So, is it time to quit your day job and start a business? The great resignation has shown us that many people aren’t happy with their jobs. Do you know what, if you’re unhappy with your work, you should look for something else. However, if the new job is starting a business, you should also consider if you’re prepared to take that next step.
For example, let’s say you’ve been doing freelance work on the side for the last couple of years. Going out on your own often crosses your mind, especially after a rough day at work. How do you know when it’s time to cut the cord, take a leap of faith, and go to work for yourself? No one can be certain the time is right, but you can take a lot of the guesswork out of your decision.
Is it Time to Quit Your Day Job and Start a Business?
In the summer of 2008, I left my job of over ten years and went out on my own as a freelance consultant. I had things in my favor, including funds to match my income (savings and severance) for at least one year, insurance for 18 months (COBRA), and the complete support of my family.
How Can You Take the Guess Work Out of It?
- Set aside enough incometo match your current full-time pay for as long as you believe it will take your new venture to replace that income. If you’re not in that position, my best advice is to start saving.
- Consider your family. If it could put your family in immediate jeopardy, you’re not ready.
- Replace the benefits. The income needed to pay for insurance needs to be part of your plan. If you can’t replace it, wait until you can. You and your family need insurance.
- Have work contractedor pre-ordered for at least three months in advance. You don’t want to begin your solo career with the pressure of having to sell, sell, sell. Release the pressure by being ahead of the game.
- Take a vacation. Who knows when the next one will be?
- Think about your health. How will the stress and pressure of owning a business affect you? How is your current health and mental state? Are you ready for the physical and mental rigors you will face?
- Is it your true calling? Is this what you’re supposed to be doing? Are you passionate about the opportunity? If not, what areyou passionate about?
- Research your competition. Whoever you’re competing with has a foothold — they’re ahead of you from the start. Is there room for you? Do you have a unique position in the market that solves prospects’ problems?
- Find a way to have fun. Work can’t be fun all the time (or can it?), but it needs to be fun some of the time.
So, Is it Time to Quit Your Day Job and Start a Business?
Are you ready to take on the challenge? If you aren’t prepared to handle the first three bullet points, you aren’t ready. Instead of quitting your day job, create a plan to meet the first three points. The other seven points will help you be successful sooner, happier, and longer.
I have several friends who have disregarded all or most of these bullet points and, despite themselves, are successful. Have you broken the rules and made a go of it? If so, tell us how — we’d like to hear from you.
How Can I Help You?
I like to help people and organizations, but I have three criteria I consider before taking an assignment – I believe in what the organization stands for, I know I can help, and it looks like fun. If you have any questions, Contact Me.
So, does your business have a management training plan? Because, if not, many organizations, large and small, use my book, The New Manager’s Workbook a crash course in effective management, as the basis for their leadership development program. Check it out. It might help you stop putting off what you want to do.