If you’re thinking about quitting your day job to go full time as a businessman or freelancer, there are many things you need to consider first. First of all, your job is like a security blanket. Letting go of it might sound adventurous at first, but it also comes with certain risks. Before you result to flipping a coin or removing the petals of a flower, here are some things you need to think about before taking the plunge.
Flexibility
Going into business or freelancing will give you flexibility for better life-work balance. Going to business for yourself will allow you to adjust your schedule so that you don’t feel like you’re chained to your desk the whole day. This is very beneficial, because you can work out your own schedule to fit your lifestyle. If you have children for example, you can be home when they are sick or when they’re home from school. Going into business or freelancing is also a good option for people who like to travel.
Benefits
One of the many reasons why people stick to their day job is the health benefits. This is a big factor to consider should you decide to quit. Health, dental, and retirement benefits can be expensive to put up on your own. Before deciding to stop working, make sure that you can afford to pay for these on your freelancing or business income. Work up a number before you decide to see how many clients you need to sustain paying for insurance on your own. Knowing how much you need will also result in a smoother transition when you leave your job.
Nest Egg
It is also easier to leave your day job if you have your finances in order. If you’re not sure if you can afford it, try to figure out how much you need as an emergency fund to serve as a buffer. This isn’t strictly for emergencies like getting sick. This will serve as funding for daily expenses until your business becomes profitable. One of the best ways to figure this out is to write several business plans to flesh out your ideas. Not only will this allow you to strategize if plan A does not work, it also gives you an idea what you will do using different scenarios.
Your Job Is Failing You
Do you feel yourself stretched too thin or unfulfilled? This might be because your job is failing you and quitting might be the answer. A business or going freelance, on the other hand, will give you time to think about or try new ideas. It will be like breaking out of the 9-5 routine and going on an adventure on uncharted waters. If you feel trapped, quitting and starting a business might just be a good option for you.
Self-Starter
You also need to ask yourself if you’re a self-starter. When you’re in charge of your own schedule, it might be tempting to get up later or to procrastinate starting something. When you don’t have a boss looking down your shoulder, you need to be a self-starter and self-motivator to get yourself going.
Deciding to quit your job to start a business or to go freelance full time is a big decision. Considering the above factors will help you decide if striking it out on your own is a good fit for you. It is also best to remember that you can find another job if it does not work out for you.
