Small Business Tips

Starting Your Own Business? Take Care of These Things First

Are you dreaming of starting your own business and bidding adieu to your regular nine to five? If so, you might be concerned that your window of opportunity for striking out on your own could be shrinking with each passing day. However, at the same time, fleeing too early often makes things even harder as you won’t have that steady paycheck to carry you through the beginning processes. 

This conundrum recently led Dave Peck to write a piece for Entrepreneur about 10 things you must do before quitting your job to start your own company. In it he shares a number of tips for ensuring your business is ready to launch when you’re ready to say “goodbye” to your main gig. Let’s take a look at some of his top suggestions.

Have a detailed business plan in place

When it comes to starting a new business, the most important thing you can have is a good plan. This includes researching your industry and market opportunities in order to determine how your company can stand out. Beyond that you’ll want to dive into how you’ll market your business, how operations will function, and what your business’s overall mission will be.

Of course these are just a few of the many things you’ll want to consider before giving the green light to your concept. You’ll also need to figure out what type of legal structure your company will have, where your office space will be located, and how you’ll cover the start-up costs (more on that in a minute). It’s also worth looking into smaller details like URL and social media account availability for your prospective business’s name. Having all of this mapped out before jumping in could prevent you from making costly and time-consuming mistakes.

Figure out your capital situation

As mentioned, one major element in getting a business off the ground is finding funding. For that reason you’ll want to explore all of your options ahead of time so you’re not scrambling for money at the last minute. Whether you plan on finding investors and partners for your business, getting a loan, or tapping a line of credit, you should know where your capital is coming from before leaving your day job behind.

Keep in mind that there are now more options for attaining capital than ever before. From the rise equity crowdfunding to the popularity of online lenders like Able Lending, there’s admittedly a lot to research in this department. That said, knowing where you’ll turn when your company needs money will give you peace of mind as you move forward with your vision.

Build bridges, don’t burn them

Once all the pieces for your new business are in place, it may be tempting to leave your old job in a blaze of glory. However leaving on bad terms with current employer could backfire in a big way. For example, you never know when there might be an opportunity to get client referrals from your old company that could help boost your new venture. Additionally, not that anyone wants to plan for failure, but having a plan ‘B’ might be in your best interest.

Instead of burning bridges on your way out the door, look for ways to line up future opportunities thanks to your old co-workers and bosses — you’ll be thankful you did.

While it may be hard to know exactly when the right time is to make the leap and start your own company, there are a few things you’ll want to take care of before finalizing your decision. By having a solid business plan in place, knowing your options for funding, and keeping the door open opportunities at your current job, you’ll set yourself up for a greater chance of success when you do leave to build your business. So stop dreaming and start planning!

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