The key to financial freedom usually comes in the form of entrepreneurship, but dropping everything and putting your financial future in your own hands is easier said than done.
So you heard all the advantages of starting your own business and now you’re ready to tell your boss where he/she can shove the job you hate.
You envision the end of long hours working for “The Man” and the beginning of short hours working for yourself. From now on you will work at your own pace. Sounds good, right?
While there is a major quality of life benefit bestowed upon you once you get the ball rolling, starting your own business comes with some caveats that might require you to think twice about quitting your job.
Step By Step
Having started my own business while continuing to work I can tell you from experience that there are a few things you need to consider if you are thinking about leaving your current employer and going all in. Taylor Gordon from Entrepreneur.com provided a great service in this article by naming “4 signs you’re not ready to quit your job”. Here they are;
Your savings is looking sparse.
You don’t have short- or long-term goals.
You haven’t figured out health insurance.
You don’t have steady clients (or a plan for getting them.)
So let’s think logically here. If you have little money to keep your bills paid (and live), no clear game plan, no healthcare, and no clients, do you really think those things will magically work themselves out once you’re two weeks notice is up? Assuming you didn’t do the ‘shove this job’ exit mentioned earlier. Best case scenario?
Unless you’ve run into some financial windfall, you’ll have to rely on some kind of job to supply you with income while you get your company off the ground. Any other method is basically dangerous gambling. With your life!
If you’re still itching to quit, think about this; You are leaving this job to eventually have an easier life with more time for you and your loved ones. This is going to be stressful in the beginning no matter how you slice it.
Any way you can make this easier is a major plus. As Taylor says, “you can make a smooth transition after covering all of the bases of preparation.” Move too fast and loose and you could realistically end up broke and homeless.