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Startups

5 Incredibly Important Things to Consider Before You Quit Your Job and Launch a Company

Source | LinkedIn : By Mandela Schumacher-Hodge

1. Money

You have to eat, right? How about have a decent place to lay your head at night? What about bills — have any? Likely yes, and those are only going to grow once you factor in all your new startup costs. Point being: you need to make sure you have enough money in the bank to sustain yourself for x amount of days (but more likely months), until (or if) your business is able to start generating revenue. So bust out that spreadsheet and start calculating all your must-have expenses, and then ask yourself: How am I going to pay for all of this without a steady income from a 9–5 job?

2. Health

This one’s pretty straight forward. Your health is the most important thing to this whole “Should I keep my job, or should I do my own thing?” conundrum. Without your health, you can kiss both your 9–5 and founder aspirations goodbye. So it’s important to take an honest assessment of your current and anticipated medical needs. Walking away from your employee health benefits can be a risky move, so you’re going to want to investigate your health insurance options as a startup founder and budget that line item into your expenses spreadsheet.

(Want to watch a video of this content? Skip down to the end.)

3. Relationships

My guess is that you’re not the only person in your life. Perhaps you have a boyfriend or girlfriend, husband or wife? You may even have children, and you definitely have friends (maybe even more than you’re able to keep up with). The point is, there are likely people in your life who either depend on you and/or look forward to spending time with you.

As a founder, you’re no longer going to have the luxury of clocking in at 9 and out at 5; you’re going to be putting in serious hours to get your business off the ground, and it will (trust me, it 100% will) have an impact on your relationships. Whether or not the people in your relationships are ready and/or willing to stick around to feel that impact is something you may want to find out before you decide to make the decision to become a full-time founder. (Here’s the truth about running your own company).

4. Responsibilities

Ok. We’ve covered money, health, relationships. Now it’s time to talk about responsibilities. Ask yourself: What other responsibilities do I have aside from my 9–5 job? Perhaps you’ve already committed to play in the Wednesday night company kickball league, maybe you’re in the middle of remodeling your home, or perhaps you have certain chores you committed to getting done on specific days of the week. Whatever your responsibilities, it’s important to take an inventory of them. This will help you get a clear sense of how much is already on your plate and what, if anything, you can afford to remove and/or modify to make room for your new company. You’re only one person and there’s only 24 hours in a day, so something’s going to have to give.

Read On….

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