Be prepared before you leave your job

The 5 most important things before starting a home business

Don't quit your day job just yet. If you want to start a home business, there are the 5 most important things you need to do first. Leaving job security with established, health insurance and other benefits will make you feel insecure and you will be unable to stay focused on your progress, so for those who want to pursue their dreams of owning their own business: be prepared!

1. Analyse your exit strategy

Analysing and preparing your exit strategy will be crucial to your long-term success as a home business owner.  Do you have adequate savings?  If you are married, will you be able to participate in your spouse's health insurance? What is your marketing plan? Do you have customers?

 Creating a solid plan so you and your family
know exactly what the financial picture will be.

2. Create a Financial Plan or check your current one.

How much salary do you have now and how much do you need? What are your fixed expenses, variable expenses?  Creating a solid plan so you and your family know exactly what the financial picture will be by the time your business gets off the ground and starts generating income. In FuuZzi's services, this is called personal goals or budgeting. This is the time when we will write down all your income and expenses to make them more visible.

3. Choosing a business model.

There are several business models to choose from; home party plans, consulting and affiliate marketing to name a few.  You need to make a decision based on your personality and what you are best suited for. If you are unsure, jump into 1-2-1 support with us as Choosing a legal entity for your business should be discussed with a tax accountant or attorney.

4. Set your business benchmarks.

You wouldn't travel across the country without a road map, your business is the same. Establishing financial and business benchmarks will help you create a focused plan to help you succeed.

5. Have a medical check-up.

What does a medical check-up have to do with your business?  When you leave your job, your health insurance will most likely change and as unfair as it may be, trying to get new health insurance in your 40s, 50s or 60s can be difficult.  While pursuing your dream of a home-based business is something you're probably very passionate about, if you don't have good health to enjoy the rewards of your efforts, not much else matters. 

Before owning a company set up your strategy

We know there is more meaning in life than commuting to a thankless 9-5 job, but there are important steps we need to take first.  Planning and preparing for your home business now will lead to fewer headache's later.