4 Must-Haves Before Quitting Your Job For Your Own Gig

The thought of quitting your job to start your own gig can be daunting but liberating at the same time. You may have great ideas and are eager to join the growing number of entrepreneurs, freelancers, or small business owners making their mark in this digital world. But before taking that leap of faith, there are four must-haves you need to consider first.

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Business Plan

First and foremost, you need a business plan. Taking the plunge without one is like jumping out of an airplane without a parachute – it's not a good idea! A good business plan serves as an effective roadmap for success. It should outline your goals and objectives as well as how you plan on achieving them. It also provides direction for critical decisions such as evaluating costs, identifying potential partners and customers, and determining pricing strategies. Drafting a business plan will force you to seek answers to some common questions every aspiring entrepreneur should answer, such as who is the target customer, what service or product you will provide, and where you expect to be in 3-5 years. 

Financial Resources

Next, you need to determine if you have the financial resources necessary to sustain yourself during the startup phase of your business. You know that it takes money to make money, and starting a business typically requires a significant investment. In addition, you'll need to factor in your living expenses while you get your business off the ground. Before quitting your job, make sure you have an adequate financial cushion and/or a reliable source of income to provide you with the necessary means to see your vision become a reality. You also need to consider how you'll make and receive payments and the types of accounts available, like the merchant account from NorthAmericanBanCard. Finance and accounting software will also come in handy when it comes to tracking expenses, income, and customer billing.

A Reliable Supply Chain

Every business needs a reliable supply chain to be successful. You need to define the sources you'll use for supplies and materials, as well as any vendors or partners who are an essential part of your operations. This is especially true for product-based businesses; you need to make sure you have access to a steady stream of quality supplies in order to meet customer demands. By developing strong relationships with your suppliers, you can ensure that pricing and delivery times are consistent and reliable.

Solid Personal Support System

Having a strong support system is essential for any business. From family and friends to mentors and coaches, it's important that you have people in your corner who believe in you and are there to provide encouragement. Choose people with experience in the areas of establishing and running a business, as they can offer valuable insight on how best to navigate through any potential challenges you may face. Having this type of support system will help to keep you motivated and focused on achieving your goals.

There are four must-haves before quitting your job for your own gig: a business plan, financial resources, a reliable supply chain, and a solid personal support system. By taking the time to consider these four components ahead of time, you can set yourself up for success and develop the confidence needed to take the leap into entrepreneurship.

*Collaborative Post