When to Quit Job and Start Your Business in Bangladesh
Quit Job and Start Your Business in Bangladesh
This is a vital question and the answer must be practical as well. Because of this answer, your entire life is depending on. Then, what would be enough for you to quit your job and start a business in Bangladesh?
Depending on some exact answers to some question, you can quit a job to start a business. These include where you have any evidence that your idea will fly, you’re ready to be flat broke for a couple of years, good problem solving interpersonal skills etc.
Not only these but there are many more things are related to this issue. These all will be cleared when we’ll discuss them in details in this content. So, keep continuing with us till to the end of the article so that you can get a transparent view of the concern.
An Overview of the Business in Bangladesh
Sometimes it could be a risky move to start a business quitting a stable job. However, you can find the courage to take the chance if you have an idea burning within you, and an entrepreneurial spirit that wants to see the light of day. Also, before you decide to leave behind security and a steady income, it’s crucial that you’re ready to embark on this journey.
Without asking enough questions and/ or without doing enough research, some people start entrepreneurship which is a completely non-smart decision.
You must ensure your product or service is something that people actually want or need. Also, that must be enticed to the clients away from competitors. So, if you want revenues you must get customers.
Tips to Quit Your Job and Start Your Business in Bangladesh
When you’re in the confusion of quitting your job to start your own business in Bangladesh, you can do one thing. It’s that in your spare time until you know for sure it can survive in the marketplace, build your company on the side.
We mean that of the side business or part-time businesses that suits your passion and expertise. Now, let’s get some tips before quitting your job to start your own business in Bangladesh.
1. You must have potential to be flat broke for a couple of years
Why is it important to you? Let us take an example. With their own savings and credit cards, Toshniwal and Mehra funded Y Media Labs. After that, while they built a solid customer case and refined their mobile-app technology, there was no cash out of the venture for the first two years.
This time, they lived a very frugal life and they took such a hit financially that we almost gave up. But, it isn’t like everyone’s cup of tea. You always get paid no matter how the business is doing if you work for someone else.
2. Overcoming obstacles and problems solving capability
If you’re good enough at overcoming obstacles along with good problem-solving skills, you have a good chance to get success in your own business.
You have access to the company’s resources as an employee. If you get any problem, you may assume your manager or someone else will take care of the details.
But, it’s just you doing everything when you’re in a brand-new enterprise. This is much important to continue your business venture for years.
3. Get a side hustle first
It makes the risk less daunting while still working a day job with that entrepreneurial experience. You also can gauge the potential success of your startup before going all in as you still have the safety net of a career. You can likely manage your paying job with a side hustle for some period of time in most cases.
This will help you define the initial business model for your own company and do some market research while doing this. Also, it’ll define your customers and the stability of your business.
4. Financing sources of your business
To be running out of money is one of the most concerning risks of quitting a decent-paying job for a budding business idea. So, you need to ensure that you’re financially ready before leaving your company.
This is because you’re still going to need for put food on the table and a place to live in. Start a career that excites you while it might be tempting to give your two weeks’ notice.
Because you’re passionate about it, a lot of people will tell you to quit your day job for your startup. However, when taking your side hustle full-time, it’s far more important to be practical and prepared.
5. Planning for your business
You must not be blind to get into a new business. You must have a business plan intact if you want any chance of your idea taking off. It’s essential that you must have a detailed business plan with an understanding of what your business is and does.
Moreover, it’ll have to have where you are at in your development stages and your target audience. Also, you need to include your competitors, projected profits, and losses etc.
6. Networking with people
It’s all about whom you know when you’re in the business world. If you aren’t willing to connect with people in your industry it doesn’t matter how talented or passionate you are. As core skills for your business, networking, and marketing is the key.
That’s why you need to be great at engineering, for example, if you’re an engineer. But, there is no way but being good at marketing and client acquisition. If you’re not so you have to hire someone who is an expert in this matter.
Quitting a job to start an own business in Bangladesh is somehow risky in the entrepreneurship. But, the business world would be nonexistent if every business owner cowered in the face of uncertainty. In contrary, working a steady job is just as risky if you’re worried about the risk of going on your own. This is because you could lose your job at a moment’s notice.