Being self-employed is great,Starting your own business is wonderful,trying something new is laudable. Its not a bad thing tȍ be your own boss but there are three essential things you need tȍ take cognisance of. Every business solves a customer problem. You get paid or patronised based on what you can offer or solution you can provide and how well you can market your solution.
A Well Written Plan
Have a good business plan before you send in that resignation letter. Having a business idea in your head is not enough,you need more than that. It has tȍ be written down. If you cannot do this ask people tȍ help you out. A sound plan will safe you from regrettable decisions and you may discover that the money you need is more than the start-up fund you envisaged.
Funding
Funding is important tȍ the survival of any business and more important tȍ the continuity of a new business. Either you fund it yourself or you get people tȍ do it. Carry out a business feasibility study before you launch out. Figure this out before you resign.
Emergency Fund
No more reliance on steady streams of income once you quit your job. But the bills needed tȍ be taken care of. It usually takes time maybe months or years in some cases before most self-owned businesses generate income and even when they do, you have tȍ put the money back into the business tȍ make it grow and expand. Set aside an emergency fund tȍ cater for emergency expenses for at least few months to a year.
If you consider and reflect on the above points then,you will know what you are in for, before you resign. Drop your comment(s),I want tȍ know how you feel about going solo.
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