If you are reading this, it means you desperately want to quit your job, and the internet might be doing a great job helping you decide. You may be watching certain videos that energize, and rally you up to quit your job. In your heart of heart, you can’t wait to tell your boss you are done and move your desk out with your head held high.
You might believe that people who work for themselves are happier in the sense that they are not trading their time. Trading their time for someone else, of course, in a job, they hate so much. In the same vein, you might be inspired by all the motivational speeches that propel you to create your own business.
There is a question Mark…
Why shouldn’t you quit your job yet?
There is a problem with those motivational speeches that you listen to. You haven’t thought about this rationally. No one ever tells you the other part of this decision. So, today, we’ll talk about the right time to quit your job. What are the things you should take into consideration before making this decision?. What are the things you should know so you can navigate the space of your transition? Stay with me.
What will you learn after you quit your job and succeed in your business?
Have you ever heard that working for someone else is a 9-5 gig while working for yourself is a 24-hours gig? Yes, this is the truth.
This reason is that you might want to become rich overnight. You could forget about socializing, sleeping, and even put your friends and family down. You will find yourself sacrificing everything to make your new business work.
Once you get older on this journey, you’ll learn a lot of things. Firstly, the moment you begin to put all of your attention on something. You dream about it, talk about it, work on it endlessly, it becomes your passion. With this newfound passion, you will catch yourself doing it 24/7. You might not be able to think of doing anything else because you would be obsessed with it.
Secondly, you will learn that there was no point in hurrying. You could have just calmed down and taken your time. For if it was a goal to make a certain amount of money at a certain age, you would have been fine if you added extra years. There is nothing wrong with that, you’ll learn this afterward.
Are there times you should just quit?
Yes, there are times in the air, when everything is pointing to you to jump into that goal and make it happen. Then, you should spraint into such opportunities and make them happen. In such instances, you need to remember to take some rest afterward, knowing that such spraint is just temporary.
The growth opportunities that you get while working on your business are second to none. And no one thinks you can get this while working for someone else. You have the full weight of all the responsibilities and it can be very scary at times.
It will make you feel alive, also, failure will always seem to be knocking on your door. You will find out that you can outrun failures because it brings you the opportunity to re-access everything and come back stronger.
What are the things you should do before you choose to quit your job?
These things are important for your transitioning and they are concrete steps you ought to take for better transitioning.
Calculate your expenses
Before you quit your job, you must know how much you need to live upon every month. Therefore, calculate your expenses and a bit of living cost. Discover how much you spent monthly, and break it down into weekly rates. With this knowledge, it will be easier for you to not substitute your current income with the income coming from your business.
No income is crippling
Do not quit your job until your income from your business is consistent for, let’s say, 3-6 months. It has to probably be the same amount as your expenses or extra. A three to six months income is a good formula, as you won’t be living on luck.
Once your business can generate half of your living expenses, you can begin to reduce the number of hours you work at your job. It’s stupid to quit your job immediately, because you can’t be creative when you have bills coming in, and weighing on your mental space. This is the part where it is crippling because you have no idea how to foot those bills.
Read Also: 6 money lessons that will surprise you
Yes, there are success stories like this, where, they just quit their job with no money down. If you are not that kind of person, don’t try it, especially if you have dependents on you. If you have little responsibilities, it won’t take long for you to replace your income.
Try Part-time first
You have to have a regular job, while you work on your passion behind the scenes. You need to have stability, and at the same work on your business. You may not be familiar with this world, therefore, mistakes are inevitable. While you stumble, fall, and rise again, you need that peace of mind, therefore, try the part-time approach first, and move in completely, later.
People say this all the time, “have am emergency funds, 3-6 months in case something goes wrong”. However, you would notice that you might never have to touch this money. And that is because you will experience this kind of peace and calmness around you just because you know it’s there.
Read Also: How saving money sets you free
Have a savings buffer around you and experience for yourself what it will do to your mind. So, when you plan to quit your job and get into business, try to build up these emergency funds first. Even though you do not get clients during the first few months, you wouldn’t fret over anything and lose your creative mind.
Consider your debts first
Before you get into business, you have to pay off your debts first. Sacrifice a few months of pleasure, and rid yourself of debts. This way you will be able to focus on building your business and moving into financial prosperity.
Don’t stop your savings adventure and also learn to invest to unlock other financial levels for yourself. Begin to take full responsibility for yourself, your business, and your finances today.
The world you are getting into can be overwhelming, and scary, but when you know you have full control, it feels good. Leap today, and be in control of your finances.