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At one point or another, we’ve probably all dreamed about being our own boss. You know, calling the shots instead of following orders, or being the innovator behind the next big idea.
Before you make the big decision to submit your letter of resignation, you should ask yourself a few critical questions to see if you’re ready mentally, financially and emotionally to be your own boss. They’ll help you determine whether quitting your job for your business is a good idea.
Can I survive without a paycheck?
This is the first and most important question to ask yourself before quitting your job to start a business. If you’re not ready to be 100-percent jobless, take a part-time job instead. This will give you 15 to 20 hours each week to work on your business, while still maintaining a regular paycheck.
Am I passionate about this?
When you hit roadblocks or spend an entire week working until 2 a.m. and still aren’t bringing in a steady paycheck, it’s your passion that will stop you from throwing in the towel. Ask yourself once, twice, and again: Am I passionate enough about this business to survive the ups and downs? If the answer is yes, let’s keep talking.
What insurance do I need?
This legal detail is easily overlooked by many business owners, you’re focused on branding, marketing and production, not on putting protections in place for you and your business.
What are my startup costs?
Not every business needs money to get off the ground. But if you do, how much do you need to get going? Do you have that money already? Do you need to look to angel investors or take out a small business loan? You might need to get the money lined up before quitting your job, in case it doesn’t come through or you have a harder time getting a loan than you think.
What’s the worst that could happen?
We often put false expectations, pressure and weight on our decisions and assign impact to their outcomes in ways that stretch far beyond their actual capacity. If all else fails, will you be able to get another job? Do you have a backup plan? It’s easy to stay in your job for fear of failing, but when you take the power out of it by asking this question and answering honestly you realize the risk feels less scary.
Are you ready?
There’s a lot that comes with starting a business, and the key is not to get overwhelmed by the mountain of tasks associated with following your passion. Take it one day at a time. Start with a name and secure all your social handles, because even if you’re not ready to post or spread the word just yet, protecting your brand is key.
So what are you waiting for? Get out there and be your own boss!
The Journey is what everyday entrepreneurs, like you, need to follow in the pursuit of online success. Our experienced GoDaddy Guides are here to take you through all the steps, both big and small, that you encounter every day.
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