In the World’s Economy today, joined with the ever-increasing instability of the job market, people of all ages and of all sorts of various backgrounds are making the life-changing decision to follow their own individual passions by starting a business of their own and leaving the topsy-turvy corporate job world in the dust.
Keep in mind, this is a giant fete to undertake and to realize success at your new venture, one must first learn how to quit your job to start a business utilizing a safe way to transition.
- So where does one actually begin?
- How do you plan for this venture in a way that will not leave you broke?
- When do you actually put in your resignation with your current employer?
- And maybe the biggest question of all is, When will my business actually start to pay me enough so that I can actually afford to quit my job without the fear of losing everything that I own?
This is definitely NOT a decision to me made fast and should be well thought out and planned before taking such a giant step to follow your dreams! So keep calm, take a deep breath and continue reading this article to gain some knowledge and practical steps to take to ensure that you start your business on the right track before acting on a whim and quitting your job.
STEP 1 – MINDSET
Even though you may be sick and tired of your job for whatever reason, you need to first realize and come to the understanding that not only do you need the income from your job to pay your everyday living expenses, but also that the income from your job may, in fact, be your sole source for financing the expenses of your new venture. In other words, think of your job as the Investor that is going to help you get your business started up and running.
It’s a proven fact that it takes money to make money so before you even begin to plan your business or even name your business, you need to have the “correct mindset” regarding the role that your current job is going to play in assisting the start-up of your new business.
Another “Mindset Factor” is that you need to create the “solid belief” within your mind that you are definitely going to do this and you’re not going to let anything stop you, no matter what! Believe that Failure is not an option (and not an excuse to quit), but also know that if you do end up experiencing some failures along the way (which is inevitable at some point), that those failures are mere “lessons to learn from” and that you will use any failures as an educational milestone to ensure that the next step you take does not result in the same but rather results in improved outcomes instead.
There are many other factors to changing and preparing your mindset for your new journey as an entrepreneurial business owner. While I do not claim to be a “master of mindsets,” there are several really awesome books out there that will help you begin this process so I highly recommend that you go get one and read thoroughly. Just be sure that it is a renowned book by a renowned author (one with high reviews from it’s readers) on the topic of “successful mindsets,” or you can choose to read one of my personal favorites which is the book named:
World-renowned Stanford University psychologist Carol Dweck, in decades of research on achievement and success, has discovered a truly groundbreaking idea—the power of our mindset.
Dweck explains why it is not just our abilities and talent that bring us success—but whether we approach them with a fixed or growth mindset. She makes it perfectly clear as to why praising intelligence and ability doesn’t foster self-esteem and lead to accomplishment, but may actually jeopardize success. With the right mindset, we can motivate our kids and help them to raise their grades, as well as reach our own goals—personal and professional.
Dweck reveals what all great parents, teachers, CEOs, and athletes already know: how a simple idea about the brain can create a love of learning and a resilience that is the basis of great accomplishment in every area.
STEP 2 – DESIGN THE PLAN
Once you have read the book above (or any good book on the topic of building a successful mindset) and you have your mindset geared towards success now, then it’s time to move on to Step number 2 which is the “Designing-A-Plan” stage.
One of the best resources for creating a business plan that exists on the face of this planet today and even on into 2016 and beyond is “The Small Business Administration” otherwise known as the SBA of which can be found online via their website, www.SBA.gov.
When you visit the SBA’s website, you’ll instantly find a plethora of topics and step by step tutorials on not only structuring a solid business plan, but many other topics ranging from choosing your business structure, how to register your business, how to obtain financing for your business, tips on filing your taxes and even as much as how to hire and retain the right employees for your business. Their site is literally a wealth of knowledge and the best part is…it’s Free!
Once you begin writing out your business plan via the online tools and education that SBA provides to you on their website, you’ll begin to learn and plan out the financing of your business as well. This will help you gain knowledge on how to budget properly and will also help you discover various sources for finding investors as well as startup capital, all of which are very critical elements of beginning a new business of any kind, whether it be a brick and mortar type of business or an online business…all the resources are there at your disposal.
STEP 3 – IMPLEMENTATION
Once you have completed your business plan and you’ve followed all the steps within SBA’s site to properly set up your new business, your next move is to begin implementing the strategies you designed within your business plan…and Start Your Business!
This is the fun part! However, it’s not quite time to quit your JOB yet because as you can now clearly see within your PLAN, you’re going to need capital (i.e. Money) to fund your business.
There are another couple great books that I’ve found to play integral roles in how to successfully plan, build and operate a business as well…and you may want to read these also before diving into the “Implementation Stage” of your business. Click on the photo of either book (below) to gather more information on the business success topics that they discuss (the titles are a bit risque, but I guess going into business for yourself can be too, so maybe there perfectly titled in that sense…lol).
STEP 4 – QUITTING YOUR JOB!
Now on to the scary and exciting part….Quitting Your JOB!!! But before you do anything crazy, let’s recap a moment to make sure you’re clear:
FIRST – You read a book (in its entirety) on reinforcing your mindset and creating successful habits and implemented the strategies within building confidence and motivation within yourself to move forward with this awesome business idea of yours.
SECONDLY – You designed, laid out, spelled out and planned out a great strategy (a.k.a. – a business plan) to thoroughly plan out how you’re going to start and operate your business and sought out professional advice as necessary.
THIRDLY – You began Implementing the strategies within your business plan and successfully started your business…Congratulations!!!
LASTLY – This is one of the most important steps of all before actually quitting your job, and that is…You’ve built your business up to where it is generating revenue and profiting enough to not only continue business as usual, but the profits are steady and enough to enable you to continue to “scale up” your business (meaning adding more services, products, etc. as well as growing your advertising budget or adding a new division…I think you get the point) on top of still being able to pay your own personal living expenses so that your lights don’t get shut off and your mortgage company is banging on your door telling you that they’re taking your house!
Once you’ve reached this point of success, then you are “safe” to consider quitting your job. Now if you were successful in gaining business grants, venture capital, or partnering with investors to the extent that would allow you to maintain a positive financial stance so that you can run your business full time from the get go, then this would be another scenario in which you’d have the option of quitting your job also.
FINAL NOTE – IN CONCLUSION
The decision is clearly yours to make and the purpose of this article is not to give you financial advice nor business advice for that matter, but rather to just bring some important aspects to the topic of quitting your job to start a business and simply open up your eyes to the fact that it’s NOT as simple as just waking up one day and walking into work to tell your boss that you quit because you’re going to start your own business! Acting haphazardly like this would actually lead to some devastating results! So do your homework, get armed with necessary education and information about starting up your business at www.SBA.gov, and consult a business attorney and/or business advisors as you see fit to start your business out on the right foot.
My wish is to see you succeed which is why I take the time to write articles like this one…and this one is merely a guide to help you find the right resources that will enable you to obtain the proper education, tools and action steps that will hopefully result in you becoming a Huge Success in whatever business venture and passion you pursue without making the very common mistakes that all too many people make when deciding to start a business and then quit their jobs right away.
May you all have a highly Blessed and Prosperous year in 2016, and please…if you found this article to be helpful or if you have any questions, please drop them in the comment box below and I’ll do my best to reply to you within 24 to 48 hours to help you find the answers that you seek.
All The Best,
Jeremy David Wilson, Founder