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10 Things You Must Do Before Quitting Your Job To Start Your Company

By: Gideon |Time : June 27, 2017, 08:38:31 AM
So you've decided you're ready to take the
plunge, quit your job, and get your own
company up and running. You have an
amazing ">business idea you are ready to
launch. You're probably excited and nervous
at the same time, which is perfectly
understandable. If this is the case, you need
to take a step back and remember that you
simply can't walk into work tomorrow with
your resignation letter.
Being impulsive could be a huge mistake so
you need to create a list of the advantages
and disadvantages you will face when
quitting your job. If you decide it's still
what you want to do, there are a few things
you must put in place before you quit.
To help you get ready before your big day
of freedom, I've highlighted 10 things you
should do before quitting your job and
starting your own company.

1. Do research.
Quitting your current job before getting
your company off the ground may seem like
the best option, but trust me, it's not. The
best way for you to get the wheels rolling in
a safe and profitable way is to grow your
business while you are still employed. This
will make your transition from an employee
to an entrepreneur a little smoother.
You can't jump head first into building your
new office block or warehouse if you
haven't done your research. You need to
know that you have a product or service that
you know the ins and outs of, that is unique,
and above all, that will sell.
Background research you need to do
includes, but is not limited to:
Learning everything about your product or
service
Knowing your audience and buyer personas
Researching your competitors
Finding the right teams
Knowing what your most profitable sales
and marketing channels will be.

2. Create a business plan.
Once you've done your research, you need to
put it on paper. Laying out a business plan
before taking the plunge will be a key
success driver. Your business plan will be
something you will show to potential
investors, partners, and other company
stakeholders. It typically includes:
An overview
An executive summary
A company description
Your objectives, vision, and mission
statement
Information about the market and industry
into which you are entering
The strategy you are going to follow to
enter the market
The team you will have
A marketing plan
An operational plan
A financial plan
An appendix with more detailed information

3. Outline Your Funding Options
Before looking at funding for your
company, you need to have your own
personal finances in check. If you quit with
just a couple of hundred dollars in your
pocket, with rent, insurance, and your phone
bill to pay, you may find it difficult to
focus your efforts on your new company.
In addition to planning your personal
finances, you will need to have a plan for
your startup. You'll typically have three
options:
One or multiple investors
Your personal savings
A grant or award for your project
Either way, you need to plan in advance
because if you can't get the capital to get
started, your business will stagnate and you
will be faced with very few options.

4. Create the structure for your business.
You need to have the structure for your
startup in place before you can quit your
job, specifically, your legal structure. There
are various types of businesses entities you
could become:
A corporation
A limited liability company
A partnership
Sole proprietorship
You need to consider:
The operational complexity
Liability
Taxes
Control
Capital
Licenses, permits and regulations

5. Leverage your resources.
Of course, you do not want to spend money
if you can avoid it. You need to look at the
resources that are currently available to
you. For example, you may have a friend
who is a web developer; they might be able
to give you special rates and work for you on
a need-to-know basis.
You should contact friends who have started
their own business and ask them if they
know a good accountant, marketing expert,
and so on. Think about joining an online
book club to learn more about
entrepreneurship, try Read with
Entrepreneurs by Cynthia Johnson.
Lastly, contracting all your experts could
become expensive. Consider investing in
online education for your team that will
teach them skills, such as SEO, email
marketing, and much more.

6. Leave on a good note.
Quitting your job without working your notice
period, gossiping across the office, not
completing your final assignments, and not
training your replacement could be the worst
decision of your life.
Of course, you are leaving to start your own
venture, but you cannot be sure that tt will
be a success or that your old company won't
come in handy one day. Leave without
burning any bridges amd you may be able to
cash in a favor one day. Your old employer
may even send clients your way knowing that
you are a trustworthy businessperson.

7. Don't forget the smaller planning details.
As an entrepreneur, it's easy to become the
type of person that can see the big picture.
Unfortunately, if you don't focus on the
small details, you won't be able to mold the
perfect company. Planning is key, and little
things such as choosing the right social
media channels, keeping up to date with
emails, or even remembering to file your
taxes are vital to your success.

8. Choose your new office space.
When planning the day when you quit your
job, many assume that they will work from
home until their company is off the ground
and they have a team backing them up.
Although this could work in the short term,
it's not a feasible option in the long run.
If you choose to work from home, you need
to find a balance between your personal
space and work space. Working in bed, on
your computer, all day, every day will lead
you towards an unhealthy lifestyle that
could have a domino effect on the progress
your startup makes.

9. Create a portfolio or resume.
You may think that owning your own
company means you'll never have to create
another resume in your life. Wrong! Bulking
up your resume and/or portfolio is a key
driver when building your new business
because you will need to prove to your
investors, teams, and even clients that you
are worth their money.

10. Finally...
Remember that starting a new business is
going to be more challenging than you
imagined. You're going to have to make the
planning process your full-time job before
you even see an income. That said, with the
tips outlined above, you could make it the
best, most profitable adventure you've ever
embarked on from both a professional and
emotional point of view.
Source: https://
gabrielatanbiyi.blogspot.com.ng

Re: 10 Things You Must Do Before Quitting Your Job To Start Your Company

By: alagbe003 (M) |Time : June 27, 2017, 12:32:50 PM
Nice write up. Good content. We all must work towards having our own business at one time. These tips will come in handy.

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