HOW TO QUIT YOUR JOB AND START YOUR OWN BUSINESS

1. Have a clear business plan. Write it down to ensure it’s as clear as possible and that you do not leave out important information. It’s also easier to review and improve something that’s written.
2. Prepare a capital equipment list and budget for your business; what equipment do you need to start your business?
3. Determine a viable location for your business.
4. Prepare a working capital budget for the first 3-6months. i.e. how much rent do you need to pay per month? Will you employ somebody to run or assist you in the business and approximately how much are you prepared to pay them to do so? How much approximately will the electricity & water bill be? Internet bill? Airtime per month? Stocking up if you need stock? etc
5. Work out a plan to acquire the capital equipments while still at your place of employment. You may require a loan which may be hard to not only come by but to also repay while you are out of employment. Buy one item at a time or all of them together if you can access a huge loan. Take the loan, purchase all the necessary equipment and ensure the loan is repaid in full before quitting your job.
6. Start saving towards your working capital for the first 3-6months. It may take that long before your business starts paying itself, leave alone you. Thus the need to also:
7. Assess your personal expenses and bills that are met by your current salary.
8. Save up some money to cater for the personal expenses and bills for the first 3-6months before your business can begin to do so. You do not want to seem to regress by quitting your job and starting at zero, “begging for bread door to door”.
9. Open your business demo in your home if you have space to see how workable it is before quitting your job. For example you can set up one of your rooms as an office fully equipped with the necessary equipment and spend some time in there doing your business. Some businesses can actually run from home.
10. Open a trial business with someone else running it for you temporarily, somehow like testing the waters to see if the plan is actually viable or not. Some businesses do not actually need you to be there full time for them to succeed. You might realize that you actually do not even need to quit your job to run the business.