For many, starting a home business is akin to buying or building their dream home. In fact, some may be dreaming of starting a home business once they move into their new home.
This is a good idea and equally a good motivation for entrepreneurship. If you’re thinking of starting a home business or starting a business from home, rest assured you’re not alone, you’re in good company.
I run my business from home and so have some notable entrepreneurs at one time or the other in their entrepreneurial journey. Bill Gates and Paul Allen started small, Steve Jobs started Apple from home, and perhaps today you own a Windows or Apple device at home.
Statista reported that as of 2017 there were 57.1 million freelancers in the US alone, expected to top 90 million by 2028. Majority of these freelancers also work from home. Carol Tice does, Jorden Roper does too, and many more.
Entrepreneurship, especially working from home is great for many reasons including:
- No nosy coworkers
- Zero office politics
- Being your own boss
- Creating your own schedule
- Choosing your own waking and working hours
- Working in your PJs, in bed, anywhere
- Choosing who to work with
- Earning higher income
- Anytime vacation
- Zero commutes, etc.
These and many more benefits make the laptop lifestyle look very attractive to the average onlooker. They are some of the reasons why many have made the move to entrepreneurship.
But before you fire your boss and quit your 9-5 job, realize that over 50% of US businesses die within 5 years and over 70% within 10 years according to reports.
To succeed with your home business you need more than a wish list, you need a to-do list, and here are
Must Read 10 Question Always asked in Interview
Table of Contents
10 Things to Do Before You Quit Your Job for Entrepreneurship
1. Think Hard
Many make-money-online YouTube videos make false claims about how much money you can make with few clicks. You need to think really hard before you quit your job to become an entrepreneur because entrepreneurship is not as easy as it appears.
Some people are merely obsessed with the idea of the laptop lifestyle and mistake that for love for entrepreneurship. These need to critically consider the pros and cons of becoming an entrepreneur.
To do that effectively you may need to consult widely with experts and practicing entrepreneurs who are already in the line of business you’re considering. This is important.
These can help you dissect your motives and assess your level of preparedness from a balanced professional and unbiased standpoint. Perhaps if your only motivation is more money, then you should probably get a higher paying job.
3. Safety Nets
In some developing countries with high unemployment rates and poor ease of doing business index, it is not common to quit a job for entrepreneurship because it may take years to find another job.
Should your new business flop or fail to find paying clients in 3-6 months or early, do you have enough savings or family/friends that can support you and cover your basic needs?
4. Learn More
How much do you really know about the home business you want to start? What is the modus operandi, what is the minimum startup capital, expected ROI and maturity period?
Do you need licenses to operate, what are the necessary regulatory/legal requirements; have you met or can you meet them? Do you know anyone who does the same/similar business?
5. Start Small
Speaking of learning more about the business, one of the best ways to learn about business and gain practical experience is by starting small and learning on the job.
Many successful work from home entrepreneurs started their businesses that way, as side gigs. This way you get to keep your job while testing the waters, and only make the big move when the side gig proves profitable.
Starting and running a successful home business can be stressful, especially during early the startup stage. From funding to long hours, losses and many more challenges in between, business blues can set in.
It gets worse when you’re a solopreneur and a single living alone. Your motivation can take a hit and reach an all time low when you face challenges. Motivational speeches by fellow entrepreneurs can be of great help at such times.
7. Work Hard
Have you ever been commended for hard work by a boss, family, friends or colleagues? Entrepreneurship, including running a home business can be hard work, real hard work in some cases and places.
Considering that many want to quit their 9-5 jobs for want of more time and less work, it is important to point out that entrepreneurship may mean even more work, at least in the first couple of years, especially if working alone.
8. Be Disciplined
Are you very disciplined, a self starter that needs no supervision, great with deadlines? Can you wake up early and stay up late to finish a job without anyone supervising or pushing you?
To succeed as a home business owner you’ll need a lot of self discipline and sacrifice, for instance to keep the TV off and miss your favorite show or a trip to the theatre or a planned night out with the gals.
Some home business owners are workaholics, unable to pause or stop working. Because they’re hardworking, dependable and meet deadlines they tend to get even more work and workaholic.
This could mean more hours spent indoors sitting down behind a desk in front of a computer; no good for the health in the long run. You need to be more active, exercise and keep fit considering you’re your employer and responsible for your own healthcare costs.
No matter how hardworking and resourceful you are old age will come with all its hills and thrills. This is why it is important to manage your health properly during your career.
Also, a self employed home business owner, you should keep something aside to fund your individual retirement fund account. Meaning you’ll need to manage your finances while working or hire someone who can.
Entrepreneurship isn’t all bread and butter. Adequate preparation will help you survive and succeed when you do start your home business.
Amos Onwukwe is an AWAI trained Business and Ecommerce Copywriter who has been featured in scores of blogs including Huffington Post, Dumb Little Man, Ecommerce Nation, eCommerce Insights, Understanding Ecommerce, Result First, Floship, Successful Startup 101, Small Biz Club, Small Business Bonfire, among others.