Pros And Cons To Know Before Quitting Job & Starting Own Business

The idea of being your boss is alluring and fills you with a lot of excitement. Isn’t it? But quitting your job to start a business can be a difficult decision, as a job offers financial security. There are too many questions and apprehensions surrounding this decision like are you ready to take the plunge, should you go all in at once or take things slow, etc.

Most of the colleges and universities are offering entrepreneurship courses. You can always enhance your knowledge and skills before you begin your entrepreneurship journey.  There are tutors in Sydney who can guide you with the right course of action to pursue your dream of starting a business.

It is also necessary to make a list of your strengths and weaknesses before you start your own business. You will be able to do this by asking yourself some questions. 

Pros and cons of ownership or entrepreneurship 

The following is the laid-out list of all the pros and cons of entrepreneurship that you may face in the future. So, make sure to consider it before making the ultimate decision:

Pros of starting your business after quitting a job

• Enjoy flexibility: You will get complete freedom and flexibility with regard to your office timings, holidays, and accountability. You need to handle this aspect very diligently unless this can become a bane instead of a boon. It is great that you would be able to break the shackles of fixed office hours and you can choose whenever you want to work, but you need to be disciplined about your timing.
• Create a legacy: A great advantage is you will be able to pass down your achievements to your family. However, for this, you need to focus on making your business a success. With the right execution and plan of action, you will start a business that establishes a strong legacy.
• Do what you love: One of the biggest advantages of starting your own business is that you get to do what you want. People usually convert their passion into a business, and if you love what you do, then your career graph will rise exponentially. 
• Improve the quality of life: If you know how to manage your time and yourself well, you will get ample time for your family and holidays. The complaints about you being too busy and missing on family gatherings or special occasions would be over.

Cons

• Get ready for uncertainty:  Starting your business means no regular paychecks, which means financial uncertainty. Also, you will have to push yourself out of your comfort zone to ensure your business venture is a success. With the setup of a new business, there always comes a significant amount of risk. 

• Longer working hours: Initially, you will need to work for longer hours before things get streamlines and all processes are in place. You must be prepared to work hard as a laid-back attitude won’t work if you wish to achieve your dreams.  
• Managing finances: You must be prepared to not earn anything in the initial few months. Your focus on the first year should only be to sustain your business, even if you are not able to make any profit. Hence, before starting a business, you must first figure out how to manage your expenses and funds to take care of the daily operational cost. Nowadays, you have the option of business loans and crowdfunding. But to get financial assistance, planning is paramount.

Final Thoughts

Quitting a job to start your own business is a big decision that must be taken after careful thinking. However, make sure that you take one step at a time and have a clear plan of action. Don’t take any such decision in haste, as you might fall flat. At the same time, have the courage to make good business decisions in tune with the current business trends. You can also do an entrepreneurship certification to upskill and to get renewed confidence.