Home / How to start saving money / Part 2 of 2 – I want to quit my job and start my own business. Where should I start? Majority of working professionals I meet have this question for …

Part 2 of 2 – I want to quit my job and start my own business. Where should I start? Majority of working professionals I meet have this question for …


Part 2 of 2 – I want to quit my job and start my own business. Where should I start? Majority of working professionals I meet have this question for …


Part 2 of 2 – I want to quit my job and start my own business. Where should I start? Majority of working professionals I meet have this question for me. I wish I could answer it in simple words for them but the answer to this question is complex. Complex because majority of them are stuck in the vicious circle of EMI – Salary. i.e their EMIs are always at par with the salaries they fetch. When I tell them You will need some survival money with you before you start your own business. They are clueless as they have obligations in terms of Loan EMIs etc. Where should you start? How about you start by doing some market research and making a business plan about what you intend to start? Once you have a business plan with you (note : you do not need a complex business plan. Build a simple plan with expenses – income estimates for an year) start saving money. And save money keeping the worst case scenario in mind. i.e what if the business does not make a single penny in first six months? How will the business survive and how will your survive? Think of all scenarios and set them in spreadsheets so that you control the course of business (at least in terms of expenses you make). For ex what happens if you do sales of USD 5000 in first quarter (best case scenario) – USD 100 in first quarter (worst case sencario) or USD 3000 in first quarter (an ideal scneario to help you sruvive). I think its more about mental preparation than anything else. Obviously once you start -you will work hard but businesses are unpredictable. It always help to be mentally prepared and the preparation comes with you laying down everything on paper (spreadsheets now ­čśë ) and then taking the plunge. I always maintain a spreadsheet which I use for all the small businesses I help. Link in bio: ift.tt/2PvNSJL



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