Quitting my job to start a business

One of my readers asked this question:

“I want to start my own business. Do I need to quit my job?”

Hold on. Take it easy.

It’s not necessarily to quit your job if you want to start your own business.

Entrepreneurship is not easy. Spelling pa nga lang e mahirap na!

It will take time.

Remember, we spent learning in school for 15-20 years just to become a good employee.

Then, we get experience in a company for another 5-10 to become great employee.

Its similar with entrepreneurship, we have to spend amount of time, effort and money to succeed.

It will not happen overnight.

There are only very few who succeed in business in their first try.

Use your day job as your safety net while building your business on the side.

Also, it’s a Wa-is thing to do.

You have to sacrifice yourself if you want a change in your life but don’t include the financial security of your family.

In my case, while in the office I didn’t eat outside just to save money to add up to my business capital. You can do this too.

Here is what you can do.

Being an employee who wants to start a business, the most important asset that you need is TIME.

If you will say that you don’t have spare time, well you are only making excuses.

You have to set a time when you can work on your part-time business.

It’s whether before you go to work or after office.

If travelling to and from work eats a lot of your time, then you have to ask your employer if you can transfer to the nearest location or find a new job which is close to your home.

You can also use your travel time, to learn and improve yourself by listening to business podcast or audio book instead of listening to music.

Most of the time, we want 10 times result in our financial life but our self or skill level is only 5.

You have to invest in yourself before someone invests in your product or service.

You have to attend business seminars, read books and take courses.

It would be helpful if you can find mentor that can guide you in your entrepreneurial journey.

Then, write your simple business plan. You can download sample template in the internet.

It includes:

  • Your business model
  • Decide if it’s a physical or online or hybrid type
  • Target market or niche
  • Target customer or audience
  • Marketing plan
  • Resources or tools to use
  • Product or service to sell
  • Capital
  • Your USP (Unique Selling Proposition), etc.

Ensure that you will work on your part-time business on the time that you set.

Arrange the schedule with your family and avoid any distractions like Facebook or TV.

Remember, TIME is the most precious asset that you have right now. Don’t waste it.

Lastly, you have to start small and try your business idea to few customers.

If you see that there is a potential, you can start to build your business and really work hard to make it happen.

In entrepreneurship, you will really learn by doing things and taking actions.

You see, you don’t really need to quit your job if you want to start a business.

Even if you will fail at the start, you can still have a back-up to get up again.

You can quit your job if your business profits are already equal or more than compare to your monthly salary.

This is my realization:

The start of success to any area of life is when you realize and accept that YOU are 100% responsible to take charge of it.

YOU have full control of your life.

So, if you want to succeed in business, YOU are the only who can do it.

 

To your financial success,

Marvin Basa

P.S. You can write in the comment section if you have thoughts in mind.

About The Author

Marvin Basa

Marvin Basa is a financial literacy advocate who helps Pinoys to have successful financial lives.

3 Comments

  • amitaf

    Reply Reply November 15, 2016

    hi Marvin,
    nice article! what will you do if the company you are currently connected to and the business you plan to put up are in the same industry? meaning, you will be dismissed/terminated if you push through with the business because of conflict of interest (directly stated in the employee handbook). earning wise, the business you are thinking of will really earn more than your current salary (comfort zone). i really need your wise advise regarding this because i am currently on the crossroad.
    thank you very much!

    • Marvin Basa

      Reply Reply November 17, 2016

      As long as it will not be in direct competition between your company and the business you want to put up I believe it will be fine. But you have to bring up that concern to your manager or Hr because being honest and open is the right thing to do.

  • Ann

    Reply Reply November 16, 2016

    Insightful! I really do want to start a business of my own, i’ve been reading books about business, selling etc. I feel like i still lack something and i have to learn further, i dont have a mentor, can you be my mentor?

Leave A Response

* Denotes Required Field