As we roll into February, the New Year’s Resolutions made haphazardly at the start of January may seem like a distant memory. What was that about drinking less? As you pour yourself another large gin and tonic. That gym membership… not used it yet?

Some personal and lifestyle goals can be taken with a pinch of salt. Career and job plans, not so much, especially if you’re looking to break away from full time employment and start your own business.

According to the Office of National Statistics, there are currently over five million businesses, with 99% of these being an SME. Running your own business has many advantages – the ability to choose your own hours, not having to answer to anyone except for yourself, and more flexibility to adhere to family commitments. Being your own boss seems very appealing, but how do you know when you’re ready to make the first step?

There’s no “right time”

It’s true; there isn’t one time that is more perfect than the next. The most ideal moment to launch a business or start on the road to self-employment might never materialise, and you could be waiting forever. The key question is, do you feel ready? If the answer is a clear-cut “no”, stop reading. If the answer is “I’m not sure” or a resounding “yes”, perfect!

There are some key things you need to be aware of though before walking into your office waving a white sealed envelope containing your resignation. What will your cashflow look like over the coming months? Do you have enough in the bank to launch a business and sustain your outgoings? Is the market ready for your product or idea?

Of course you should take some time and plan your business idea out thoroughly, but don’t wait around for the right time or you could be waiting forever.

Be professional about it

It might not be wise to spread your intentions to leave your current job about the office and engage in water-cooler moments with Maureen from Accounts. However, a carefully constructed and planned meeting with your line manager could put you on better footing.

How you leave yor job could have a big impact on whether your start-up succeeds

Being open and honest about your intention to leave could result in your current employer helping you out by offering flexible working hours, part time work, or remote working whilst you’re finding your feet. Think logically about leaving full time employment and starting your own business, and don’t burn any bridges and be polite.

Know your resources

Donald Trump’s father gave him a $1 million loan to help build his empire, but unfortunately, not all of us are in that lucrative position. Many banks offer new business loans, and there are other resources available if you know where to look. The UK Government runs its own loan scheme, Start Up Loans, for aspiring entrepreneurs.

Funding might be a viable option depending on your business model, and many new startups turn to crowdfunding sites such as Kickstarter to get some more basic costings covered. Get in contact with your local chamber of commerce for advice and to meet other business owners in your area – remember that networking and building a support network can help your new venture.

Look to the future

The future for SME’s and micro-businesses is looking surprisingly bright as we steam through into 2016. With the GDP predicted to rise at a rate of 2.5% over the next couple of years, businesses could see more cash circulating and the economy rising. More money means more spending which in turn could benefit SMEs and micro-businesses.

Current business owners are feeling optimistic about the next twelve months. A Telegraph poll found that 56% of SMEs expect growth for their business in 2016 – is this the year that SMEs and micro-businesses can start to come into their own?

If the time feels right, you’ve got that burning passion inside of you to break away from your 9-5 job, and you’ve done your research, why not launch your own business and join the millions of others building their own empire this year?