Almost everyone has felt the urge to quit their 9-5 job and follow their dreams. Whether your dream career involves running an essay writing website or making DIY jewelry for 6-year olds, the thought of ditching a 9-5 schedule for entrepreneurship can be tempting.
However, this decision isn't as easy as choosing an avatar in the Mortal Kombat game. It comes with a lot of indecision, self-doubt and endless questions.
Should I even be quitting my day job in the first place? What if I lose out on both ends?
When it comes to starting a craft business, movies and motivational speakers tend to paint an enticing picture that may not always be the reality. The heroine of the movie suddenly decides she can't put up with her stifling job anymore and then quits it to become a famous baker.
Sounds amazing, doesn't it? But is this always the case? If you're still not sure if it's a good idea to quit job to start business, then this article is for you.
A large percentage of people often dream of becoming their own boss. However, this dream may come at a price: ditching their regular job.
When it comes to making this decision, experts often advise that you don't quit your job immediately. Here's why: to start up a craft business, you need a certain amount of capital. If you haven't saved up enough from your salary, you may not have the finances needed to push your craft business.
Also, starting a business isn't all roses and sunshine. It's more like cactus plants and thunderstorms. To launch a successful craft business, you would need a lot of strategic thinking and planning. If you don't plan properly before ditching your job, you'd find yourself with a failed business and no job.
Even though it may be difficult to juggle office work and a business at the same time, don't throw in the towel until you're truly ready.
Not sure if you're ready to start your craft business full-time and drop your job like it's a pot of hot coals?
Here are some signs to look out for:
Here's one thing you should know: the craft market can be a really cold one. Sometimes, you may have so many orders, you'd feel like dropping dead. Other times, business might be so slow that you'd find yourself wishing upon a shooting star for customers. If you don't have enough savings set aside, you'd probably find yourself starving after the first few weeks or months.
Just before you say goodbye to your regular job, ensure that you have about 3-5 months worth of living expenses saved up.
This way, even when business is slow, you wouldn't have to start pinching your purse.
Let's admit it: working from home can be really distracting. From your kids trying to ask you why they have belly buttons, to your favorite show coming on right in the middle of work. With no boss to remind you of deadlines, it's easy to get distracted. Before you know it, several days may pass without you getting any work done. If you can push yourself to achieve set goals without easily getting distracted, then you're ready for your craft business.
Working craft jobs from home is all fun and games until you realize you don't have health insurance. For a lot of people, this can be a major stumbling block. If your current job handles health insurance, it would be difficult adjusting to a world where you have to handle it all by yourself.
Try to explore the health insurance marketplace and sort out this tiny yet relevant detail before you fully embrace craft business. This way, you won't have to constantly worry each time your flu persists for more than one day.
When it comes to running a craft business, you may find yourself working alone for the first few months. In fact, it may take a while before you're financially ready to hire a few workers. If you aren't used to working on your own, it would be super difficult to adjust. For people who thrive on interaction, running a craft business alone is a huge no-no.
So, before you quit your 9-5 job, ensure that you can work on your own. Can you deal with the loneliness that comes with working for about 8 hours or more with no one to talk to?
If you can, congratulations! You're ready to fully face your craft business. If not, you may have to find workers or friends who would be willing to keep you company while you work.
Let's face it: a lot of people often have a derisive or confused expression stuck on their faces each time they see someone who works from home. You're very likely to meet people who would think you're wasting your time with your craft business, from parents who would constantly tell you to get a real job, to friends who'd have an indulgent look on their faces each time you talk about your craft.
This is a common occurrence in the world of craft business and it's not going to end anytime soon.
If you've braced yourself for this, then you're ready to work from home.
Ditching your day job to face your craft business is a terrific idea. But if your craft business isn't bringing in as much income as your day job, you'd be disappointed by the sharp drop in your earning power.
Before you dump your job, ensure that your craft business is bringing in the same amount as your job or even more. This way, you won't find it hard to adjust to the change in income.
Now that you're ready to quit your job for your craft business, it's important to note that the planning phase isn't over just yet. You still have a couple of things to do before you say your final goodbye.
Here are some things you should cross off your checklist:
The best way to ensure that you aren't jumping into a pan filled with hot coals is by carrying out research first. Research everything you need to know about the market, product, your audience and of course, marketing channels.
What does the market look like? Does your business have a viable market? What are the pros and cons of your product? What demographic of people would make up your target audience?
Asking and finding out the answers to these questions would help to make your transition from employee to entrepreneur seamless.
This way, you would know what pitfalls to expect, and how to avoid them. In no time at all, you'd become an expert in your niche.
Now that you've carried out proper research, the next step is to put it on paper in the form of a business plan. A business plan is usually what differentiates a potentially successful business from mere hopes and dreams.
You could always show it to potential investors and partners who would help you grow your business.
A business plan typically contains the following:
• An overview
• A description of the company
• Its objectives and vision
• Information about the market you're about to enter
• Market penetration strategies
• A financial plan
• A marketing plan
To start up a craft business or any business at all, you would need a certain amount of capital. Just before you hop right into sourcing for funding for your new business, ensure that your personal finances are in check.
Do you have enough savings to cover your bills and living expenses for the next few months? If you don't, maybe you need to rein in your horses for a little while.
Once you've settled the issue of your personal finances, you can then go on to outline your funding plans and options. When it comes to funding, entrepreneurs are usually faced with about two or three options. These include:
• Personal savings
• Multiple investors and partners
• A project grant (in some cases)
Select your preferred source of funding and work towards actualizing it.
Now, you've probably already settled the issue of funding, but why spend money if you can avoid it? Explore the resources available to you and find ways to leverage them. For instance, you could have an influencer friend who would be willing to raise brand awareness for you at a lower rate.
Similarly, if you happen to have friends who have broken into the industry before, you could ask them for tips and expert guides. This way, you wouldn't have to spend a truckload of money on lessons from other experts.
Having the right workspace can really help to boost your creativity and motivation to work. First, decide where you want your new workspace to be located. Would you prefer to work completely from home or would you want to pay for an office space? Although an office space is the more expensive option, you wouldn't have to worry about creating personal space boundaries as is the case with working from home.
If you do decide to work from home, ensure that you set a boundary between your personal space and your workspace. Try as much as possible to avoid working from your bed. This way, you won't turn into a bed potato.
Not all employer-employee relationships have to end on a sour note. Sure, you may be leaving to create your very own empire. However, try as much as possible to leave on a sound note. This way, if you ever need help from your former employer, you won't feel stuck or stranded. Even if you never have to ask them for anything, it doesn't hurt to keep old bridges intact.
Ditching your regular 9-5 job for your craft business can be really scary, and rightly so. While this may be a great idea, it only pays off if you do it when the timing is right. Don't just write a "Thanks for having me" note and then hop into the world of entrepreneurship. For people who quit on fast and loud terms, the journey ahead usually turns out to be quite bumpy. So think, strategise and ensure you're ready before you take that huge step. Good luck!
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