I see a lot of motivational speakers talking about quitting your job, finding your passion, and building a business out of it.
Like, it sounds great and really wonderful to start your business, become the boss and call the shots.
But truth be told. Finding your passion can give you all the joy and the sense of meaning you’ve always wanted. But it may not pay your bills. This is the key point you should note.
Every time I see aspiring online entrepreneurs set up their business website and then close down the websites after a year, I feel really concerned.
A lot of things are being whipped out of proportion.
Everyone thinks the moment they start a business online they can become the next Facebook. The next Uber, Airbnb, etc.
These are wonderful dreams. And in a world where everything is possible, anyone can actually become anything if they really work towards that.
But truth be told, we must separate dreaming from reality.
In a world where having the capacity to pay your bills is of primary importance, whatever you want to start, should first be able to pay your bills before you think of building the next Google.
And you don’t think in your head and conclude your idea has the potential to pay your bills, you make findings.
You go out to the market, make researches, feel the pulse of what is selling, look out for estimations, projections and know where to channel your energies.
So in as much as starting your business or being your own boss is really a great idea, you might want to have a rethink before taking a step forward.
You might want to ask yourself pertinent questions that will help you understand your preparedness for getting to start a business.
Below are seven questions you should ask yourself before quitting your job to start a business online.
Am I really prepared for this?
Besides being tired of your work or feeling that it’s time to take a leap for higher income, you have to be really prepared for the rigors of starting a business.
Whether you’re starting your business online or offline, starting a new business will place certain demands on you.
You may have to do away with some habits, learn new skills or start out with some uncomfortable routines. All these are things you should be mentally and physically prepared for.
Where does my passion really lie?
It’s true, your passion is not necessarily what you should start a business with but at the same time, your passion can give you the sustaining power you need for a new business, until your business gains traction.
Of course, I may not entirely be of the opinion that you should start a business with your passion alone. But making a personal audit about your life and getting to know about an start a business you’re passionate about can give you the sense of fulfillment you need with your business.
There is nothing as beautiful as making money and being happy and fulfilled because you’re adding real value to others.
In fact this is the essence of living, being able to know that you actually lived.
Are there other entrepreneurs making it with my kind of passion or is my passion marketable?
Truth be told, your skill or hobby might not have capacity to pay you immediately.
The fact you come alive doing ABC does not mean a lot of people will pay you to do that for them.
That’s why, one of the best ways to know if your passion can be profitable is to find out if others are doing successfully well in the business of your passion.
Take for instance you love skiing. It gives you joy. And the business behind this passion is being a skiing instructor. Unfortunately, there are no coastal waters or snow in your current location.
In such situation, it’s natural you practically have very low possibility of making money with that passion in your current location.
In that case it’s easy to deduct that such passion can’t get you a good business that can support you. Hence you’d want to ignore it and try something else or leave the location you are and move elsewhere to start the business if possible.
This is how it works with all other passion and skills. Based on certain factors, all skills and passions don’t have the same market value.
So before quitting your job to start a business with your passion, research the market, find out other successful people in that skills, decide the market value and put it side by side with your personal situation and expectations.
Alternatively, where you still want to start a business in certain passions against all odds, be prepared you may have to work extra harder and wait much longer for the business to be profitable.
If you can do that in the long run, you could become an industry starter.
Do I have the skills to sell my passion If not, how long would I learn it?
Besides having the passion, you must also have the skills to sell what you’re passionate about, if you want to be successful in the business.
Take for instance you’re passionate about speaking in public but right now you can only handle audiences like your colleagues in school or working place.
Truth be told. This is not the exact audience that will pay you the money that can sustain you after you quit your job.
So to get to evolve a more influential and higher paying brand like the Lisa Nichols, Eric Thomas, Gary Vaynerchuks etc of this world you’ll want to be really skillful at selling this thing you’re passionate about.
Knowing whether you have the skills to sell your passion or not will get you ready to know if you should work on these skills and how long it would take you to work on it.
These are strong deciding factors that will help you understand your readiness to quit your job.
Do I have the money to build and sustain a business out of my passion?
It’s true you can start a business with almost zero cents. But, you can’t build the next Google or Snapchat without some decent capital.
Forget about most of the things you read online. Starting a business online or offline needs money. No matter how little it is.
Besides the money you need to build the business up front, you’ll also need money to survive until the business makes profit.
These are part of the things you should consider before quitting your job to start a business.
It’s possible you can always get people to invest in your business. To have this work though you, may need to show that your business has gotten some traction before getting investors to take it to the next level. So either ways you’ll need back up funds.
You’ll also need money to run some basic needs of the business. Like running Facebook ads for instance, getting data to run the business and buying some business tools that will help you get started.
While money may not be the number one thing to consider before quitting your job to start your online business, it is very important to the overall success and stability of your business.
How long would it take me to build a profit generating business out of my passion?
A lot of online business enthusiast do not take this into consideration.
It takes a lot of energy and time to build a profit making business in some cases. So depending on where your passion lies, you may want to consider the time that will be needed before the business will start making profit.
This will help you put together the amount of money you need to survive on or sink into the business until it makes profit.
Backed with this idea, you’ll be able to decide whether to go ahead and quit your job or not. And where you have to quit your job, this knowledge will also help you to understand the right time to do that.
What Unique Value Can I offer?
If your passion lies in a business niche that’s already saturated with people, it is not enough that you have skills that are sellable; you’ll also want to bring a very unique value that will stand you out from the market.
This is what we call carving a niche for yourself.
So after you become aware that your skills can really help others, you have to find a way to offer the help in a very unique way that no one else is doing.
This is how businesses evolve to become exceptional brands. This is why businesses like Apple, Facebook, swept away their competitions.
You can’t compete with top existing brands from their unique position. They already have an advantage there. Create your own space. Make your solution better.
Take up the current skills in the market and make it better than it is. Add your unique angle to it and continue to evolve.
Do I have a sustainable business plan that can show possible projections for my business?
Of course starting a business is a risk.
But quitting your job to start a business is a bigger risk. So it’s got to be a risk worth taking.
It is not enough to know that there’s a market need for your business idea, you have to see some real data backed projections for your business.
You have to be able to see how you can get from point A to B, what it will cost you. What will happen if you can’t get there? And what you can do to get you from one point to another in your business.
Even when you don’t need a completely detailed plan of action. You need something substantial to build your idea and expand on it.
This vision map or action plan will shape your decision in the future as your business grows.
Do not focus on building businesses out of your head. Focus on building ideas that can thrive beyond the grindings of the business world.
Asking yourself these questions will help you understand your preparedness or readiness to quit your job and start a business.
If you can’t answer these questions correctly, then you may not have enough answers to understand the next step you should take. And in that case it’s better to stay where you are until you have some idea about your next step.
Don’t go about quitting your job to start an online business because of the bling bling you see on the social media.
Forget about the hype about being a business owner.
Start a business only when you’re ready and when you understand the WHY and How to start one.