Should I quit my job and start a business?

The Mom Test – Book Review
February 1, 2018

Should I quit my job and start a business?

That’s it. You’re done. Sick of being jolted awake at 6.00am by the same damn alarm, to struggle through a rainy commute to go to the same crappy office.

Sick of Mike claiming credit for your ideas, sick of having to stand a safe distance from Dave’s B.O, and worried to engage Claire in conversation in case she has a mini-meltdown again and cries to you in the kitchen…

Sick of having the same “*sigh* Monday again” small talk with Carol, before sitting at your desk literally doing the minimum possible to wind down the clock until it’s 5pm again and you get to do the same tedious commute on the way back home...

Some jobs are awesome, fulfilling, enjoyable and ultimately worthwhile.
Honestly though, yours is not, because you’re sat reading this (possibly at work).

Regardless of what you have been told, you deserve to enjoy the 5 days between the weekend each week. And frustration in your job is often an amazing motivator to change your destiny and do something new. But should this be setting up a business?

Good Reasons to quit your job and start a business:

1. You feel the desire to set up a business, even on “good” work days.

It’s easy to have fleeting feelings of telling your boss to shove it after a particularly rubbish day. But when the annoyance subsides and things are, you know, ok – do you still have that niggling thing deep inside telling you that you should head out on your own?
If you feel this a lot (and chances are you do if you’re reading this), then you won’t shake it off. If you have that entrepreneurial spark in you there’s only one way to sort it out, and that’s to try…


2. You know that you’re worth more than you’re getting

You’re engaged, motivated and, let’s be honest, damn good at your job. But is it really appreciated? If, on some dreary Thursday afternoon, you’ve totted up the total cost of what a customer pays your company for your service, and then begrudgingly compared it against your actual salary, then you may be being short changed.
Now, a company has many overheads, and actually your wage may be very fair (LINK), however it’s more of a mind-set thing here – if these types of thoughts are lingering, then it may be time to strike out.

And, most importantly…


3. You’ve ensured that customers need what you’re providing

If you quit your job in a specific industry (where you had paying clients directly for your work), and your new business in providing this exact work to similar customers, then you have a strong business case.

e.g. You’re a hairdresser at a salon, and quit to set up your own hair dressing business – this has a good chance of working out (or at least is very feasible).

If you quit your job in a specific industry to set up a business based on a totally different passion / hobby without testing the market then you’re 100% going to fail.

e.g. You work in finance in the city but hate your whole day-to-day existence, you quit to set up a doggy day-care because you always loved dogs when you were younger – this is absolutely mental.

Now if you’re in this second scenario it doesn’t mean that you shouldn’t quit your job, if it’s making you miserable definitely quit, but you must be assured of the market before jumping in head first. Setting up a business based around a passion / hobby can be an excellent idea, however often it actually is not (LINK), but the crux here is that before you leave your job ensure you prove there is market demand and you are the one to exploit it.

So that’s it really, very simply it all boils down to:

1 – You want to, and
2 – There’s a market

BUT STOP!

Don’t print that resignation letter just yet. Some people say in entrepreneurship you’ve got to “jump off a cliff and build a parachute on the way down” – meaning you have to completely quit your job and burn all bridges to give you the impetus to succeed.
I call bullshit.
That may have worked for someone, somewhere, sometime… but that doesn’t mean it’s the only way to do it. Successful entrepreneurs are not often at all careless, they take risks when the upside far outweighs the downside, they don’t put all their money on a roulette table.

Right now think about how you can test, and then build, your business on the side of your 9-5 job. For example see if you can get some freelance clients at the weekend, or start listing your products on Etsy/Amazon to gauge real demand (not just your friends unhelpful lies). Do this before you hand in your notice and you’ll be much more of an entrepreneur than anyone who’s full-time into running a business with no customers or sales…

Ok, please stop reading our blog now. Seriously. Usually we’d recommend another article that could also be useful for you and your journey (and there are loads of others that will be useful for you in the future…), however right now you just need to act.

Go to the top right corner of the browser, click “New Tab”, and either go to LinkedIn to send out a few messages to your prospective new solo clients, or head to Etsy / Amazon and start listing your products… We mean it. Go. Come back when you’ve taken your first actual step to making your dreams a reality.

We mean this with love.

Team Highfly

sam
sam

Leave a Reply

Your email address will not be published. Required fields are marked *