Quitting your job and starting an e-commerce business
This is perhaps the most risky proposition you can take. Quitting ones job is not the best route to take if you intend on starting an e-commerce business. I know you might have heard the advice that success comes at a risk. This might be true for some, but success actually doesn’t come at any type of risk it has to be a calculated risk! There are a lot of advices that you can find online about starting an e-commerce business. You should know that starting an e-commerce business is easy, but starting a “successful” e-commerce business is not that easy. So when you have finally thought of that killer idea of yours that you intend on turning into the best business people have ever seen you also need to take into consideration that the business has a high likely chance of failing. In fact more than 70% of all e-commerce businesses fail within the first year. After three years the statistics is even more daunting. More than 90% would have failed within 3 years. Only 3% make it to an acquisition or IPO.
Before quitting your job make sure you have another source of income
Before you quit your job always make sure that you have another source of income before starting a new business. This might include previously made investments, your spouse or trust fund. Since your business might need capital to grow. You will also need some money to take care of yourself. You can also use your savings before quitting your job. Your savings will serve as a cushion when things go bad.
Before quitting your job make sure that you have done a market research
A proper market research will ensure that you are not playing a game of chance but taking calculated risks.