one of the most important decisions, a make entrepreneurs, is the decision to end their work. It is a critical transition that have long-standing consequences. Quit might never get the chance to be successful too early or without proper preparation and your business.
This product includes five simple questions that will help determine if you are ready to make the transition and to start your business, or need more time to your business.
1 plan. Is your business concept developed?
The "do not quit your job" applies here usually. Unless your business concept is fully developed, you do not make the mistake. From your job Some business owners leave their jobs because full-time work and a business at the same time is extremely challenging in the development. Unfortunately, most of these entrepreneurs have run out of resources before the company will launch a chance.
Instead, develop a thorough roadmap for your business while you are still employed. It is not easy, but worth it. Spend time creating your products, define your services, building revenue models, and, most importantly, planning for contingencies.
2. Have financing in place?
companies need funds to operate. As an entrepreneur, you can either fund the company to get themselves or external financing. to be independent, sponsored by your choice takes time. Secure financing for your business before you leave your job. For more information, see "Five Ways to finance your new startup", which has several quick tips.
3. Is the business running?
The best time to make your work is to be terminated if companies has wings. It is grown enough that it can easily replace your current salary. While this approach for a smooth transition possible and give you the financial flexibility, unfortunately it is also very difficult. A company working during a regular job, is a challenge.
If you run your business while working, there should be clear boundaries between your employer and your Start establish. while your employer office hours not in your own business to work. Provide your employer with 100 percent of your attention. Finally, not your employer supplies and equipment for your own business use. This behavior is unethical and could have serious consequences.
4. Do you have a personal budget?
Most entrepreneurs leave their jobs before they are able to completely replace their income. Before signing, develop appreciate your living expenses budget.
The easiest way to create a budget, is a personal finance software package like Quicken or Mint® to use. Install the software and download the last three months worth of bank, credit card, and investment data to the program. Most banks have this data is available.
The next step is to categorize all transactions. This step takes effort but is critical in this process. Finally, upload financial data regularly for the next three months. Quicken should automatically categorize all new transactions.
At the end of this process you will have categorized six months of actual cost data. With this information, you can create a report that you a precise idea of how much you have to spend. You should also include a reserve for surprise costs addition - like family emergencies, car repairs, home repairs, etc. large underestimating Entrepreneurs often these costs. Look at your individual circumstances carefully and make an estimate of how much you need.
Although you can create a budget manually with a spreadsheet, you must be careful because they are prone to errors, and unfortunately could a budget error endanger your business.
5. Do you have saved enough money?
your budget gives you an idea of your monthly expenses. The next step is to determine how much money you need to save for these expenses to pay.
Most advisers will suggest that you double your estimate. Forecast sales for a startup is almost impossible. Therefore, it is best to take a conservative approach, to minimize the possibility that you will run out of money before the company had a chance to be successful.
to finish saving enough money is usually the most time-consuming part of the entrepreneurial process. This effort can take months or years, depending on your specific situation. Start saving money, once you decide that you want to be an entrepreneur -. Even if you do not have a business concept
This strategy allows you to move quickly when you are ready to start the business
ready, set, go!
When you are ready to move your new business, resign from your job with professionalism. Give your employer plenty of notice and offer to train a replacement. Avoid the mistake of talking bad about your current employer or colleagues. Your employer and employee should valuable contacts during your career Me
If you think that you are ready for free to start out Small Business BC StartSmart Series (a value of $ 49 - only in October). To ensure that you have covered your bases. Start Smart series provides a step-by-step guide your business to start properly.
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