages over a day job. Some of these benefits include;
- You are in control of your future – When you are in a 9-5 job, your future depends on other factors beyond you. An entrepreneur, on the other hand, is in charge of their destiny. You can choose the direction you want the business to take, and you are not at the mercy of others business decision.
- You are in charge of your schedule – Having a 9-5 job might not give you the work-life balance you want. An entrepreneur, on the other hand, can work on the program they want. They can even work at home.
- Entrepreneurship is more rewarding than a 9-5 job. – Entrepreneurship is riskier than a steady job, but the rewards are worth it.
- You can change lives and the society – With entrepreneurship, you can create jobs and offer solutions to everyday problems. You can make the mark in the community.
While these advantages might lure many to quit their employment to venture into entrepreneurship, it is important to note that entrepreneurship is risky, and caution must be exercised when making this decision. You need a plan to make your transition as seamless as possible. Here are the steps to follow when quitting your job for a better entrepreneurial life.
You have a great idea but how well do you understand the industry you want to get into? Do not learn about the market the hard way. Take your time to research the market and the industry. Know your potential competitors and your target customers. Conduct a SWOT analysis of the industry, market and competitors.
2. Mind the expenses
When getting started, entrepreneurship can be challenging financially. You will probably not even have enough customers to break even. You need to keep your costs low. Keep your overhead cost as little as you can.
3. Have an emergency fund
Having a parachute fund for the proverbial rainy day is important. Operating without an emergency fund can see you go out of business in case of an emergency that drains all your finances. The key to having an emergency fund is not using the money for things that are not, well, emergency.
4. Have a workstation
Having a designated workstation helps you avoid procrastinating especially if the entrepreneur working from home. Procrastination is arguably an entrepreneur’s worst enemy. Make a to-do list or a goal checklist when you get to your workstation and ensure that you have checked it off at the end of the day or week depending on your plan. Stay organized.
5. Make a business plan
A business plan is the epitome of preparation for an entrepreneur. It will help you know where you are going and maps the way for you. Having a plan makes your journey as an entrepreneur less murky. It keeps you focused.
Make sure that you know when it is time to leave your 9-5 job which is usually when you are uninspired and underperforming in your work. Trust yourself and live the life that you want to. Do not settle for less.