Quitting our job and planning to Start a Startup or new business may be a good idea in your opinion but trust me it is not. You should know well about all the consequences by keeping yourself in the shoes of an entrepreneur and you should realize all the responsibilities you have to fulfil.
Before You Quit your job to Start a Startup, you should consider the following factors
The First and most important factor that you should consider before you Quit your Job to Start a Startup is the detailed research on your Product or Service by listing out all cons and pros. Background research that you need to do is finding a good team, target audience, competitors, Marketing channels, Research on profitable sales, and learning everything about your product or service.
Layout Your Business Plan
Once you are done with research now you need to layout your business plan carefully because a business plan will help you in attracting potential investors, partners, etc. It typically includes the Introduction of a startup, Product or service name, Vision and mission of a startup, Details about the competitors, Marketing channels, Target audience, Sources of Finance, Operational Plan, Team description, and information regarding the industry or market in which you are entering.
Create an Organizational Structure
The most important factor now you have to consider before you quit your job is the type of business structure you are planning to have. The factors for deciding the organizational structure typically includes Liability, tax, ownership, capital, and rules and regulation. The Types of organizational structure are Sole Proprietorship, a limited liability company, partnership, and cooperation.
Select Your Startup Location
You must decide on the location of your startup. If in the initial stage planning to operate your office from home could work in the short term but is not a feasible option in the long term. Therefore, it is very crucial to plan the location. If you choose to operate from home then it is important to maintain personal space and workspace. To work by laying on the bed will make you lazy and have a domino effect on the progress your startup makes.
Leverage your Resources
You don’t want to spend where there is no need to spend money or you can save it. The best way to plan financial resources is to first look around the resources you have. For example, If one of your relatives is good at product designing you may take help instead of hiring an expert which may charge high fees. Therefore, you can take help from friends, relatives, etc who may be good at marketing, web designing, accountant and so on.
Focus on every aspect
Being an entrepreneur you couldn’t neglect even a small point otherwise you wouldn’t mould a perfect company. For the best outcome of results, you can drive short term plans from long term plans known as static planning. This may help you in covering each aspect and better results.
Outline your funding options
Before starting a startup ensure to look at your financial checks then look at funding options. With a financial crisis, you may find difficulties in day to day operations. In addition to your savings need to look at other funding options which typically includes-
- One or multiple investors
- A grant or award from your project
Leave on a good note
Quitting your job without a good note leaves a bad image in the company and gossiping in the colleagues. Of course, you are to start your venture but there is no surety of success. Thus leaving on a good note might help you in the future to rejoin the company in case startup does not lead to progress.
Create a Portfolio or Resume
If you are thinking that you have to never create a resume then you are wrong because a resume helps in attracting potential investors by knowing your skills and qualification and understanding you are worth their money.
Ready with new challenges
Starting a new business is not as easy as you are thinking. Be ready to face new challenges daily. You need to outline all your skills. Be a pragmatic person rather than a sensitive person. The biggest thing you have to learn is time management and balance between your personal and professional life.