5 Things to Do Before You Quit Your Job and Start a Business

5 Things to Do Before You Quit Your Job and Start a Business

You’ve watched others do it, and now you are itching to actually write that resignation letter that you’ve written over and over again in you head. Your business idea just won’t go away, no matter how much you’ve tried to talk yourself out of it. And with more women than ever (by some estimates 550 a day!) quitting their jobs to start a business, you are in excellent company. There are a few things you can do to make the transition from employee to #Girlboss an easier one.

  1. Personal Finances: do you have a family budget? Is there extra money leaking out in ways you didn’t used to think twice about (cable, eating out, bank service charges, that kind of thing?) What financial changes could happen if you quit and started your own business? How is your credit? Is there debt that could be paid down before you make the leap?
  2. Cash Flow Projection: sitting down and figuring out how much money you need to make for your business is easy when you use this tool. It takes your revenue, minus your expenses and tells you just how much income you’re going to have to come up with to stay in the positive numbers. While it sounds difficult, it’s an important tool to get to know intimately as you start and grow a business. “Not being good at math” or “I don’t like accounting” tells me that you may be setting yourself up for disaster later. These are tools of the business trade, so to speak, so you better get used to them. If you want your dream badly enough, you’ll figure out how to at least stomach “the math” and “the money”.
  3. Market Research. Do some market research about your product or service. By this, I mean more than asking your mom or your sister-in-law if they might use your product or service. This is an important step in determining if you have a viable business, so don’t overlook it. Your family and friends love you and mean well, so you have to go outside of them to do real research. Find people at your church, the PTA, your gym….wherever (as long as they are your target age, income, gender, etc.) and ask questions like “Would you ever pay money for…..” or “How much would you pay to have (problem) solved?”
  4. Nurture your current relationships at work. It’s easy to think about leaving a job you dislike and never looking back, but sometimes the very relationships you have at your current job can kickstart your business. Who inside your organization could you take out to lunch? Are there customers or other company relationships that could help you with #3 above? Don’t do anything that doesn’t align with your values (or is in violation of a non-compete you may have signed. Check your handbook, too.) Just know that burning bridges might feel sooo good at first, but if you ever have to cross back over that bridge, you may be in deep trouble.
  5. Research how to write a business plan. I know some high powered venture capitalists in Silicon Valley poo-poo business plans, but unless your going to them for money, you’re going to need a plan. A business plan does two things: it gives you a roadmap forward, and it teaches you business concepts and theories in a hands-on real world way. It’s also a powerful tool to convince your family and friends (and even yourself) that your idea is a good one and stands a chance at success. A business plan doesn’t have to be a long, chart-filled document anymore. It is the most useful tool you’ll have as you quit your job and start your business, and just so you know….it’s never done. Your plan will evolve and pivot in ways you can’t even imagine, but the business plan is there to help you keep moving forward.

Of course, this is just the start, and I can help you make your dream a reality. Want to learn more? Check out my free webinar HERE. I cover one of the BIGGEST things you can put in place for business success.

Enjoy!

Just Megan