In India, we are brought up with the concept of living with secured earnings. Though it is a debatable concept, it might not be entirely wrong; after all, the concept of saving up has helped us secure our means of earning, thereby helping us sail through the difficult times like the Great Recession of 2007-2008.
Having said that, life is short and we should only be doing the things we love.
The success stories of many startups has inspired many of us to leave our jobs and begin something of our own.
However, is it right to only focus on those who found success? What about those who could not achieve their dreams and had to go back to the 9 AM to 5 PM ordeal?
Things To Do Before You Leap
1. Learn enough from your workplace
Every experience has something to teach us and if you decided to do a job, make sure you have learnt most of what you could from it before deciding to quit.
There are more things than just technical knowledge that a company can teach you, like people skills, time management, communication skills, proficiency, etc.
Be rest assured that there is no certain time span within which you should quit.
2. Have your next step planned out in sufficient detail
Do not quit based on an idea alone. You might need to work at night or weekends, but make sure you have your plan straightened out in writing before dropping in your papers.
The minimum planning you require includes:
- In depth information and research on your product/service.
- Overview of the strategy/vision of the firm.
- Identifying your target market.
- Sources of finance.
- Operations plan.
- Projecting financials for a period of five years.
- Estimated time for your business to be profitable.
3. Calculate the risk involved and have a plan B ready
Before changing the course of your career, calculate the risk involved by estimating the source of finance and the relevant financial costs. Also, consider the disadvantages you may experience in case you have to go back to your current career path.
It is pragmatic to have a what-if plan ready. Whether it be a job again or modifications to your current plan, you should be prepared with a plan B before hand.
4. Accumulate a buffer for your personal expenditure
Every business takes its time to start, let alone make profits. Ensure you give your idea its due tenure. Having an insufficient bank balance can not only put you in a fix but also put a lot of stress on your plan B, causing you to give up/shut down sooner than you expected.
This amount should be kept separate from the investment needed in your business.
5. Build a network for yourself
It is important to talk to people working in the same industry and to build a network that could help you through your initial hiccups.
They could help you ascertain your preparedness for the plunge.
6. Plan your routine beforehand
Your routine should be planned before letting go of what you are involved in. This will ensure proper utilisation of your day and directed efforts towards your business activity.
Lastly, always leave your employer on a good note. Do not be in a rush to press the redo button in life, yet leap with faith and preparedness.
Remember – “If opportunity doesn’t knock, build a door.”