Should you quit your job and focus on your own business: Advice to Entrepreneurs

Ten things to do before quitting your job,to run your business:

1. Ensure that your business generates enough money to pay all your recurrent expenses. Before making the great leap,determine how much money you need to cover all living expenses for each month. Then look at the income already generated from your business ,and see if enough money comes in to take care of your basic needs.

2. Consider finding another job that will equip you with the tools needed to bring more value to your own business.

3.Talk to your spouse to let them know your concerns and your desire to leave your job. This will give them notice,lest they are taken by surprise when you are home all the time. It is also a good time for your spouse to admit if they are similarly thinking about leaving their job.

4.Try to prepay some of your expenses,such as internet,electricity before you quit. This will give you a little comfort knowing that bills are paid.

5. Try to buy wholesale food items and store them. When the hard times come ,you will not go hungry.

6. Clear off major debt ,please be reminded that you can lose your house or car if you fail to make your monthly installments. 

7. Be prepared for uncertainties, business is  in and of itself uncertain. Some months will be feast,and some months will be famine. 

8. Before quitting your job,view your employer as your investor ,your financier,who is paying you a salary which you will then use to finance your dreams. 

9. Follow the proper procedure in resigning,so that you leave on good terms. If the services or products that you offer are in line with those of your former employer,you may conduct business with them.

10.Pray and ask for guidance.

The author is a Trinidadian attorney at law. She specialises in Anti Money Laundering and Countering the Financing of Terrorism. Please see the website http://asydneygroup.com ,whats app 868 373-1166

#soletrader #businessregistration #trinidad

Antoinette Sydney LLB LEC CAMLFC CFRMP

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Disclaimer:
The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.

No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.

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