May 28, 2020
Are you asking yourself, “should I quit my job to start my own business?” The idea of quitting your job to start your own business is exciting and daunting.

While there are many success stories out there, it’s tough to know whether you should take the leap to pursue your own endeavour.

Before leaving your job, it’s essential to carefully consider your decision and evaluate if it’s right for you. If you’re wondering when to quit your job for your business, here are some signs you’re ready to become your own boss.
 

WHEN TO START A BUSINESS: 4 SIGNS YOU’RE READY

1. YOU’VE IDENTIFIED A GAP IN THE MARKET

One of the best ways to launch a successful business is to identify a gap in the market. If you’ve spotted an opportunity to solve an unsolved problem, you could be on your way to business success.

"If you’re unsure, market test your idea in any way possible. Speak to your target market, gather insights, and test your idea if possible by creating a prototype or running a trial."


2. YOU’RE STRUGGLING TO SPLIT YOUR TIME

Many aspiring business owners choose to start a new business while still working full-time. This allows you to test the market, while still ensuring some financial stability. But if you’re struggling to split your time, it could be time to focus on becoming an entrepreneur.


3. YOU HAVE A STRONG ‘WHY’

Starting a business can be hard. You need to have a strong driving force to keep you going when times get tough.

Spend time thinking about your motivators for starting a business. Consider if this is enough to motivate you, even when you face roadblocks or want to quit. If you’ve done this and still want to pursue your business, it might be time to make the leap into becoming a full-fledged business owner.
 

4. YOU’VE CONDUCTED A SWOT ANALYSIS

It’s not enough to simply have an idea and the experience. You need to have a clear understanding of the market you’re going into, and your business’ position within that market.

A SWOT analysis is a powerful tool for business analysis and planning. SWOT stands for strengths, weaknesses, opportunities and threats. Conduct a SWOT analysis to review the internal and external factors surrounding your business. This way you are clear on your unique selling proposition, and are prepared to leverage any opportunities and protect against threats.


3 THINGS TO REMEMBER WHEN STARTING A BUSINESS

  • You’re not alone. When you first start a business, funding is key to ensure you can get it off the ground. Australia has plenty of funding opportunities for aspiring business owners. Explore and weigh up different options, from grants to business loans, to see which is best for you
  • Formalise your business plan. This should include your vision, mission, target audience, marketing and sales plan, and financial strategy.
  • Set short-term and long-term goals. When you start a business, it often feels like there are a million things to do. It can quickly get overwhelming if you aren’t prepared. Break your large objective of running a successful business into smaller, more manageable goals for the short, mid and long term.

If you’ve considered all of these points, and are still thinking “when to leave my job?” it might be time to make the leap. And, when you launch your own business, we are here to help you every step of the way.

This article was originally published on Business Australia and can be viewed here.