Leaving your jobWith the new year fast approaching, you might be one of the many Australians considering taking the plunge and tackling the dream of “being your own boss” in 2015.

Don’t get us wrong, New Years resolutions are great, and being your own boss can be wonderful, but how do you know if you’re genuinely ready to start out on your own?

Here are 5 questions you need to ask yourself before you quit your job to start a new business:

5 Questions to Ask Yourself Before you Quit Your Job


  1. What kind of business do I want? – First things first! What kind of business do you want to own? Are you interested in a retail store? Or have a service you can take mobile? Are you interested in management? Or finance? There are a lot of choices out there. If you’re not sure where to start try weeding out the things you aren’t interested in first.
  1. Can I afford it? – Starting a business isn’t cheap and you’re going to need some funding resources in place, either from your own savings, a bank, or even investors. You’ll also need to cover costs until your business is profitable, and have some wiggle room for any unexpected expenses that crop up.
  2. What are my priorities? – Knowing your own priorities will help you figure out what lifestyle you want to nurture. Do you want to have weekends off and be home in time for dinner each night? Or are you happy to burn the midnight oil? Do you want to set out completely on your own, or would you rather the safety net of a franchise?
  3. Can I self motivate? – Some days will be harder than others, and on the days that aren’t so great, you’ll need to be able to drag yourself through apathy or lethargy, and still get the job done. You won’t have a boss breathing down your neck, so you need to make sure you can breathe down your own!
  4. How do I define success? – What does success look like for you? Do you want a billion dollars in the bank? Or do you just want to be free to spend more time with your family on the weekends? Everyone has a different idea of what success looks like. Knowing yours will help you find the right business path for you.