At one point or another, people who have a 9-5 job daydream of quitting to take the risk of starting their own small businesses. The idea of earning from the comfort of your own home, being your own boss, and having complete control of your time sounds incredibly appealing. But a decision as big as walking away from a stable source of income needs to be carefully evaluated.
No matter how amazing your business idea is, remember that you can’t just impulsively hand in your resignation letter and leave everything behind.
If you’re already seriously thinking about it, here are things you need to consider first before you take the plunge.
Create a business plan
Launching your own business takes a lot of research, no matter how small it is. You need to know everything about the product or service you’re offering, from your marketing channels and down to your competitors.
Preparing a business plan before your launch is essential for the success of any business. It’s an overview of your upcoming business and will help you determine your strategies, objectives, and overall vision.
Secure your finances
If you don’t think your personal savings are enough to get you through, there are two options to consider.
First, you can find another income stream. Quitting your job will free up a lot of your time. While you will spend most of it for your start-up, you can use some of it to find another source of income. It can be an easy freelance work, or simply selling some of your stuff online.
For a more secure option, you can choose to get a personal loan from a reliable money lender to take care of your finances while you focus on your company.
Before you quit to start your own venture, make sure that you don’t cause any inconvenience for people you’re about to leave behind. You should make this transition as easy as possible and completing your final projects and training your possible replacement should be your top priorities.
Remember not to burn any bridges as these workmates you’re about to part from can be future customers or connections to potential clients for your business.
Get ready for the lifestyle change
You should understand that walking away from your 9-5 job involves a lot of sacrifices. Now that your income is unstable and unpredictable, you may have to say goodbye to the certain luxuries such as night outs, impulsive purchases, and maybe even your gym subscription. You may have to accept that tightening up or being frugal is just being prudent when you’re in the early days of a new business.
Chasing your dreams means you have to be ready to give up some things, but these sacrifices will be worth it once you’ve reached your goal.
If you need assistance with your personal finances while you jumpstart your business in Singapore, Capital Funds Investment offers personal loans through a simple application process. Email us at email@example.com or call us on (65) 6281 7736 and our financial experts will get right back to you.