Ready to Quit Your Job?
Earlier this year I spoke at a business book camp hosted at a local community college. I was a guest business coach and my job was to help these small groups of participants create a business plan in under 5 hours. One participant asked me a question that I still get asked pretty frequently,
“How will you know when it’s time to quit your job and start your business?”
The honest truth is, no one can tell you when it’s time to quit your job and pursue your passions. That’s between you, God, and how well prepared you are to step out on your own. Everything I do here at The Success Center, Inside the Success, and coaching is part-time. I work a full-time job and you better believe that I’m beyond ready to quit, but . . . in the right season. However, until that season arrives I’m still going to do my job to the best of my abilities no matter how bad I’m ready to give it up and take SBLS Media (the parent company to all of my media properties) full-time.
With that said, here are a few things that I’m going to make sure are in place before I quit my day job. (And, of course, I would suggest you do the same!)
1. Work your vision like a full-time job – That way, when it starts bringing in full-time money you can quit. Pretty simple right? But it’s really the key to getting your briefcase out of your bosses office and into your own. At my job I work around 8 or 8.5 hours and when I get home I dedicate at least 3 hours to everything you’re interacting with here. Three hours is the minimum, but I usually work up to six. It just depends on what I’m doing.
I work 7 days a week which includes work, writing articles, doing interviews, coaching, etc. So, if you’re really serious about taking your business full-time then be prepared to become a work-a-holic. Great if you’re already one like me, but don’t be scared if you’re not one yet. Your time is manageable and it’ll get better once you take it full-time.
Note: Make sure the business that you’re starting is something you’re really passionate about. I love sharing information in these articles, hosting the radio show, and other things that I do. It really keeps me going!
2. Quit on Good Terms – If you decide to quit make sure you don’t burn any bridges so you can easily go back to work if you have to. I’m not trying to jinx you or anything, but if something were to happen with the business you’re going to need a safety net. Let’s make sure you don’t turn that in when you quit your day job.
3. Save 3 months worth of salary - This is what financial planners will tell you when you’re saving an emergency fund. Wiser business people might tell you to save at least 6 months for a financial cushion during rough times. But, I think 3 months is good enough to start with for general expenses. Remember, if God gave you the vision, He’ll give you the tools (money, equipment, resources, etc.) to make it happen.
4. Prepare your Family – If you have a family, make sure they are prepared for the change. Not the change of seeing you at home more often, but the financial one. This means, you might have to cut back on certain expenses, eating out, going to the movies, etc. If you’re married, sit down with your spouse and go over the game plan which should include your business plan, marketing plan, and household budget.
5. Prepare Yourself – Taking a venture full-time really means that you’re in business to support the business and yourself. When times get a little rough you might have to decide whether to pay bills or eat. (Hate to sound so drastic, but I’ve been there.) Are you ready for that? Prepare yourself by living under your means for a month and see if you can handle it. Seriously, it’s a good test of perseverance. This will require strict budgeting, maximizing current resources, family, and friends.
6. Pray (Nuff Said!) – Before I make any life changing decisions I go to God and He leads me in the right direction, everytime. Being spiritually in-tune really makes these types of decisions easy. Just remember that making the decision is the easy part, trusting the decision, and following through really requires faith.
Let me hear from you. Do you currently run a business full-time? If so, how did you know when the right time to quit your day job was? If you’re feeling like me and ready to quit your job and take your vision full-time, what else do you think is necessary to “step out?” Sound off in the comments below!
Update: 1/12/2010: This article was originally published in August 2009 which, a month later God saw fit to move me into new territories as a full-time flight attendant. The move has allowed me to devote more time to growing this blog and to connect with entrepreneurs across the country. Watch this video explaining how God Repositioned Me for Success.
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About the Author
Rod
