startup company

What Do You Need To Do Before You Quit Your Job To Form A Startup Company?

Linkilaw Startup Advice & Tips

You’ve done it! You’ve decided to cash in your chips, get out of the rat race, hit the ground running, and every single other cliche you can apply to form your own startup company.

But before you hire the marching band to announce to your jerk of a boss that you’re quitting – as this one industrious young American did in 2011 – make sure that you’ve got your life, both personally and professionally, lined up to make the transition.

Talk To A Lawyer First

The first thing you should absolutely do is talk to a lawyer, even if it’s just a free, 30-minute conferences. Explain where you work now and what you plan on doing when you leave. If your startup company is in the same industry or a similar industry to the job you’re leaving, you might have some prickly situations pop up that a lawyer can get you up to speed on before they drag you down.

[tweet_dis_img]startup company[/tweet_dis_img]

Every business has restrictive covenants in place to protect itself and its personal information, and you need to know the width and depth of that before even considering going into business for yourself in a similar field.

In the UK, a standard non-compete clause states that you can’t go work for a competitor for 12 months. So while you might be able to start your new company, you couldn’t actually work there for a full year.

Don’t Leave Anything Valuable Behind

Second, make sure you’re not leaving anything valuable behind at your current job. We’re not talking about your Dr. Who commemorative mug or your Tyrion Lannister bobblehead, but rather things like stock options and any other perks that were awarded to you when you signed on.

Let’s face it, if you’re the one up and leaving, your company isn’t going to be chasing you down the hallway to remind you about the perks you can pick up on. It will be up to you to visit the human resources department and get what’s yours taken care of.

Leave For Your Startup Company With Grace

Third, mind that exit interview. Even if you don’t expect to ever work for this company again, if you’re staying in the same industry, it’s quite likely you’ll be seeing the same people again and again. Some of them might end up working for you. So even if you’ve detested every moment you’ve had in your job up to this moment, now’s not the best time to burn bridges.

[tweet_dis_img]ken sundheim[/tweet_dis_img]

Word gets around when you act petty or condescending when leaving a job, and the last thing you want is for your new startup company to be tainted by your bad reputation. As creator Ryan Freitas says, “Your reputation is more important than your pay check, and your integrity is worth more than your career.”

Be sure to read these tips by Talent Rocket and make sure you’re 100% prepared for what’s ahead once you do begin life in your startup company.

Need Customised Legal Advice About Forming A Startup Company?

If you’d like to speak to a qualified lawyer about the legal requirements for forming a startup company then book a free Startup Legal Session. Click the image below to find out more.         

Startup Legal Session