4 Truths About Leaving Your Job to Work for Yourself
If you’re considering leaving your job, then you’ve probably done some research on how to properly execute that transition. But you’re still sitting there wondering what you’re supposed to do while asking google “how do I become an entrepreneur with no money”, right? We’ll give it to you straight. There are probably lots of factors you haven’t considered – and if you prepare properly – you can overcome the challenges of entering entrepreneurship. Here we go…
Truth # 1: Leave your Job with a Skill
“Passion isn’t enough to start a high-earning business — you need to have skill. Susie Romans knows all about how to leave your job and earn real money, she says, “Get good at something, because you need something to bring to the table. I don’t want to mock the idea of following your passion, but you really have to have a skill, or expertise, or a story. Really highly skilled people and people with a high level of expertise can charge premium rates. You have to bring something to the table that’s impressive.”
Truth # 2: You’re Not an Accountant
“Get an accountant (yes I know you can learn to do your tax returns yourself – but trust me, a proper accountant can free you up to do valuable business building). Don’t just go with the one your uncle or dad recommended, interview 2-3 and ask for recommendations – it’s got to be a good fit!” And Keren Lerner has a lot more to say…
Truth # 3: Leaving Your Job Doesn’t Mean More Free Time
“A common misconception about leaving a full-time job and freelancing or working for yourself is that you’ll be freed of mundane and unfulfilling business tasks. False. If anything, the burden of juggling multiple priorities increases when you work for yourself. The onus will now completely be on you to figure things out without the support of a larger organization, so realistically ask yourself if you’re committed enough to manage everything from invoices and accounting to getting new clients and business development and on your own.” Check out more tips, here.
Truth # 4: It Might Not Be As Scary As You Think
Find a piece of paper, and divide it into two. In one section, write: Quit My Job. And in the next section, write: Stay At My Job. Now, ask yourself, “What’s the worst that can happen if I take this option?” for each. Brainstorm for a few minutes, then write the answers down in the appropriate section. Then, rate the consequences on a scale of 1 to 10, 10 being devastatingly bad, and 1 being not bad at all. So if you quit your job and it didn’t go well, what is the worst that could happen? Here are a few things:
– You could hate entrepreneurship
– You might not make any money with your business
– You could spend some of your savings building a business that never takes off.
And if this happened, you would either have to revisit your business, change direction and spend more of your savings, or you’d have to get another job. That might be a six on the pain scale because nobody would have died, gone bankrupt, lost his or her house or ended up in jail. If you didn’t quit your job, what is the worst that could happen?
– You could be laid off.
– You could be unhappy for the rest of your working life.
– You might never gain flexibility and freedom to do more meaningful work.
– Your earning potential would be limited to what the company will pay you.
Because you would be less happy, this might be an eight on the pain scale. Then, compare the two. Which alternative has the higher pain scale? Getting the “worst case scenario” out of your head and onto paper, and seriously considering how painful each scenario would be, is a powerful way to look at the situation through a different lens.”
So is Leaving Your Job to Work for Yourself Your Next Move?
If after reading this you’re left with the sense that this is possible then we’re looking to hear from you. Even if you’re not sure still, we’d like to know. Tell us in the comments: what are your goals, what are your stopping points? If you were to quit your day job, what skill would you offer your potential clients? What advice are you specifically seeking from someone who’s successfully transitioned out of the corporate world and into entrepreneurship? Don’t be shy, start the conversation in the comments below, or feel free to tweet us your questions @Bizzealot.