Now a day, there is a trend among the young people to leave jobs and to start their own business. It is a really great thing to becoming the job provider instead of job seekers. But, if you preparing for leaving the job and are planning for own a business, then you have to complete the necessary preparations before taking the action on your decision.
Step 1: Prepare plan for leaving the job
Before leaving the job, you should prepare the detail business plan. Under this plan, you should prepare the blueprint of your financial needs which arise from leaving jobs. The time period of earning from the new start-up depends upon the nature of the business and sources available with you. If as per your prediction this period is 12 months you should have the sufficient funds for repaying your housing and car EMIs and fees for children’s education and also your day to day expenses. If you have sufficient saving then you can go ahead in the venture of leaving the job and starting the business.
Step 2- Make yourself financially secure
If you want to raise the loan from any banks of the financial institution on the basis of the salary income you can do the same before leaving the job. Because after leaving the job no bank or financial institution will provide the funds. Similarly, increase the credit card limit, if required because after leaving the job it will be difficult to do the same. You need to take sufficient life insurance and also medical insurance for this emergency period, to make yourself and your family financially secure before leaving the job.
Step 3: Prepare plan for starting the business
You should prepare your business plan in detail. Prepare the project report of your business with the help of the Chartered Accountant or your financial consultant. Make the study of the feasibility of the project and its sensitive analysis in the proper manner. Also, try to find the financial and other resources required for your new start-up. Once you are confident about the success of the new start-up then only think of the resignation of your job. If you have any doubt about the success then wait till the removal of the doubt.
Step 4: Prepare the alternative plan
It is highly difficult to predict the success of the new business. You should have the alternative plan in case of failure of the venture. You should prepare the alternative plan in such manner that you and your family suffer less in the difficult days.
Step 5: Start with wholehearted
Once you take the decision to leaving the job and start the new business, then start the same in a wholehearted manner. Kindly note that you have to take much more efforts for your business than your job. You have to spend more hours for your business than your job hours. You should prepare for taking all types of the responsibility of your business. Please, understand that there is much difference in the mindset of the salary earner and mindset of the businessman. It may require some time to change your mindset.
Follow all the above steps and go ahead with confidence, All the Best!
