It is a dream for many to work on their startup. However, one of the critical questions that one might face while walking towards the goal is whether to quit the job first or work on both the job and the business. Quitting a job is always a challenging decision. To ensure that you do not regret quitting your job, it is critical to confirm that the timing of the decision is correct. If you need clarification on when to quit your job for your startup, here is a mini guide to help you.
Quit Your Job for your Startup
1. Assess Your Financial Status
Before quitting your job, assessing your financial status is essential. For example, is there a financial cushion like savings from Ultra Lotto 6/58 or other investments supporting you? When considering the financial status assessment, remember to include your savings and check how much your business makes. Also, is there sufficient money available to fund and run the business? We recommend you save operating and living expenses for a year before quitting your job for a less-risky approach.
2. Work On MVP For Four Months
It is crucial to work on Minimum Viable Product or MVP for at least four months before you quit your job. When deciding about quitting your job, the MVP should be much more than a prototype. Having an excellent working product with all the necessary features is essential. For instance, if you plan to launch a website where visitors can check Lotto Result, analyze the traffic for at least four months to understand it working better. Only through a reliable MVP can you gain confidence in your startup plan.
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3. A Solid Business Plan
You can only quit your job when there is a robust business plan for the startup. A clear business plan ensures you have good clarity about running your business. While working on a business plan, consider including factors such as marketing strategy, analysis, and financial projections.
4. Check Your Customers And Clients
If you have clients and customers waiting to buy your startup’s products and services, you can make quitting your job an option. You can check the reliability of the customer base by checking if they can fetch you money that is more than your existing income. You should quit your job only when you have many clients and customers.
5. Have A Financial Runway Ready
Launching a successful business takes time. It is considered a successful business when a startup survives for a minimum of five years. Therefore, a financial runway is necessary to ensure the business stays. Because of financial constraints, most startups have failed to move beyond the past few years. Preparing for an economic runaway ensures the startup has a sound financial cushion.
6. You Feel Uninspired In Your Current Job
If you feel uninspired or unengaged in your current job, you can consider leaving your job right away. Leaving your current job will allow you to work on your startup fully. With your attention focused on your startup, you can grow it quickly.
When Not To Quit Your Job For A Startup?
We have already discussed the right time to quit your job to work on your startup. However, it is equally crucial to know when not to quit your job to run your startup. First, quitting your job is a big no if you still need to prepare a business plan. Secondly, if you do not have enough savings, you can again say goodbye to quitting your job. Savings are vital not only to running the business but also for survival.
Furthermore, things become more complicated if there are people out there who are financially dependent on you. To sum it up, if you do not have a robust business plan and a good amount of savings, you should reconsider quitting your job to run a startup. Even though there are success stories where entrepreneurs have worked on their startups without money, these stories are rare. Considering these two factors is of prime importance if you want a low-risk approach for your future.
Above all, the decision to quit your job is always a personal one. It is because not all life situations and circumstances are the same for everyone. However, while deciding, weighing both pros and cons is extremely helpful to get a realistic conclusion.