You’re ready to go into business for yourself, you have your business plan all written out, and you’ve read it twice, but you still haven’t launched. You still work at your day job and you should keep it that way until you are sure that you’re going to have money coming in to replace what you’ll be losing when you lose that paycheck.
Aside from the money to launch your business, you should also have a little nest egg put away that will be able to keep you on your feet as your business starts transitioning from the red into making actual income. So before you quit punching the clock at your old job, make sure you have the following in order.
Do You Have The Money You Need?
You need money to launch your business, for advertising, for any equipment you’ll need, and you need it for products or the supplies you need in order to create your products. You can get this money by applying for a small business loan, by trying crowdfunding, or maybe you are starting a business that doesn’t need startup money.
Do You Have A Unique Idea?
How much competition are you going to be fighting in order to start making money with your business? This is definitely an important thing to consider when it comes to launching and going all in. Simply do some research on your business plans and ideas and make sure that you at least have a unique angle for your business.
Where Are You Going To Do Business?
Consider where your business is going to be. Do you need money for an office or a storefront, or are you working from home and doing all of the work online? You may also want to consider what your sales will be like locally as compared to globally, especially if you are doing business both online and off.
Are You Tech And Internet Savvy?
If you aren’t going to be able to set up your own website, then you will need money to pay someone else to do it. If you don’t think that you can draw enough followers to your social media sites on your own you might need to hire a social media expert. All of these things mean you’ll need more money.
How Are Your Time Management Skills?
If you are going to run your own business you are going to be the one in charge of your own schedule. If you are not good at time management it’s time to learn to be before you quit your day job. Schedule your work time, give yourself a deadline and try to keep your focus.If you can’t get on a good schedule your business is going to swallow you whole.