Starting a business is risk especially financially but calculative risk is the first step to growth. Calculated risk is taking risks with plans. It is where you have decent idea about what is the “cost” of the risk, what is the “probability” of you winning, and what is the “reward” you will reap etc…
Achieving these milestones will better prepare you to overcome most challenges and make this journey comparatively smoother for you.
- Consistently make money first from your new venture for at least 3 months. Don’t quit your job if you’ve never sold a single product or service yet. If You haven’t built anything, have no savings, no guarantee that you will make sales, don’t do this. Give 3 months to yourself. Make plan and try to sell your product and service for 3 months in row. Once you start getting money and start understanding the industry you are entering in then quit the job.
- Have enough savings for at least 6 months. If you have a investor who is going to invest in your business then its fine you can leave your job today. Otherwise you have to have enough money for 6 months expenses which includes EMIs, house rent, bills, food, medical emergencies, unavoidable travel or any other emergencies. If you can manage all this, you can leave your job.
- Will your revenue cover your monthly expenses? If you are planning to leave your job, I assume that you must have made your financial plan which includes the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the money and time-frames involved. If your monthly expenses are $100 and the net income, you’re making is $180 a month, then you’re ready to go full time and quit your job. Never quit your job after only one month of operating at a net profit, aim for 3-6 months before quitting your job.
- Tell your partner your business plans. Let him/her know how your life and schedule will change moving forward. Becoming an entrepreneur can be emotionally draining and time consuming. It can turn into a very stressful situation for you and your family. many entrepreneurs have opened up about the toll it has taken on their mental health, their personal health, and, most importantly, their families. What is the success after all if you are nit happy?
- Ask yourself why you want to start your own business. Is it for the lifestyle, financial freedom, control, legacy, or solving a big problem? Everybody wants these things, but the process is incredibly hard and painful. A strong Why can get you through it all. Take a pen and paper and write down all pros and cons of leaving a job and starting business. it will give you a clear picture of your idea.
- Don’t be partial to yourself about your idea. Because when the idea is your brain’s child, you are more prone to believe that it is unique and profitable. But the harsh reality is that 137,000 businesses give birth every day or 50 million per year, as established in research. But 90% of them fail… If we do maths, 123,300 fail every day and, in the time, you were reading up to here, 85 businesses were probably shut down.
The bottom line is that there will never be a perfect time to quit your job to start a business.
No one can do it perfectly. It’s always going to be ugly and difficult at some point of time.
Always keep in mind that “Plans never go as planned” so be prepared for it.Be flexible be adaptive as per the demand of the market you are entering in.
Its not having a fixed plan, it’s about repeated re-planning; It is an on going process.
For now, signing off until next post.
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