Hey, we’ve all done it, haven’t we, and we’ll be tempted to call you a liar if you roundly deny it! What am I on about? Well, it involves harbouring the feeling or fantasizing about jacking in your dour and sour 9-5 job in favour of starting your own company. The unbridled thrill of having your name on the door, your very own CEO visiting card, or just the fact that you are your own boss is enough to give anyone goose bumps!
That said, before you draft your resignation email, we think you’d need to get your ducks in a row before you live out that dream. Here’s what we think you should do:
Have a great idea, or at least the fundamental trappings of one! Every great company depends on and needs that one seminal idea or ideas. So, don’t just quit unless you have a great one. Now, discuss the idea with a mentor or someone more knowledgeable than yourself. Painstakingly assess the pros and cons, and only if and when convinced, make the move to quit your job in favour of the company. It also pays to plan out every move or stage of the process – you don’t want to be out of your depth and left high and dry.
Belt and Braces
It all sounds fine and dandy until your company’s bankrupt, you’ve spent all of your savings and your rent’s overdue for six months. Quite the rude awakening! Therefore, don’t let your day-to-day expenses depend completely on your company. Have a couple of safety nets in place. Keep a couple of investments stashed away. Have a plan B (and C & D too!). Don’t put all your eggs in one basket, and don’t let your family’s welfare rest wholly on the hopes of your business.
Dog eat dog world
Approach the situation much like a businessman would! Be clinical, crafty, shrewd and secretive about your plans and intentions. Don’t be quixotic, naive and idealistic about it all. And please don’t take anything for granted! Remember, this is a dog eat dog world, and to emerge as top dog, you’ll need to think and act like one!
Timing is everything
Time it to perfection! While we’d be quick to add that there’s never really the perfect time, make sure you have no immediate expenses or things that will burden you in the near future. This could leave you hamstrung before you begin, and leave you questioning your decision to quit your job in the first place. In the process, you may lose confidence in yourself and your taste for the fight, resulting in an unsightly mess of your own making. Therefore, make sure the ‘big’ things such as your house and car is fully paid up or that their EMIs aren’t too burdensome, your parents’ retirement is secured, and that there are no other huge expenses on the horizon.