Five Important Questions To Ask Before Leaving A Job To Start A Business

important questions to ask before leaving a job to start a business

We all dream of being our own boss one day, don’t we? Especially when there’s a 9-5 boss that is riding you until it’s time to clock out.

During the day we drift off and day dream about being home with the family, living in our dream house, driving our dream car. Just living the life we have always imagined for ourselves, right?

There are times we let our emotions get to us when we’re having a bad day at the office. When we just want to throw in the towel and tell the boss to take this job and shove it and then go off and start a business without thinking things through.

While this risky move has worked for a few folks the majority of us will hit a roadblock and the dream of running a business will seem like a nightmare. And dare I say eventually running a business will even start to feel like a job.

5 Important Questions To Ask Before Leaving A Job To Start A Business

Starting a business is a major step and a big risk. Before you turn on the “open for business” sign here are five questions to ask before leaving your job.

Are the bills going to be paid?

There should be enough funds saved to cover personal and now business expenses. Some experts suggest we should have funds to cover at least 12 months’ worth of expenses.

How will the loss of medical insurance affect you?

What if there is someone in the family who needs long-term healthcare or is expecting a baby? Leaving a job also means letting go of their insurance plan. How will the change in coverage affect you? Will you lose coverage? Pay more out of pocket for prescriptions?

And this brings up another good question.

Related: Ensuring Success For Your Start-Up

Could you work at your job and still oversee the day to day operations of a business?

If you don’t have money put away for expenses you might have to consider working while your business takes off. I know some folks who have full-time jobs and run an online business. It’s just part of what we have to do make the dream come true.

Do I have what it takes?

Running a business takes hard work and dedication. There may be times you’ll have to work long hours and you might even have one of those “what the heck was I thinking” moments. It’s going to take real discipline to make it through the trials an entrepreneur faces at one point or another. Will you survive?

Is My Business Idea A Good One?

While it all sounds good in your head it may not work in the real world. Part of the process should include thinking about the type of business you’d like to have.

What purpose will it serve? What’s the competition like? Is it in high demand? These questions, and more, are very important things to consider before you quit your job.

Over To You

What other questions would you ask yourself? And if you’re already running a business what other questions should we ask ourselves? Fill out the comments section below and share them with us.

Before you go, I would appreciate it if you’d take a moment and share this post in your social media networks.

Have a great week!


    • Alex G

      Alex G 03/10/2014 12:45 p.m. #

      Hi Corina

      I think the biggest question I would ask myself is, has my business idea been proven, does it sell? If already running a business I think expenses should be managed diligently!

      • Corina Ramos

        Corina Ramos 03/10/2014 7:22 p.m. #

        Hi Alex,

        Ah yes managing expenses is very important. I'm only a one-person office but I still make a note of all my expenses and keep them on a tidy spreadsheet.

        And making sure a product or business idea is marketable is important to consider otherwise we're setting ourselves up for disappointments along the way.

        I appreciate you stopping by and sharing your thoughts! Have a great week.

    • Shannon @ The Heavy Purse

      Shannon @ The Heavy Purse 03/10/2014 1:28 p.m. #

      Great tips, Corina. I absolutely agree that you have to make sure you have the money to cover business and personal expenses, and honestly I would aim for a year, if possible. Minimally six months. Starting a new business takes time and you may not earn enough the first few months to cover both business and personal expenses. You don't want to go into debt so you need to have cash available to cover it. Plus, most business are have slow and busy periods and until you have a few years of experience under your belt, you don't know exactly when those times will occur. It will give you the peace of mind to focus on your business and grow it - if you know that you have the money to cover lean times.

      • Corina Ramos

        Corina Ramos 03/10/2014 7:27 p.m. #

        Hi Shannon,

        I didn't count on having business expenses so that was another mistake I made. Thankfully I don't have too many expenses so it makes it easy to manage.

        I always keep a budget in mind. I don't want my expenses to be more than what I'm making so I'm very careful with purchases.

        And thanks for adding more value to the post with your great advice!

        Happy Monday hun! Hope all is well :).

    • Christy Garrett @ Uplifting Families

      Christy Garrett @ Uplifting Families 03/11/2014 1:51 p.m. #

      I think an online business is a doable option while you are working until you are making enough money to quit your day job. It will take hard work and dedication. If you get an hour for lunch, invest in a mobile hotspot and laptop so that you can work on your business during your lunch hour. Use automated services to manage your social media, hire a va to help with your marketing plan, and continually work on building your network.

      • Corina Ramos

        Corina Ramos 03/14/2014 10:19 a.m. #

        Hi there Christy,

        I like the idea of working during a lunch break. Unfortunately though I used to work through lunch or not have lunch at all. It was a sales job...I had to be on the floor motivating the reps to sell.

        And along with automated services we can also assign admins to our social pages to help out too. Bren of My Girly Parts has done that recently.

        Thanks for sharing these ideas Christy! TGIF right?

        Have a great day and weekend!

    • Tanya @ Eat Laugh Purr

      Tanya @ Eat Laugh Purr 03/11/2014 4:17 p.m. #

      Great tips, Corina! I started my business on somewhat of a lark. I had been laid off and there weren't many jobs available so I thought I would give it a try. So basically, I didn't follow any of your tips, but I wish I had. :) A lot of people dream of being their own boss but to really make it work you definitely need to plan ahead and be prepared. It's not all sunshine and roses but when you make it work - it can be a great.

      • Corina Ramos

        Corina Ramos 03/14/2014 10:26 a.m. #

        Girl I stormed out of a meeting! I'll never forget that day. I was the Sales Admin for one of AT&Ts call center and after a heated meeting with a district manager who kept reminding me I was an at-will employee that I "willingly" left. :)

        On the way home was like great now what LOL...but the rest is history as they say.

        I'm with you Tanya, If I knew then what I know now, I would have done it differently but we're here so let's do it girlfriend!

        Thanks for stopping by for a chat! TGIF Chica!

    • Bren

      Bren 03/11/2014 4:19 p.m. #

      Hi Cori! Great to see you here!

      These are all questions I would ask myself. The biggest one for me, other than the bills which I know the answer to is, what would my business be and how will I start it? I long to be able to work from home and/or start my own business. Financially, it's not feasible now in whatever I would decide to do. But it is a dream, the American dream, right?

      Thank you for sharing these fabulous tips with us!

      • Corina Ramos

        Corina Ramos 03/14/2014 10:30 a.m. #

        Hiya girlfriend!

        Don't give up on that dream Bren! Christy shared a great tip and that's working on the business during lunch. And if I'm not mistaken you're already doing that so I'd say you're on the right track girlfriend.

        I know working from home can't replace a steady steam of income so it's good that you're taking everything into account.

        You know I'm here if there's anything I can do for you!

        Thanks for stopping by girlfriend! TGIF :)

Comments are closed.