Facts you should know before quitting your job

Consider This Before Quitting Your Job

Admit it, at one time or another we’ve all thought about quitting our jobs and opening our own business. Living out the “I’m my own boss” dream and rolling around in our own personal money vault like it’s a pool – Scrooge McDuck style.

That being said, all of us responsible adults know that not how it really happens. So for those of you on the verge of taking the plunge – here’s some things for you to consider first.

[error]1. Job[/error]

Your current job. Does it make you miserable? Will it make you miserable no matter what company you work for? Does just thinking about why you chose this career make you have an existential crisis? Then it’s time for a career change. Not necessarily opening your own business, but maybe just a career change. It may sound like opening up a business is easier than going back to school but that’s really not the case. This is a huge decision, quitting to do your own thing, and you have to think it through down to the very last detail. If you still decide to go down the road of being your own boss then make sure you stay at your current job – you know, for steady income – while you come up with your business plan on the sly. Be warned, this isn’t an easy or stress-free process and it could take years before you actually get anything off the ground. And then of course there’s…

[error]2. Money[/error]

Do you have any? If not, you’re in trouble. In every new business venture, one of the first and most essential questions you need to ask yourself is “How will I make enough money to keep this business going?” You need to have realistic projections and sitting down with a financial advisor is a good route to take – those folks know what they’re talking about. Secondly, there are a lot of hidden costs that many new business owners don’t take into account which is why having a solid “emergency fund” is a smart idea. Many new business owners cut costs by taking on multiple roles within the company until it can afford to hire someone full time. That means you’ll be a manager, salesperson and even the janitor until your business can really take off and hire a full time staff.

[error]3.Backups[/error]

It’s time to let reality in. There is a very large chance that your business will not succeed. In which case – you really need a back-up plan. Talk to your boss, maybe they will be nice enough to let you go and try your hand at business, but should it fail, ask that they keep a position open for you. Or you can keep sending resumes out while you’re working on getting your own business started but either way, there’s no harm in having a plan B when things go south.
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