Before start up – Starting something of your own is not simply about ensuring the start of a successful dream.
On a general note, professionals think of starting something of their own as soon as they have a unique idea.
As rude as this might sound, but a unique idea, all alone, is not everything you need to start a business. Of’ course that is one of the most important thing that matters, but at the same time you need to put in a lot of effort and perform a lot of homework before you quit your job to start your business.
Even if it means side business, there are a number of challenges you might face. We suggest a few things you might want to consider before start up, before quitting your job to start something of your own.
Before start up –
1 – Funding
The first thing required for your business to suffice is money. You need to be well prepared financially for the things you might require to set up your business. Even if you have a good amount of money saved, prepare a budget plan for the necessary requirements and check whether it fulfils all of them. After all nothing would be more painful than seeing your dream getting shunned.
2 – Extremely demanding roles
Your own business wouldn’t be just another nine to five corporate job, which would require you to be present only for a fixed time at the workplace. The type of business you’re dreaming of setting up would require a full-time owner participation at all hours of the day. So, quit your job only if that sort of motivation and dedication drives you.
3 – Urgency to start at earliest
Maybe you’re tired with your regular nine to five job, and wish to quit it at the earliest. Agreed that you don’t see any future working for someone else and remaining unsatisfied. However, that is not a reason good enough to start a business. Unless you’re driven by something concrete, it is suggested that you do not quit your job to take your business to a different level.
4 – Industry difficulties
Being an entrepreneur is not easy. Not everyone is a technological genius like Bill Gates or Steve Jobs. The process of ideating comes not only from what you’re good at, but from what you excel in. If not excel in everything related to the industry, you should at least have a brief idea of the sector you wish to launch your business in.
5 – Good bye weekends
If you think you’re busy now, wait until you have a company to run. Even side businesses take up loads of time, especially in the beginning stages when you are just setting up your systems and other necessities. Your time with friends, family and peers might get very limited. So be realistic in your calculations, and honest with yourself.
Before start up – Being an entrepreneur does not ask for you to be available. It requires that you’re willing to dedicate all of your time to your business, with full support of your peers and family.