Jumping from employee to entrepreneur is a big, big move. You will lose the security of a steady paycheck and you will now be responsible for all the decisions needed to steer the business to success. If you are thinking of quitting your full time job to start a business, here are some steps you need to consider:
- Thoroughly prepare for your planned business endeavor. Assess the skills and knowledge you your business needs.
- Research, research and research. Know as much as you can, about the process of starting a business, and the business you are interested in starting.
- Save six months, to two years of living expenses, to allow your business time to grow and make a profit.
- Find the money needed to start the business. Know the cost items of the business you are interested in starting.
- Given the high cost of medical expenses, make sure that you have health insurance coverage, before leaving your full-time job.
- Clean up your credit. Establish a credit line with your bank and credit cards, for possible financial sources. You need to make sure, that you have the resources when the need arises.
- Join trade and professional organizations, including those in your community and in your industry. Network, learn from other business people, and begin to make contact for referrals. Also network online in social media sites, such as Linked In.
- Know the legal requirements for your business. Also, decide on the best legal structure for your business.
Watch the video for more tips on how to ease your transition and prepare yourself for your new life as an entrepreneur.