Should you quit your job and start a business?

By Charmaine Long
The chance to call your own shots, more control of product development and the opportunity to directly influence revenues and profits are reasons you might be tempted to quit your job and start your own business. You could be on the right track. Perhaps you should start your own company.

Look closer before you quit your job and leap into business ownership

But, before you do, take a closer look at the risks, the ups and downs, inherent in owning a business. For starters, launch your own business and you can wave good-bye to a regular paycheck. Those days will surely be over. In fact, it might be months before you can pay yourself at all as a startup.


After your business starts turning a profit (if it does), there will be sales and profit ups and downs. The largest, most established companies go through this.

If you love working 60 to 80 hours a week, starting your own company might prove to be a good fit. Of course, you’ve got to work smart. Work you do should attract customers and strengthen your brand. During the early years of owning a business, you might work seven days a week to build a solid customer base.

More skills business you need before you quit your job

Strong copywriting, client relationships and marketing skills can help you introduce your business to your target audience. As your business grows, you might have to hire independent contractors or employees to take on one or more of these or other responsibilities for you. This is where good judgment and interviewing skills will benefit you.

An unbreakable spirit of motivation, in-depth knowledge about your business and industry and an intense passion for what you do (i.e. painting, writing, banking, repairing automobiles) are essential to your success as an entrepreneur. These advantages can help you during lean economic times. You definitely need these qualities before you quit your job. These advantages can keep you going on days when you put in 14 or more hours only to make 0 dollars or a few hundred bucks.

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