Five Important Questions To Ask Before Leaving A Job To Start A Business

We all dream of being our own boss one day, don’t we? Especially when there’s a 9-5 boss that is riding you until it’s time to clock out.

There are times we let our emotions get to us when we’re having a bad day at the office. When we just want to throw in the towel and tell the boss to take this job and shove it and then go off and start a business without thinking things through.

While this risky move has worked for a few folks the majority of us will hit a roadblock and the dream of running a business will seem like a nightmare. And dare I say eventually running a business will even start to feel like a job.

Starting a business is a major step and a big risk. Before you turn on the “open for business” sign Here are five questions to ask before leaving your job.

• Are the bills going to be paid?

There should be enough funds saved to cover personal and now business expenses. Some experts suggest we should have funds to cover at least 12 months’ worth of expenses.

• How will the loss of medical insurance affect you?

What if there is someone in the family who needs long-term healthcare or is expecting a baby? Leaving a job also means letting go of their insurance plan. How will the change in coverage affect you? Will you lose coverage? Pay more out of pocket for prescriptions?

And this brings up another good question.

• Could you work at your job and still oversee the day to day operations of a business?

If you don’t have money put away for expenses you might have to consider working while your business takes off. I know some folks who have full-time jobs and run an online business. It’s just part of what we have to do make the dream come true.

• Do I have what it takes?

Running a business takes hard work and dedication. There may be times you’ll have to work long hours and you might even have one of those “what the heck was I thinking” moments. It’s going to take real discipline to make it through the trials an entrepreneur faces at one point or another. Will you survive?

• Is My Business Idea A Good One?

While it all sounds good in your head it may not work in the real world. Part of the process should include thinking about the type of business you’d like to have.

What purpose will it serve? What’s the competition like? Is it in high demand? These questions, and more, are very important things to consider before you quit your job.

source: tacklingourdebt.com