The idea of quitting your job may seem glamorous online.
Instagram community is filled with influencers sharing pictures of their lavish lunches before cruising on a sailboat to the next island. Then you see startup founders take ski trips with potential investors, and bloggers go on road trips to meet their readers. All of these make everybody want to quit 9 to 5 and become ‘self-employed’.
While the desire to be self-employed is not wrong on its own, the question is, are you ready for it?
The part of the story you don’t get to see on social media is that most people who quit their 9 to 5 just for flexibility and freedom end up falling into uncertainty, especially regarding finance.
If you’re thinking about quitting your job, you should examine your current financial situation to see if it’s the right time. Financial stability goes a long way toward allowing you to put in those “two weeks’ notice” with ease.
How to know you’re financially ready to quit your job
First of all, what is your plan?
No, it’s not just about a business plan and marketing strategy, although that’s important too. Instead, it’s all about getting a complete, unbiased look at how your current financial situation is.
It’s easy to get caught up in the fantasy of taking the leap, but seeing the hard numbers will give you a better perspective.
You will see a clear picture of what has to happen before you quit your job once you outline the numbers. As a result, you will feel more confident about making your decision rather than worrying about how to survive the first few months.
This financial analysis will prove crucial when you start setting a realistic timeline for quitting your 9 to 5. Some may have a timeframe of one year, while others may set it at a few months. It depends on what works for each person.
So how do you know when you’re financially ready to give up your 9 to 5 and what you will do in that timeline? It all comes down to understanding some key variables.
Your vision is clear to you
It’s not only about your short-term vision, but it’s also about your long-term vision. We’re talking a few years away here!
As far as I’m concerned, you are ready to leave your 9-5 job when you know what it is you want from your business and for your business.
Many aspiring entrepreneurs overlook this crucial step. Their “why” & vision are unclear, and their inability to articulate them is ultimately what unravels them.
It’s hard to navigate the present when you’re unsure about the future.
You have an entry and exit plan
Instead of hoping for the best, you’ve got it all planned out.
You have everything laid out in front of you, from your exit plan (such as quitting your 9-to-5) to your entry plan (such as transitioning into full-time entrepreneurship), and you’re very clear about what needs to happen and when.
Your quit date & the way it’s going to happen are all on the cards – not to mention who you’ll have to break the news to (your HR, most likely)
Not only that, but because you know how much more time you’ll have each day when you become a full-time employee, you’ve got that all mapped out too.
You aren’t going to just jump into full-time business without a plan, are you?
You’ve built a strong community
By now, you’ve built an incredible community of followers and fans, customers and clients.
You understand that to get others to learn from you, listen to you and buy from you, you must deliver a huge amount of value.
Additionally, you understand it’s crucial to be visible in order to be a successful entrepreneur full-time (which a good deal of people miss out on!)
Make sure that you have a community of people who trust you for guidance & see you as an authority in your niche or industry.
Additionally, whenever something that you would be perfect for comes up in conversation, position yourself to be the first person to be mentioned.
You’re thinking like a business owner
As you make sure your vision is crystal-clear, you have your finances in order, you have a thriving community of die-hard fans and you have a plan for your future, also ensure you’re thinking like a business owner.
It’s as if you no longer worry about the small stuff – you’re in the CEO mindset.
You know what task needs to be done (plus which ones don’t), and you’re focusing on progress over perfection, completing tasks that will take your business forward, not backward.
Furthermore, you will stop at nothing to ensure your business thrives and becomes the vision you had all those years ago.
Get familiar with what your job would be as a business owner.
4 things to do before leaving your 9 to 5
1. Make a list of goals
Having a successful business may require you to struggle financially. Your business may not be profitable for months or even years, so be realistic before cutting off a steady source of income.
It is essential that you prepare for the future by saving as much money as you can. Try to repay all your credit card and student loan debt as soon as possible. Also, if you’re currently renting an apartment, ideally, you should have six months’ rent saved up.
Remember to buy health insurance, otherwise, you’ll be paying out of pocket, which can prevent you from investing in your business.
2. Write a comprehensive business plan
It is impossible for any business to succeed without a solid plan. Having carried out market research, it’s now time to lay all the groundwork and draft a business plan that’s substantial enough to prepare you for the challenges ahead and pique investors’ interest.
How should the business plan be structured? You should start the document with an overview and a summary of your goals – the reason you’re starting the business. Additionally, it contains a description of your company and important information about the industry in which your company will operate. In your business plan you should also detail your marketing strategies for introducing and promoting your products or services to your target market. Also included in this document is information about how you will run the company. Learn more on how to register to write a solid business plan.
3. Make your business legitimate
Choose the type of company you want to start. Sole proprietorship, corporation or partnership? Would you like to start a Limited Liability Company (LLC)? Whatever structure you choose, you must register it with the appropriate government agencies.
See how to register your business with CAC in Nigeria.
4. Leave your job on good terms
As you prepare to quit your day job and start your own business, it’s crucial that you do so on a positive note. Ensure you have completed all your projects and, if possible, train anyone who will replace you. It’s important to say goodbye to your boss and colleagues the right way.
A business venture is a risky endeavour, and you will need all the support and positivity you can get to be successful. It is possible that your former coworkers or even your boss may soon become your customers.
In Conclusion
The whole essence of this article is not to create fear in you. No, far from it. Instead, it’s to save you from any future regret.
By all means, go ahead and quit your job if you’re convinced it’s what you want to do. However, make sure your motivation is not because you want to join the bandwagon of self-employed folks you see on social media. Similarly, make sure the time is right. Cheers.
Quick Summary
Prefer the short version? Here is a concise recap of the key ideas in this article.
You have everything laid out in front of you, from your exit plan (such as quitting your 9-to-5) to your entry plan (such as transitioning into full-time entrepreneurship), and you're very clear about what needs to happen and when. You’re thinking like a business owner As you make sure your vision is crystal-clear, you have your finances in order, you have a thriving community of die-hard fans and you have a plan for your future, also ensure you’re thinking like a business owner. Write a comprehensive business plan It is impossible for any business to succeed without a solid plan.
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