Sufiyan Abas

Full time accountant pursuing the ACCA. Just wanna share with people on how I manage my finances. I don’t know if you would find it useful but if you have any better ideas or would like to share on how you manage your finances, please let me know because I believe that we could help young adults manage their finances.

 

 

Lately I’ve been listening to alot of people who are planning to quit their jobs and start a business of their own. While I admire them for taking that risk of becoming their own boss, I told them that they’ve got to be prepared before taking that giant leap and handing in their resignation letter.

1. Update your resume. 

Yes, you might be your own boss and you might think that you don’t need to submit it to anybody. But an updated resume could help with potential clients/investors to show them that you’ve had the relevant experience, knowledge and talent to be successful. It’s more than just building your company’s brand. It’s about building your own brand.

2. Be financially stable. 

I would recommend people to have at least 6 months worth of salary in the bank account if they’re planning on quitting. For emergencies and monthly expenses (should you not be able to land a job so soon). However, for people who want to start their own business, they should have at least a year’s worth of salary in their bank. If you don’t, then maybe you should stick it out in your job a little longer. At our current economic rate, getting a loan may not be as easy as it sounds. Plus, if you do get the loan, remember that the less money you borrow, the less money gets taken out of your profits.

3. Do your homework.

Many of upcoming start ups have great ideas but don’t know what they need to make their ideas work. Remember to do your research before launching especially in the legal aspect of things (licenses etc). Some things to consider is Where would your income come from? What contacts do you have that might buy into your idea or help you market it? How would you support yourself if you went out on your own?

4. Find a mentor within that specific field. 

You don’t need to just have one mentor per se. You can have multiple. You can have a mentor who’s a successful entrepreneur and at the same time a mentor who’s an expert in finance. Mentors are there to guide you and ensure that you don’t make the same mistakes they made. To keep your emotions in check (because they’ve been through it all), saving you money since you don’t have to hire a business coach or an external consultant and also they can help expand your network. The best thing is that a mentor can be anyone you know or look up to.

5. Don’t burn bridges. 

Once you’ve done all of the above, you’re ready to quit. But please, while serving your notice period, make sure that you’ve left no stone unturned and there are no pending work to be done on your end. It’s important to keep a good relationship with you bosses and colleagues as they will be a source of reference for the future. After all, they are a bigger and more successful business.

 

 Have a look at https://sufiyanabas.wordpress.com for more inspiring matters on life.

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