Here’s why you should dive head first (assuming you’re ready financially) into starting your small business:
- You’ll never be able to fully dedicate time or energy to your business if you’re working for someone else.
- Quitting your job says that you have faith in your company. That’s half of the formula for success!
- Once you take that first step, good things start to happen.
Why the Reluctance?
Sure, I understand you want the stability of a job and medical benefits. But have you looked around? We don’t live in stable times. And rather than wait until you get the boot or get laid off, why not take matters into your own hands and quit with a plan to do what you’ve always wanted to do?
It’s scary, believe me. But as they say, without risk, there is no reward. If working for someone else is all you want out of life, then kudos to you (but then, why are you reading this post?) But if you dream of running your own consultancy, pet store, salon, virtual assistant business or anything else – the only way you’ll make it happen is if you take that first step.
But Wait! Before You Quit. . .
Don’t jump out of the plane without a parachute! Make sure you have a business idea and plan, as well as savings to cover your first year or so of expenses. And look into small business or self-employed health insurance. It’s not as expensive as you think.
Now, don’t get me wrong: Sometimes working full time while you start your business is the smartest way to go, because you minimize risk and ensure you have income while you’re testing things out. But you reach a point where you can’t do both. If your business is picking up, you may find yourself tempted to work on it during office hours working for someone else (never a good idea), or may find yourself sacrificing what could be increasing revenue in your new business because you simply can’t juggle both sets of responsibilities.
At this point, it’s time to form an exit strategy. . .from your job. Do it tactfully, and explain to your boss that you’re pursuing your dream of running a business. Don’t burn bridges! Your former boss might end up being a customer or someone who refers business to you.
If you’re not quite ready to quit, balance your schedule so both your new business and your job get as much attention as you can give. Read books that help you plan your business strategy, and read as much online content as you can (after work) to soak up other business owners’ experiences.
Set a date to quit your job and stick to it. Let your family know what to expect after you’re a full-time entrepreneur. Before you know it, you’ll be done with the 9 to 5 and on to your exciting future as a small business owner!