As much as 83% of workers are stressed, according to research. In fact, work-related stress is the major source of stress among American adults and numerous studies suggest that stress increases a person’s risk of chronic illness, such as heart disease.
If you’re among the 83% of stressed working American adults, you might have thought about quitting your job and just putting up a business of your own. However, you’re on the fence on whether it’s the right thing to do. You might be worried about losing a steady stream of income and jumping into something you don’t know will succeed or not. After all, 8 out of 10 startups fail.
So, what should you do to increase your chances of success if you decide to quit your job and put up a business? Continue reading.
Don’t resign right away.
Alright. You might be so tempted right now to quit your job. Maybe you’re sick and tired of your boss or the people you work with. But until you have a solid business plan in place or you have enough savings to you should consider holding on a little more. You could be setting yourself up to more stress if you don’t have enough income to pay the bills while working on your business.
Learn ways to cope with stress.
If you can’t take it anymore, talk to your boss about how stressed you feel at work. Additionally, there are ways to lessen the burden. Take a vacation leave, go to the spa, eat well, find time for relaxation, go out with your friends, and spend quality time with your family. These are just a few of the things you can do to cope with stress at work.
As you hold on a little longer, consider saving more. Get all the opportunity to earn extra income. For example, if you want to launch your own digital marketing agency, you can begin by accepting projects from friends. This way, you earn on top of your monthly salary. Plus, you get to practice your skills and build a portfolio. So that you will have enough buffer to meet your daily needs, you need a runway or an emergency fund that should help you deal with your personal expenses for the next six months. If your savings are not enough to get started, there are companies that offer business financing to cover the costs of registration, equipment, inventory, and so much more.
Choose a business that resonates with your passion.
Keep in mind that stress is everywhere. Just as you feel stressed at work, you will also find yourself stressing about your business especially during the first few months or years when you are still working on establishing a brand and finding customers. Nevertheless, if you are doing something you enjoy, you are less likely to be demotivated by stress. If you’re considering launching your own business, choose something that resonates with your passion. This way, even if you get stressed or tired from time to time, you will still have the drive to keep going until you achieve success.
Test your business model.
Before you leave your 9-5 job, consider testing whether people will be willing to pay for your product or service. Write a detailed business plan. Research. Check for potential competitors. See if there’s a demand for your product or service. If you are offering something that is being offered currently by other companies, determine what will set you apart from the competition.
Make it official.
Once you’re ready to launch your business, you may go ahead and resign. It might take a couple of weeks to register your business. Check with your local or state government to know the requirements necessary to make your business legal.
Pull up your resources.
What are the things you need to start your business? Would you need a physical office space or will you be working remotely? Do you need staff? What are the tools and equipment you need? List down all the things you need and have them ready before your launch.
Quitting your job to put up your own business is something you need to think through. Hopefully, with these tips, you can kick start a successful business.