We’re all for finally starting your own business or turning a hobby into your sole source of income, but before you march up to your boss with a resignation letter, make sure you’re absolutely ready to go your own way. To make it easy for you, here are signs that say you’re not yet there.
1. You have just enough cash for your capital.
We know finally making that leap from employee to employer is exciting, but putting everything at stake (read: your personal savings) because you have a dream usually only works if you’re extremely lucky. Otherwise, you’re more likely to end up bankrupt. Besides, you need to be in it for the long haul. “So capital plus operating expenses—that’s what you need for the finances," says Paire Cocktails and Pastries owner Kat Nantes.
2. You have no Plan B.
There’s no sense in going into business if you expect to fail, but not having a backup plan is just as bad. Not everything goes according to how you envision it, and when your business doesn’t take off as quickly as you thought (or at all), you’ll need something to either help keep the company afloat or, you know, keep you fed and clothed for at least three months.
3. The economy is bad.
Just as Justin Long told us in He’s Just Not That Into You, you’re the rule, not the exception. Think The Lehman Brothers and General Motors. Besides, this is not Master Chef where you, if your cupcakes are special enough, can gain immunity.
4. There’s no great demand for your services.
Unless people are falling all over themselves trying to get a hold of you, you’d do well to think your decision over a couple more times. We’re not saying that nobody wants what you have to offer—just that you may want to keep your day job while you work on your marketing.
5. Everyone thinks it’s a bad idea.
Your parents object to it. So do your friends—and we’re talking about those who’d follow you anywhere. When so many people are objecting to you starting your own business, it’s better to stand down, at least, for now.
6. You’re not highly self-motivated.
“Gumption,” according to Virgin group founder Richard Branson, is an important trait to have in entrepreneurs. If you balk at the first sign of trouble, then you may not be psychologically ready to be on your own just yet.
For more signs that you can't quit your job just yet, check out femalenetwork.com!