![]() ![]() If that’s the case, the cost-benefit ratio might be lower. Actually, you don’t hate it at all you just have a really great idea and know you’d like to start your own business. However, maybe your current job is really okay, all things considered. Can I go back to my old job (or career) if need be? Do I have a fallback plan, especially if people are relying on me?ĭo I need to get out of my current job or career ASAP? What is the happiness cost-benefit?ĭo you hate your job? If your current job is the proverbial soul-sucking, downright dreadful experience that many would-be entrepreneurs wish to break away from, you may determine that it’s worthwhile to just quit, light that fire, and make something better happen.Do we have a safety net (family who can provide assistance, investments, and so on)?.What will the impact be if my new business does not make what I expect it to make in the timeline I’ve drawn up?.What is my financial obligation to those in my life?.It just means you need to proceed with more caution, as you have more stakeholders invested in your decision. Most of us have significant others, children, or family members who are impacted by our financial decisions.ĭon’t despair that doesn’t mean that you can’t still pursue this path. If so-what are you waiting for? It’s all on you, and now might be the perfect time to quit your day job and pursue your dreams.īut wait, back up-that isn’t you? That’s understandable realistically, it’s a fairly uncommon position to be in. Maybe you’re a single person with plenty of savings, and you’re really only beholden to yourself. Am I willing to do whatever it takes to make this happen?ĭo I have people relying on my ability to bring in a certain income?. ![]() Do I have the kind of personality who likes to “hustle”?.Am I good at self-imposed deadlines and schedules?.The important thing to note here is whether or not you are the type of person who is motivated by that spark, or if the prospect of make-or-break will be completely overwhelming to you. Quitting your job to start a business certainly has the potential to light a fire underneath you. See Also: Bplans Funding Guide Do I have the motivation to make things happen quickly? If you’re seeking a loan, check out the Bplans Loan Finder, and if you’re bootstrapping your business, our list of alternative funding options is a must-read. Depending on the type of business you’re starting, the types of funding available to you will vary greatly. Next, spend some time familiarizing yourself with your funding options. Also, starting a business is going to take longer than you think, so padding this number is pretty important. Unforeseen expenses always creep up, and you don’t want to find yourself in a position where you can’t cover an unexpected bill or emergency expense. Use that number (along with your calculation of your necessary living expenses) to determine how much additional cash you need saved up to sustain yourself while you’re not bringing in income. How long will it take you to break even? Is it 12 months after you open? Maybe 24, or more? It’ll be necessary here to do some type of financial forecast, or perhaps a business plan (we recommend a Lean Plan). ![]() ![]() Once you have a sense of the first two points, compare them against the last point on that list.
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