You have an amazing business idea and you are ready to quit your job, and launch your venture. But being impulsive could be a huge mistake, so you need to list down the advantages and disadvantages you will face after quitting your job.  To help you get ready for your big day of freedom, here are few points you should keep in mind.

Research

It seems to be a good option to quit a job before getting your company off the ground but it’s not. The best way to start your business is while being employed. This will make the transaction between the set-up of new company and leaving job smoother. Background work should be done which includes: 

• Knowing everything about product or service 
• Target audience and buyers
• Peer analysis
• Finding the right management and team
• Finding efficient and effective channels for marketing and sales 

Business strategy

Once done with the research, you need to put it on paper. It is very important to have a clear plan on paper before taking a plunge. A business plan is an important document that will be presented in front of potential investors, partners, and other company stakeholders. It typically includes -

• An overview of the company 
• Company’s profile
• Vision and mission
• Strategy to penetrate the market
• Marketing, operational and financial plan

Also read: Market research: The key to building a great startup

Funding Options

After the own personal finance, you must look for the funding for your startup. There are several ways you can raise funds for your venture.  

Also read: What are the different types of funding for Indian startups?

Leverage your resources

It is a waste to spend money on something currently available to you. Avoid such costs at the initial stage of your business. For example, you may have a friend who is a web developer, financial advisors, one who can provide CFO services, etc.; they might work for you on a stipulated rate and might be available on a need-to-know basis. 

Finally, leaving on a good note

It is very important for you to work in the favour of the company at least until you are working for them. Quitting your job without serving your notice period, not completing the final assignment, and not training your replacement could be the worst behaviour towards your company. Good relations with your employees, colleagues, seniors is very important. They can guide and help you in your new venture. Your old employers can also refer you knowing that you’re a trustworthy businessperson. 

The pandemic affected the health and lives of the people and several jobs of individuals. But some fearless souls have altered this emergency into an opportunity by setting up their own ventures. So it is very important to keep these points in mind before starting your own venture.