Should I quit my job and start a business – part 3
Over the last two months, we have brought you an in-depth look at whether leaving the world of employment and starting a business is the right move for you.
In part one of this blog, we examined the four key things you need to consider – your goals, idea, pathway and mindset – before starting your own business. Read it here (https://theworkavenue.org.uk/blog/i-quit-job-start-business/).
In part two, we took a look at four possible alternative paths you can take – the side hustle, freelancing, consulting and seasonal work – if going fully alone isn’t for you. Read it here (https://theworkavenue.org.uk/blog/i-quit-job-start-business-part-2/).
In today’s third and final part, designed for those aiming to launch their own business, Work Avenue’s Sara Gatoff guides you through the different approaches to starting up.
Approach 1: All or nothing
This, as the title of the blog suggests, is when you hand your notice in, quit your job and get going with your business.
You use your savings to support yourself as you build the business (we suggest you factor in your costs for a year and always budget for more than you think you need). You may also start to look for crowdfunding or angel investment.
The pros to this approach are you now have lots of time to dedicate to your business, without a day job to worry about, and can hopefully therefore start to generate revenue more quickly. It also gives you a headstart if you worry others will copy your product or idea.
The cons are that not having anything to fall back on can increase fear and pressure in an already tense time. One solution some clients have pursued is getting a small part-time job to guarantee some income while building the business.
Approach 2: Build a business from your job
This is where, for example, you work in IT for a company but want to start your own IT business doing the same thing or move from being a maths teacher to having your own bookkeeping business.
To achieve this, you need to dedicate fixed time each week to building your business – for example specific evenings or times over the weekend.
The pros are that you maintain an income while creating the business, have existing contacts and skills to utilise and can build something in a sector you already know well.
However, the big con is that it can be very easy to get sidetracked by your paid job and lose focus on your new venture. Many therefore ask to go part-time, take a sabbatical or become a consultant.
The main characteristic required for success for this approach is managing your time successfully and setting yourself time-sensitive goals to stay on course.
Approach 3: The side project
The side project is a great way of testing out the experience you have gained in your job and seeing if it can become a future business for you.
By framing it as a project, and not an entire business, you take a lot of pressure off yourself and add flexibility as to what you can do.
This is a really valuable way to test out your ideas and aspirations, without risking your job, and find something that may one day become a full-time business. Alternatively, you might decide it’s not right the path for you, which is equally as valuable.
Other pros include helping you gain new skills for your current job and potential future career, whether you end up starting your own business or not.
However, the con for those who want to move fast and get going is this can feel too slow or not ambitious enough.
In conclusion:
Whichever approach you think is right for you, please avoid the trap of not taking this further.
Whether you have decided to start your own business, or want to change your employment, please come and see us at Work Avenue.
Our employment and business advisers have a huge amount of experience and expertise, as well as courses, workshops, networking groups and different work experience opportunities they can recommend.
So please book a free and confidential appointment with us today to plan your next steps.
• Watch Work Avenue’s Should I Quit My Job and Start a Business Webinar, presented by Sara Gatoff and Melissa Athersych, here: https://www.youtube.com/watch?v=y2V5ISOKNsk