5 things you should consider before quitting your job and starting a business
Reading all those miracle start-up stories circulating around the web, you might be tempted to leave your traditional job in the pursuit of an exciting professional life, where no one bosses you around and your work is actually your passion. What they usually don’t tell you is that running your own business will change your life by 180 degrees. In the end, you might find the “boring” reality of that 9 to 5 office job quite comforting. Here are 5 things you should absolutely know before taking that step and becoming your own boss.
1. You won’t (quickly) become rich
This is not to say that your business will never grow and you’ll be forced to shut down – just don’t expect to make millions in a matter of months or even years! Running your own business, you’ll see expenses mounting up and profits rising slowly – and that might be discouraging. Owning a start-up with a great idea behind it, you stand a chance at making it work, but remember that the competition is high. Instead of picturing your start-up as an easy road towards wealth, be realistic – it’s lots of hard work and less play than you’d imagine.
2. No one will pay you your salary
Being used to receiving a weekly or monthly salary, you’ll have to shatter this expectation when running your own business. After all, as an owner you’re to one who should be first to renounce from a hefty salary if the start-up doesn’t generate enough profits.
3. You’ll be forced to do things you don’t like
As an employee, you only have to worry about a specific section of the business operation – as an owner, you’re the one responsible for the big picture and you’ll probably do many things, which you simply don’t find that interesting. Even if you think you’ll be doing something you’re passionate about, think twice. Half of the time, you’ll be working on things that you might find boring – from calling potential clients to setting up your social media marketing.
4. Being your own boss might not be as easy as you think
If you think that as a start-up owner, you’ll answer to nobody, prepare for a surprise. There are investors, vendors, clients, board and even family – all of them will hold you responsible and demand answers about your activities. By quitting your traditional job, you might imagine that the boss-employee relationship will no longer be an issue – the reality of running a business will prove otherwise. The dynamics might be different, but the relationship stays the same.
5. You might not be ready for the risk
As a full-time employee, your responsibilities are limited and after the clock strikes, you’re ready to go home and think about your exciting evening plans. When you’re the boss, all the pressure and risk taking is on your shoulders – for some it might prove too much. This is not to say that you’re not the right fit. You should just be aware of what awaits you once you toss your job and decide to manage a one-man operation.
If you find yourself discouraged after reading this article, cheer up. There are various strategies that allow you to test the waters before taking the risk and plunging right in. The truth is that running your own business and being a part of a team that creates something new is incredibly rewarding and makes up for an exciting professional path.
Monique Craig is a passionate blogger and marketing specialist who works for Oneflare, an online marketplace which connects customers with local service providers.