Finally, now that you’ve concluded that the business is personally and financially viable, you need to consider whether you have the personal and financial resources to get the business off the ground.
If you’re going to continue your day job while starting your business, then you need to figure out how you’re going to juggle both. It’s easy to say, “I’ll work on systems in the evening,” but if you have a lot of responsibilities you know that’s actually very hard. It’ll also be hard to find time to take support requests and emergency calls during normal business hours.
If you’re going to quit your day job, then you need to have an accurate accounting of both your home and your startup costs, save up enough money for as many months as you think it will take you to build up your client base to the point at which it sustains you, and hold to your budget.
Still, ramping up will probably take much longer than you think, so you’ll need a Plan B for when the resources you set aside to pay your personal bills run out.
- Can you go back to your old job?
- How long will it take you to get a job with similar pay?
- How will you meet the demands of your new business while going back to the hours of your old job?
In all likelihood, you’ll probably have a difficult few years while you, and possibly your spouse, are working your old jobs and you’re running the business. It’ll be a difficult time both logistically and financially. It will be an unpredictable time. You’ll need to be flexible. You’ll want to devote time to you your new business, and also feel it’s fruitless. You’ll feel that one or more parts of your life aren’t getting the attention they deserve. You’ll be tempted to quit your new business, your old job, or both.
You’ll need to be patient and persistent. If it’s not growing, it’s easy to get complacent and think you’ve already done the most you can do. (Hint: you probably haven’t.) Be humble and ask for help. Take breaks for your mind and body. Spend time with friends and family. If you’re a cutthroat businessman (or you have few other responsibilities) you might devote 100% of your energy to this project, but if you’re a family man or otherwise a person with a somewhat well-rounded life, it’ll be just a part of your life and you’ll have to learn not only how to integrate it, but how to integrate it as it, and as you, and as your family are maturing.