Four questions you should answer before taking the leap.

If you are thinking about starting a business, perhaps the most important question you will ever ask yourself occurs at this crossroads: “Should I quit my job?”

The possibility of leaving your job may inspire you to dream. You might fantasize about the freedom that comes with being your own boss. You may also imagine the satisfaction of having more control over your life. Both of these are intriguing possibilities.

However, in addition to being a bold dreamer, you must also be a practical realist. Quitting your job is a big decision. Applying an objective lens to the following questions may help you decide if leaving your job is the right choice.

Do You Have a Business Plan?

Your business idea might take the world by storm. But just having an idea isn’t enough. Before resigning to focus on your business, you need to formulate a comprehensive plan.

An effective business plan will give you a blueprint for the unpredictable road ahead of you. It will also help you measure your competition, determine the size of your target market and plan for unexpected circumstances.

This is your chance to shine a bright light on your idea and test the concept. Be rigorous in your examination. Not every idea turns into a successful business. If your idea lacks a customer base or the market is saturated with competitors, it’s better to discover these facts before leaving your job.

Are You Passionate About Your Idea?

While it’s important to focus on the profit, don’t forget to follow your passion. Running your business may take you on an emotional roller coaster, so if you are only doing it for the money, you might as well continue to work for someone else.

Some days owning your own business will bring you great satisfaction. On other days, you may feel overwhelmed by the sheer volume of work that must be completed. This is when focusing on your passion will prove helpful. Some entrepreneurs have an affinity for helping others. Some business owners enjoy working with their hands. Still others possess an intricate knowledge of a topic they enjoy sharing with the world.

Are Your Finances in Order?

Ideas for launching new companies are everywhere, but your business concept must match both your personal vision and your pocketbook. To assure that your business concept matches available funds, you must be as realistic and accurate as possible in startup estimates. Some entrepreneurs try to force the budget process to match the amount of money they have available. Your startup cost estimates—not your current available funds—should reveal how much money the business concept will require.

When thinking about starting a business, keep an eye toward being frugal where you can. If office space is too expensive at the start, for instance, consider working from your home. Additionally, there are numerous freelance websites offering affordable help on everything from logo creation to content development to business plans.

Are You Prepared for the Time Commitment?

Budgeting your time is as important as budgeting your finances. When your business starts up, it’s likely you’ll be working more hours than you do at your current job. As your focus switches to the needs of your customer, you may have to give up activities you enjoy.

New business owners frequently sacrifice their weekends and vacations to run their business. Are you willing to make such sacrifices? If so, communicate your new business schedule to your friends and loved ones. They will appreciate your honesty. As your business grows, you may have the resources to hire employees. Regardless, you’ll need to be a master at managing your time.

Being an entrepreneur isn’t easy. There will be time and monetary demands placed on you from Day One. However, as you consider these topics, remember there has never been a better time to start a business. There are more tools and resources available to a potential business owner today than at any time in history.

Equipped with a plan for success and a passion for the cause, you will begin your role as an entrepreneur on the right path. And soon, your business will seem less like an idea and more like a reality.