Feeling the need or to experience the fire in the belly to do something on your own independently should be strong to start any business. It takes quite a lot apart from just the feeling. In case you are working and dependent on the income for livelihood makes is a difficult choice to make. Leaving a secured job will force you to let you go of the accustomed luxuries and securities. You might also give yourself a choice of starting a business while still working. All you need a plan to start your own business while still keeping your job.
How badly do you want to start your business?
A critical question for you, answer to which can change the course of your life. It is going to be difficult similar to being on the two boats at the same time. So this needs quite a lot of thought. Make a list of commitments, necessities and securities in your life monetarily and also time wise. Try to make the list to the bare minimum which is essential. Make a list of people who can step back and share your burden both monetarily and also your business work. This would give you the better idea of how much of time you will be able to dedicate and finance available from your side for your business.
List out your skill sets, strengths, and weaknesses
The idea itself is just on paper. You will have a fair idea of the skill sets required for it. Do you have it? In case no, what would be other options available? Learn it, hire skilled personnel or outsource it. Check which ones would be feasible in the current circumstances?
Validate the business idea
It has been observed that most of the startups fail because there is a lack of market need for the product. The need arises for the validation of the idea from the feedback from potential customers before starting to build.
Edge in your business idea
Edge is the advantage that is an opportunity for your product to make a difference in the market thereby giving margins and attracting customers.
Set realistic and detailed small and big goals
Without goals, time will be spent on thinking about the idea of start itself. By setting small and realistic goals will help you to be on your feet and sets the momentum to work towards the goal.
Sketch the roadmap for your business
Starting from the current position you can reach to place in a number of ways. Which course would be feasible and to be taken when sketched out gives you the clear idea of what needs to be done at that point of time
Open to outsource
It would be good do things from scratch. The question is all about feasibility. In case it can be outsourced then why not if it saves time and the additional burden of hiring skilled personnel.
Selling is always in the mind. So get unbiased feedback from trusted group of friends, like-minded group, potential customers, and mentors.
This helps you to widen your scope for your product and do the changes accordingly
Demarcation between your job and business
First and foremost would be to read your job offer letter for any clauses and take legal guidance before starting the business. Secondly, not to work on the business during office hours. Thirdly not to use office resources for your business.
Secure your business before quitting your job
Once you start getting regular income from your business with signs of growth would be the time for you to quit your job.
Working full time and starting a business is not an easy job but still doable. It certainly takes a toll on you as a person on your relationships too. But who said dreaming and building big is an easy task. It has its own rough path to be paved to be your own boss.
— Team SoS