5 Steps to Quit Your Job and Start a Business in 2019
When I was 30 years old I decided to quit my cushy job in the government and started my own online business.
I am just a regular person, there is nothing extraordinary about me, but my decision to quit and be a solo founder is something people ask me about all of the time.
Here are the 5 key steps if you want to quit your day job and be an entrepreneur.
Step 1 - Get out of debt
Starting a business requires an incredible amount of fiscal responsibility and restraint, getting out of debt will demonstrate that you can handle this. Doing a startup can be more stressful than you can probably imagine so not having huge payments every month is going to keep you from losing your mind.
Step 2 - Plan
I cannot stress this step enough, take your sweet time brainstorming your business. No matter how brilliant you think your idea is or how excited you are to get started there are some things you need to know... The novelty and excitement of your business will wear off so you absolutely must pick something that you have a track record of being passionate about it. Ideas are a dime a dozen so before you launch why not brainstorm every possible opportunity and bounce it off trustworthy people in your life that will give you honest feedback. Personally, I spent 6 to 8 months with a notepad scratching down every idea and of area interest that ever popped into my head (this included everything from growing trees, to solar panels, to writing custom software.
Step 3 - Start
Before you submit your letter of resignation you may want to test drive your new business idea. Perhaps as a side business, at this step, I considered getting a part-time or temporary job for someone else doing something similar for market research and to confirm it was something I would love doing. There is always a danger of getting 'stuck' at this step if you make a somewhat viable side business, so set goals and time limits consistent with what you want. One classic error at this stage is under-charging because you are just running a side gig, instead, you should charge enough so that you could easily quit your job when you go full time.
Step 4 - Quit Your Job
Once you have some sustainable income and you clearly have a product or service people want you are ready to go all in. Don't listen to the people that think you are crazy (unless they have some legitimate arguments that your business idea isn't going to work). People that have regular jobs often do not understand the journey you are on.
Step 5 - Execute
You have arrived at your destination, welcome to the club. You will now experience the rollercoaster of emotions that comes with all of the highs and lows you never dreamed possible. This is where you will really find out if you followed step 2, your idea and passion for the business will be tested through fire. Try to enjoy the process, realizing how much you are growing through it and make friends with other people on the journey.
Feel free to e-mail me or tweet @TownPost if you found this helpful or need a word of encouragement on your venture.