Hello friend, how does it feel working 8 hrs per day or 40 hours per week for your boss?, have you ever felt like quitting your job to start up a business of your own?.
Hmm, to some it feels cool, they are just fine with it, but others feel bossed around at work.
Have you ever imagined if you were actually the boss giving orders around?.
Oh yeah, I know you like that, but being a boss comes with a lot of task and responsibilities so don’t jump up too soon.
In this article, you will not Just know what it takes to run a business, but you will also discover the bitter truths you never knew about quitting your job and getting self employed.
Remember that quitting your job without another job to do can be a terrible experience, so kindly play safe before quitting your job.
Bitter truth you never realized before quitting your job.
Let’s quickly examine some 8 factors to consider before quitting your job and setting up to become self employed or an entrepreneur.
1. Get ready to work for 12 to 16 hours a day:
On my God, this sounds so crazy, I work 8 hours a day for my boss but will work 12 hours a day for myself, this is nasty, why do i have to work such lengthy hours…
Okay relax, Let’s tell you why…
First, working for your boss gives you a certain role to play in his company.
That means if you are the sales personnel then you have little or no concern about what the marketing manager or secretary does, you have little decisions to take and little meetings to attend.
This also means you just play your part and go home after your 8 working hours is over.
Besides, being a boss will demand that you oversee how your sales personnel is doing, what progress have been achieved by your marketing manager and what appointments are booked by your secretary daily.
All these activities above take a lot of time so now you see why you’ve to work more hours.
2. Be prepared to work for free before quitting your job:
What do you mean by work for free, I earn as an employee but now you want me to work for free as a boss, who does that?
This should scare anyone quitting his/her job right now…
Oh my God, I know in your mind right now you’re pondering and asking yourself “how do i survive if i work for free”,well, you’ll because others have survived it before you.
So just find a legitimate way to survive if you really want to become the boss you always wanted to be.
Well, you wouldn’t agree not earning a month after working for your boss as an employee, you might sue him or her by human rights and labor, but here you’re working for yourself so who will you sue?, no body.
Nevertheless, this is one of the killer truth it takes to start up a business and dump that boss who wants you to work 40 hours a week for him before he give you a paycheck.
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3. Get prepared to reduce your sleeping hours or don’t quit your job:
Oh stop all this crab, I rather go back to work for my boss than take all this stress.
I know such thoughts might be running in your head right now…
Oh yeah, that’s what your boss never told you, maybe his business has now grown so much that he can afford to take deliberate leaves as he wishes.
Kindly ask him when he started his business and he might just tell you a worst story to what you hearing right now.
Well, don’t get worried, being a boss is as easy as being an employee, the only difference is that one rules the game, makes the decision, hire and fire at will while the other plays along with whatever comes up.
Well don’t forget your boss still earns far more than he pays you, how does he afford such luxuries, oh yeah, those luxuries cost some good amount of money you wouldn’t wanna dare with what he gives you as a paycheck.
4. Accept failures when they come as an opportunity to rise higher:
Here you go again, what do you mean by accepting failures… Why should I fail?
Well, a research has shown that most entrepreneurs fail and struggle to succeed in their first year of business.
Others even go bankrupt, some close down their businesses and start all over again before they finally realize which business strategies and techniques work for them.
Read the stories of successful entrepreneurs and billionaire around you, it’s shocking to discover that most of them failed so much until they learnt how to succeed.
This means running a business can be truly demanding, it takes knowledge, experience and guided steps to win your share of the market.
One famous oil and gas businessman and power giant said: Billionaires have lost millions and that’s why they are billionaires, millionaires have lost thousands and that’s why they are millionaires.
So when you fail, get back up, learn from your failures and push higher to succeed.
5. Forget about quitting your job if you lack a good business plan:
What are the potentials you have seen in starting up your business, just don’t quit if you have no plan to grow the business to pay you at least twice what your boss could ever pay you.
why is this so?
Stick to your job if your purposed business has no vision or growth agenda, but I know no business man or woman will ever set up a business without a vision to grow.
So set up a 5 or 10 years plan and work focused towards achieving your goals.
If you are diligent, very soon your business will pay you far more than what your boss will even pay you in the future.
Oh yeah, that’s the truth but it takes discipline to get there.
6. Have a six month emergency funds for working expenses before quitting your job:
What do I mean, wisdom permits that you get some money saved up for emergencies within your first 6 months of operations.
This is important because you are new to the market, it will take a while for you to start gaining customers trust and loyalty which will make them patronize your business.
This is a psychological aspect of customers retention, it’s very important you play smart as an entrepreneur.
Lack of adequate preparation is one of the major reasons CEO’s and entrepreneurs in business crash today.
7. Quitting your job with little or zero skill is suicide:
Among the various points I have stated above, please make sure you don’t joke with this one.
How skillful are you now?, what are your managerial skill level?.
Develop decision making abilities, risk analytical skills, do a SWOT analysis for your business and know how to control pressure.
Don’t just boss people around and end up making them quit working for you just the same way you decided to quit your job.
Develop good customer’s relationship skills, Financial skills, Human relations (HR), build up time management skills, Productivity skills and ensure you carefully learn how to put these skills to work.
You might just end up running out of business if you don’t develop the basic characteristics of a successful entrepreneur before starting up your business.
8. Get determined to succeed by giving up all forms of excuses:
One great army general once crossed his soldiers to the other side of a river and burnt down their boats so they can never return without victory.
They either win the battle or die trying, but guess what they won.
This should be the mind of an entrepreneur. A never give up mentality.
You must fly up your wings never to quit or give up after you have started.
In reality, most people give up so early when they encounter difficult situations because crossing over from an employee to an entrepreneur demands determination.
You must learn how to convert excuses to opportunities, how to set goals and reach them with your desired time limit at maximum productivity.
Therefore, this will make you a successful business person and entrepreneur.
Let’s check out some vital signals to consider before quitting your job so you know when best to make your decision.
Signs you should quit your job immediately:
- Jobs that involves illegal business dealings that might land you in prison.
- Any job that pushes you to boredom is a risk.
- When you already have another good way of survival.
- Quit when you can now afford to build your personal dreams and life visions.
- When your personal missions are directly opposite to your employer’s goal
- Quit that job if it steals your peace and joy from you and no body seems to care, not even the boss you work for.
- Any job that drains you off physically, mentally and emotionally is a risk to you.
- Be mindful of quitting jobs that poses high health risk without proper safety measures and regulations for your well-being
- If your current job doesn’t excite you and there seems no ladder for growth, quitting could be an option for you.
How to quit your job immediately:
- Inform your employer of your departure before time, a minimum of 2 weeks duration is acceptable.
- Sincerely appreciate your employer and other co-workers for the privilege of working with them.
- Put up a positive countenance showing you are leaving in good terms.
- Offer to train any worker who would take over from you if need be, so your departure doesn’t affect the company.
- Ensure you have another job offer already or ready to launch your business if that’s why you are quitting.
- Write a brief resignation letter and keep it simple.
- Pick a date to leave and say goodbye to your co-workers.
- Finally leave with good remarks and a recommendation letter if possible.
What is self-employment:
Self-employment is an act of working for yourself rather than working for a boss. In this situation, you are the boss, you make the major business decisions and do more managerial work.
Being self-employed requires more than just being an employee because the success of your business depends on you.
Self-employment makes you earn a living by working for yourself rather than living on a paycheck from a boss.
Major benefits of self-employment.
- You enjoy fulfillment working for yourself.
- As your business grows people work for you.
- It gives you the power to take decisions that best suit your business.
- You choose your working hours and vacation days.
- It gives you a sense of job creation mentality for the unemployed.
- You stay in charge of your business.
- You choose to work with people you like.
- Self employment gives you a higher financial rewards when your business grows compared to being an employee.
Having seen how it bothers people to quit their jobs and become entrepreneurs and business owners, i have decided to create this article.
The decision of quitting a job to startup a business is not as cheap as it sounds.
This requires a whole lot of courage and very few people can actually take such bold decisions.
Now you know the killer truths about quitting your job, signs you should quit your job immediately, what is self-employment and the major benefits of self-employment, am sure you can now take the right decision about quitting your job or not.
Please kindly take action by sharing this article to your loved ones and hit the comment section to tell me how this detailed guide has passed value to you, thanks.