Is there room for failure in your life? If you answered ‘no’, you aren’t ready to be a full-time entrepreneur. You’ll be ready when you can say ‘yes’ and accept failure as part of the process.

Your plan should entail the what, how, when and why. It will be a roadmap to your goals. Don’t only plan the next two months; plan for the next three years and beyond. It won’t be 100% accurate, but it will help you to land close to your target. Without one, you could land anywhere.

Don’t waste time on a 20-page business plan; focus on a straightforward, quickly implementable business model. If your business isn’t too complex, use Excel and do the essential financial calculations (profits, markup, break-even, overheads).

Will your employer’s policies, notice period and other legalities affect the products or services you built while in their employ? If you are going into the same industry with the same services and products, be sure that you are allowed to.

Keep overheads low. If you don’t need an office, don’t have one. Downgrade your lifestyle so that you don’t put too much pressure on the business. If you start out with a corporate mindset, you’re bound to fail.

There are only 24 hours in a day and if the business has to support you financially, you’ll have to put in longer hours than nine to five. If you can, get an assistant, be it at home or in your business.

Talk to family members who will be impacted financially or otherwise by your decision, and get their buy-in.

You will need a healthy dose of over-optimism. The day you lose it, is the day you stop growing and stagnate. But watch out, it could lead to failure too.

Formalise the company before leaving your job. Once you are operating full-time and professionally, you will need compliance documents to access funding or other opportunities.