Before you quit your job, ask yourself these 12 questions.
Do you want to be in charge of your own life? Do you believe it would be preferable to working for someone else and putting in the hours they specify? If this is the case, a few questions must be answered before deciding whether or not this is the best course of action.
This blog post will walk you through the 12 questions that will help you figure out if quitting your day job is the best move for your business!
Q1: Are you willing to take the risk?
It's a risk to quit your day job and start your own business. There's no assurance that your firm will succeed, and if it does, you could lose your job and end up in debt. Make sure you're prepared for the risk before you decide to go.
Q2: What are your contingency plans?
What will happen if you quit your work without a strategy if the company fails? Will you be able to pay all of your bills without borrowing money from family members? Backup plans are essential, and they must be in place prior to departure.
Q3: What do you need to learn about running a business that I don't know about?
One of the most important questions to consider is what you need to know about running a business before you leave. You may have done some study on beginning a business, but it's not the same when you have money pouring in and out of your bank account on a monthly basis. Before quitting your day job, make sure that any knowledge gaps are filled.
Q4: How much money do you need to make from your business each month?
This is a more difficult question to answer because it is dependent on the type of business you have and the amount of monthly overhead you have. In order to survive, most businesses need to bring in at least twice as much money as they spend each month.
Q5: What is your burn rate on a monthly basis?
Your monthly burn rate for the firm is another crucial question you must address before quitting your day job. It's the amount of money the company requires each month to stay afloat and avoid problems like unpaid invoices or unpaid salaries.
Q6: How much money have you set aside?
How would you pay your bills from when you still had a job if your business fails? To make sure you're protected, figure out your monthly burn rate and then determine how many months of funds you'll need before launching the business.
Q7: What are your long-term objectives?
It's fine if your personal objectives differ with the company's objectives. Before making any decisions, make sure you understand what they are. Perhaps you'd like to take a year off to travel or spend more time with your family; in that case, quitting your day job might not be the best option.
Q8: What are the objectives of your company?
Before making any decisions, it's critical to understand your company's aims, just as it is with personal goals. A lot may happen in a year, and if you're not working toward the same goal, it may be difficult to keep the business going.
Q9: How much hours per day are you willing to devote to your business?
This question relates to the risk of quitting your day job. It will be difficult to run a profitable business if you can only devote a few hours per day to it. And if you're not willing to put in the effort, your company is likely to fail.
Q10: How will your family/friends and support system assist you with this transition?
Leaving your day job to create a business is a significant decision, and it requires preparation on the part of everyone involved. Your support system, whether it's family or friends, needs to be on board and understand what you're attempting to accomplish. The change can be much more difficult if they aren't supportive.
Q11: Do you think you're mentally and emotionally prepared for this change?
It's the most crucial question since it's not just about the company. Leaving your day job to start a business is a big step, and it can be mentally draining if things don't go as planned. Before you decide to quit, make sure you're prepared for both the good and the terrible that this move may bring.
Q12: Do you have a contingency plan in place in case something goes wrong?
Before you leave, ask yourself what you need to know about running your own business. You may have done some study on beginning a business, but it's not the same when you have money pouring in and out of your bank account on a monthly basis. Before you take the plunge into business, be sure you've filled in all of your knowledge gaps.
Conclusion
These are the top 12 questions you should ask yourself before quitting your day job to start your own company. Each question is significant in its own right, and answering them will aid you in making the best option for you and your company. Make sure you answer all of them truthfully; this isn't a decision to be taken lightly.