‘Subra I want to quit my job’
Me: and do what, may I ask?
I have this conversation with one person EVERY week, and these are the 2 answers that I get:
I want to see the world, have a nice life and spend some time with the family. OR
I am sick of working for somebody else, I want to do my own business.
I chuckle to myself and keep wondering about the second option (I am assuming that the first option has been written about enough on my blog, right?)…so let us see whether YOU are capable of the second option!
a. Can you dramatically cut down on your expenses? even if you are used to take home pay of Rs. 80000 per month, answer yourself HONESTLY how many months can you live with ZERO take home salary? 6 months? 3 years?
b. Do you have a clue on how to get YOUR first customer – WHO WILL PAY ON TIME? Cash flows can be tricky!
c. Is your spouse working? If so will he/she support you through your venture? have you asked or assumed?
d. Constantly be adding customers, well wishers, angel investors, EVEN IF YOU DO NOT NEED THE MONEY NOW.
e. If you keep borrowing and repaying you are building a credit track record, and that helps.
f. Form the company, create a web presence, get yourself legally on hard ground – logo, patent, etc. whatever it takes.
g. If you think you will need a personal loan, car loan, or whatever TAKE IT BEFORE YOU start your own business. Bankers like to see steady cash flows while giving a loan.
h. If you need a business loan, you will need your projections, profit and loss, balance sheet, Goal sheet, etc. This in itself is a good reason to take a small loan – you get one more person’s point of view.
there could be more….
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