5 Things you must know before Quitting your job for your Dream Start-up.
The freedom to pursue all your goals, is one of the benefits of being your own boss. The character of accountability and responsibility is developed or otherwise strengthened, when you are your own boss. It has a way of placing on you a duty to be accountable and responsible in your dealings, bearing in mind that your success or failure depends solely on what you do and the manner in which you do so.
Don’t be pressured into making a major life decision such as this. You can actually run your business while still at your 9-5, all it requires is a bit more work and tact on your part. But if you are contemplating quitting your job to launch your own start-up then, you would find this piece most helpful.
For a start, I would recommend that you have some emergency funds saved up, one that could cover 2-5 months of your regular monthly expenses. It does not mean you lack faith in your start-up, but things don’t always wind up the way we desire, and one can never be too prepared. That said, here are 5 things you must know before quitting your job for your start-up business.
- You would need a structure.
A structure that is rock-solid, and a business ideology that is both fascinating and dynamic is necessary. The vision, objectives and other key administrative details about your start-up must be clear to you and properly documented too. For start-ups of any kind, legal structure is critical to business success.
Don’t quit your job until you are clear about what you want and how you want to make it happen. Business thrives on structure. It is your structure that determines your capacity and gives credence to your strategies. You cannot run a business without a structure, particularly a start-up.
You have a job role at your 9-5 because there is a functional corporate structure there. It is this structure that determined exactly what it is your job description is, even before you joined the firm. Before submitting that resignation letter, you must be clear as to what structure your start-up is going to take.
- Selling is a Skill.
Never assume you know how to sell. That you know how to talk does not automatically make you a great salesperson. Quitting your job is a huge sacrifice, for which I would pray you to get your facts right before embarking on.
For me, the whole idea of putting in so much time and energy into convincing someone to purchase a product that would be beneficial to them, does not quite resonate with me. If you are like me, then learning the pros and cons of selling is exactly the right next thing to do before quitting your job. Your start-up would needs loads of it to survive.
Take a course or two on the subject if you need to. Go for trainings, apply for coaching, I mean, do whatever it takes to acquire the skill of selling. For no business thrives without sales, most definitely not a start-up.
- Marketing is not negotiable.
Marketing a start-up can be quite challenging bearing in mind that you have a lot to do with your available limited resources. In addition, your product is grossly unknown, save for you. Your start-up would thrive based on your ability to attract customers.
Thanks to tech advancement in our world today, marketing has taken an interesting twist from the once conventional traditional techniques. Internet content creation, e-mail marketing, social media and other forms of internet marketing has become the new norm for successful marketing efforts.
Paul Lepa, the CEO of Pearlsonly, a pearl sales company which has utilized internet marketing and Instagram especially said “By blending the beauty of pearls with the power of the internet, advanced technology and direct marketing we have become a market leader in the internet pearl industry”.
Spreading the knowledge of your product to your target audience is needed for your start-up to succeed. And you must be ready for this before quitting.
- Pre-product testing is always helpful.
There is just no better way to anticipate the market acceptability for your product, other than a pre-product test. The main purpose of this, is to test and attempt to ascertain the level of success or failure of a product before the product is launched. Essentially, you are able to know with a level of certainty if your start-up idea is viable or not.
Imagine quitting your job, only to discover that your business idea is silly. Well maybe not exactly silly, it could be that the idea is best suited for a different market or location than you anticipated. It could also be that you just needed to straighten a few rough edges. Pre-product testing gives you an edge.
- Mastery is key.
Start now that you are still at your job to practice your business idea. Whatever start-up idea it is you have, find a way to inculcate its practice into your everyday schedule. Engage your fellow employees. If it has to do with selling a product, start by marketing it to your co-employees. Keep at it consistently. If they like it, it means it is a viable idea. Plus you already landed some clients.
Aristotle said, “We are what we repeatedly do. Excellence, then is not an act but a habit”. If you do it long enough, it becomes a habitual skill. The more skillful you are at it, the more the demand for it. Ensure you master the art before quitting the science.
Quitting your job for your dream start-up is such a noble idea. Not many ever muster the courage to dare such feat. I celebrate you, this piece was written to aid your decision. Digest and get to work on the ideals shared.
Cheers to your bold step!