How to quit your job and go into business for yourself

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This is a quick article, and by no means should you quit your job today or plan to feed your family of 5 on a business idea. Starting a business takes work. This article will only give you the basic skeleton of understanding. Going into business for yourself takes patience, money, and lots and lots of planning.

1.      Have a good idea that would take minimal investment to get started
2.      Begin working on a Business Plan. In this plan, you will include information regarding your vision, mission, values and goals. You will look at who your competitors are, their successes and how you can edge your way into their market. You will need to think about years 1-5, 5-10 and beyond. How much money will you make? What will your financial statements look like at each year? How much capital will be invested? What is your strategy? These are all very basic questions to ask yourself when writing a business plan
3.      Take a course in bookkeeping. It will help you to understand the financial workings of the business, and will make the task of finding a ‘good’ bookkeeper that much easier
4.      Get the legal and municipal stuff out of the way. Buy a business license, pick a name for your business, etc
5.      Get your working space organized. If you are working from home, create a distinct office area (not just a muddled heap o papers and a filing cabinet). Rent a space if you have to, but remember: This takes much needed money!
6.      Plan how you will dismiss your regular job while keeping a good relationship with the company. After all, if it all falls apart and you need your job back, it is good to have contacts
7.      Start working the business slowly. This will be a time when mistakes are made, and new skills, abilities and strategies come into play.
8.      If you have had 6 or more months of business success, that is, a profit that will keep you and your family happy, go ahead and leave your job. Make sure they have a suitable replacement before you leave – you don’t want a bad rap for abandoning your employment!
9.      Work hard and enjoy your business on your terms

Expert Comment

by:Habib Zakaria
This is great I wish you are in Toronto and I could get some help from you as I am planning my own business very soon.
LVL 10

Author Comment

by:Nancy McCullough
I am very happy that this list suits your needs. Good luck and kudos to you for going it on your own!

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