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5 Things to Consider Before Quitting Your Job

I am a true believer of being in control of your own destiny and being in business allows me to do that. However, as glamourous, cool and liberating as it sounds, being in business or being self-employed is not for everyone and I am speaking from experience. Do not get me wrong here. Many people are great at business but they are just not prepared enough to face the trials and tribulations that comes with being in business and/or being self-employed. Before you quit your job, here are ten things that you should consider.

1. Passion and Drive

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Do you have the passion and drive to see you through the darkest and toughest of journeys that are part of being in business? Drive and passion are essential as they will motivate you to push your boundaries further and to achieve your goals. At the start of the business cycle, you will experience plenty of tumultuous times and I can guarantee you that there will be many times when you will want to throw in the towel and wave the flag. These are periods where passion and drive is essential. They keep you focussed and help you maintain your energy levels.

2. Cashflow Plan

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Some people call this the money plan and some call it the cashflow plan. I prefer the latter. People get consumed by the amazing idea of being in business. This is FANTASTIC. However, reality is reality and you need to get your finances right before you start a business. Starting a business is not all about the money now. It is about the future flow and also the incoming flow when you are financially strapped. Questions to ask yourself:

- Do you have enough working capital for the next 12 months?

This is essential as you will have to pay for rent and wages and etc. It is also realistic to assume that you will need to give yourself at least 12 months to allow the business to form and take the shape that you would like it to be. This could mean that at times, you will be investing in the future and the yield will only come in the future but money will have to go out now.

- Do you have your personal working capital that can last for 12 months?

How do you plan to repay your mortgage or the rent during the first 12 months. Do you have enough saved up for living expenses? Are you willing to work part-time or on a casual basis to supplement your income in the initial months of the start-up? It is essential to have a backup plan when it comes to making sure that you do not have to undergo too big a lifestyle change.

3. Strong Business Case

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Do you have a product or service that people will want to buy? Have you tested this with a focus group; with real people? Do you have a unique selling proposition (USP)? Can you easily explain how your product or service is different from your competitors?

4. A Viable Market

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It is always easier selling to a ready market than having to create a market. Do you have a viable market that you can sell to? Are they ready to pay for your products or services?

5. A Sales Plan

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Sales is not for everyone but in order to be in business, you need to be able to sell. You need to be able to ask people for money or get them to sign that dotted line! Most people are very uncomfortable with this and they cringe at sales. However, the bottomline is still the bottom line and if you want a viable business, you will need to be able to persuade and sell to strangers.

Posted in Financial Services Post Date 09/30/2015


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