If you are thinking about quitting your job, you need to read this. Ten years ago, I was unhappy in a corporate job. I was so stressed, I was so unhappy. I had been building my business on the side for years, and I knew I had to take the plunge. But let me tell you, I was scared! What if it didn’t work out? What if I couldn’t make it? If I had never tried, I would not be where I am today. I get to do what I love, and I have so much time to spend with my family, which was really important to me.
Before I quit, I made sure to put a plan in place to give myself the best chance at success. If you are ready to quit or think you might be ready soon, here is what you need to do before pulling the plug. Believe me; if I can do it, you can do it, too!
Ground Rules Before You Quit Your Job to Grow Your Business
1. Do absolutely everything you possibly can on the side of your day job. Use your mornings, evenings and weekends. The longer runway you have, the easier it will be.
2. Ask and consult with other entrepreneurs and your family. Don’t make the decision to quit alone. Listen to wise advice. Don’t listen to the people who don’t understand your
3. Don’t let fear of the unknown hold you back. You can figure out insurance, benefits and retirement. It’s not a reason not to go after your dreams.
4. Ask yourself: “What is the worst that can happen if I go after my dream? What is the best that can happen if I go after my dream?” Is it worth it to go all in?
The 5 Critical Pieces to Quitting Your Day Job
I know this one holds a lot of people back. It feels like a huge roadblock. The key is to prepare as much as possible before you quit your job.
- Create financial projections for one year. This will tell you how much you need to make
- Savings (I recommend 3-6 months if you can do it!)
- A budget for your personal expenses and your business expenses. Is there anything you can cut personally to re-invest into your business?
- Figure out a way to accept payments.
- Set up your business bank accounts.
Learn More: My Financial Plan Before I Quit My Day Job
You can’t do this alone! You need support from people who understand you and have faced the challenges you have faced.
- Join an accountability/mastermind group.
- Look for Facebook groups/membership sites.
- Find other entrepreneurs who get you and don’t think you are crazy.
3. A Viable Business Idea
Do you have a business that you love and can be profitable? Here is how to make sure before you take the leap.
- Test your idea. Recommend a beta test–launch a test product or service and ask for feedback.
- Does it solve a problem or give someone an incredible experience that they would pay for?
- Have people purchased your product before?
- Market research. Identify your ideal client avatar
Read more: How to Build a Profitable Business Assesment
Taking control of my calendar and learning to work more effectively has made such a huge difference in my business and my personal life. Getting this down is the key to getting more done in less time!
- Block out time in your calendar for revenue-generating tasks, not administrative items.
- Plan a weekly review session in your calendar where you review tasks and identify your top 3 priorities for the following week.
- Remember, YOU are in charge of your calendar.
- There is an important mindset switch that needs to be made when going from employee to entrepreneur. You don’t have to sit at your desk 8 hours per day and work so hard. Add fun things to your day that make you happy.
5. Professional Team
We all have our own strengths, and you need a team to help you do the stuff you aren’t as good at or don’t love. Your team is there to help you do the things you can’t or don’t want to do. As you look to quit your job and grow, make sure you are positioning yourself as a manager, not just as a doer.
- Bookkeeper/CPA/Lawyer/Virtual Assistant. You may not have all these people hired before you quit but have them as your connections, so you are ready to hire them when you ready.
- I recommend hiring a virtual assistant to help you grow while working a full-time job.
- Replace yourself as soon as you can and eliminate the time-consuming tasks to focus on what you love and what you do best.