Before you quit your job, ask yourself the following questions to see if you're ready to start your own business.
Do I have enough money to get started?
If you don't have enough cash to carry you through the first six months, your chances are not good. You need survival money while you're waiting for your business to bring in income.
Can I live without a steady paycheck?
If not, you're not ready. It might be a long time before your first payment comes in.
Can I start by running my business part-time?
This way you keep a steady income while you build your business.
Do I have a written business plan?
If you don't, write one now.
Can I wait 3-5 years for success?
That's how long it usually takes, so be patient.
Am I a specialist in my field? Am I known in my community?
If so, these are areas that can help you market your ideas and your business, raise money, and attract customers. If not, this will make your work even more difficult.
Do I know that the product or service I am offering is needed in my community?
You need to do some research to make sure that there are people willing to buy the product or service you are offering.
Am I comfortable enough with computers to handle my own billing, taxes, and record keeping?
If you're not comfortable, you should make sure you have enough money to pay someone who can handle these things.
Do I have a professional network of supporters?
If so, these are the people you'll be counting on to spread the word about your business and help you find funders. If not, this will make your work even more difficult.
Am I self-motivated and confident, with a strong vision and ability to make decisions?
If not, you will have a hard time building a business on your own.