Want to quit and start your own business? Ask yourself this:

Leaving a current position to pursue your passion may sound exciting and daunting all at once. But the reality is most employees consider the option at some point in their career—particularly Millennials, of which 67% say they want to start their own business. It’s important to recognize becoming an entrepreneur can have huge pay-offs but also major downfalls, if the right preparations are not in place. Here are a few things to ask yourself before taking the leap:

Does my passion have longevity?

Yes, you love the thought of opening a yoga, irish dance and crossfit box, all in one, (it's certainly an interesting mix), but does your business idea really have the longevity you need for success? Your connection to your new business is like any relationship—it starts with a honeymoon phase and then it becomes real work. Many times we think about what’s lacking in our current position and how an ideal job could supplement those gaps. When thinking about what type of business you want to start, it’s important to consider not only how much you would enjoy the positives but how you’d be able to handle the negatives. What happens when sales go down or funding doesn’t come as soon as you’d hoped? Make sure you can love the good, the bad, and the ugly about your passion and where it will take you.

Am I set up financially for the short-term and the long-term?

One obvious effect in the short-term of quitting your job is no more paychecks. While your business idea may seem like the best thing since sliced bread, be sure to face the reality that it might not take off right away. Whether you’ll need to look for funding, or you have a sizeable investment lined up already, the future is never certain and starting a business always involves a great deal of risk. Having a stable financial situation in place is key to starting a new endeavor on the right foot, both in terms of having the finances you need as well as your keeping your stress level relatively low. Budget out your personal expenses over the next year, as well as the investment it will take to start your business, and find an amount to aim for in savings while you still have your current job.

Do I have a business plan?

Any great idea needs an effective strategy. Have you done market research, considered the competition, identified your brand’s key differentiators and selling points, or conducted initial testing with your intended target audience? These are all aspects to consider when formulating a business plan that can serve as a solid foundation for your future. A tried and true method of starting a plan is to conduct a SWOT analysis, taking a thoughtful look at the strengths, weaknesses, opportunities, and threats of your business idea (and a competitive analysis). From there, you can build out the remaining framework and leave your job with greater peace of mind knowing you have a solid plan in place.

Should I keep in touch with my network?

No matter what industry you’re in, any professional should recognize the power of their network. Even if you plan on changing industries, you should never assume that your previous contacts are not as useful as they once were. Continue maintaining those relationships by attending events, joining community organizations, sending a quick message through LinkedIn, and so on. You never know when a contact from your former industry will be able to connect you to someone relevant to your new business. The professional world has become vastly more connected than ever before, thanks to technology and social media. Any contacts you’ve worked to gain throughout the years should stay with you in your endeavors as an entrepreneur.

So before making the trip to your boss’s office to announce your two-weeks’ notice, take the time to make four essential preparations for launching your new business. It’ll help you in the long run and allow your next career move to flourish the way it should. 

Suggested Reading: Ready to quit? 6 signs you're ready.