Before Quitting Your Job For a Business: 4 Things to Consider.

quitting your job

Far too many people quit their jobs in frustration, only to find similar (or worse) conditions in their next positions. If you find yourself having thoughts of quitting your job, you’ll make a far better decision for yourself if you analyze your situation calmly and rationally.

emotion - quitting your job1. Never quit in a moment of emotion.
Most people have several moments when they feel like quitting their jobs. Most of the time, the feeling passes. If you experience these moments, give yourself a couple of weeks before quitting your job – if the feeling doesn’t lift, then it’s something you can take seriously. However, you shouldn’t make a major decision which you can’t reverse later on in the heat of the moment. Always remember: it’s easy to reverse a decision not to quit, but close to impossible to reverse a resignation once you’ve given it.

job benefits - quitting your job2. Think of the benefits of your job that you may not get somewhere else.
Perhaps your employer gives you an enormous amount of flex time that you won’t easily find elsewhere. Maybe you have a fantastically short commute that you really value. Maybe you get to do work that you love in a way that’s hard to find. You need to figure out what’s important to you and weigh that against what’s frustrating you. Maybe quitting your job would be the right decision but make sure that you’ve weighed all the pros and cons before you do. If possible, talk to your boss about your frustrations. You may find that things can change.

realistic - quitting your job3. Be realistic about what will happen after you quit.
If you don’t have another job lined up, how long will your savings last you? In this market, some people are going unemployed for a year or more, so before quitting your job without another job offer, you need to have a long-term plan.

show them - quitting your job4. Never quit just to “show them.”
Often a desire to quit in frustration really stems from feeling powerless. The employer-employee relationship has such a slanted power dynamic that when your job or manager is making you unhappy, sometimes it can feel like your only way to regain power is to quit and then, that’ll show them. But this is rarely satisfying. Your employer may be surprised at first, but people leave jobs all the time-they’ll quickly get over it. And you don’t want to be jobless just to make a point. If you do end up deciding on quitting your job, you’ll feel a lot better knowing that you thought it through carefully and deliberately before you took the plunge.

3 out of every 10 people are now self-employed, which means that a significant number of people have seen the benefits of quitting their job and working for themselves. However, becoming self-employed is not a decision you should make lightly. Despite all of the positives of quitting your job and working for yourself, you need to have a plan. Here are four things you must have in place before quitting your job:

  • An Emergency Fund:
    As anyone who is self-employed will tell you, the hardest part is not knowing how much money you’re going to make each month. The income is variable, no matter how steady your list of clients is. To take it a step further, it is wise to have separate business and personal emergency funds – preferably in separate savings accounts. You should have a personal emergency fund to cover issues like car repairs and health issues and a business emergency fund to cover you if you lose a client or when a check is late.
  • Your type of work:
    Most people who wind up tired of their jobs and seeking to quit are most times tired of the rat race, of the commute, and the ungrateful co-workers who take their ideas or talk over them in meetings. While I can completely understand that many work environments are challenging, this is not a good enough reason to just quit. You need to have a solid backup plan – preferably a thriving side business, so that you can immediately leap into self-employment and make an income.
  • Security:
    There has been some pretty strong debate in the past over which type of job is more secure: one where you work for yourself, or one where you work your way up in a company with a steady paycheck. Given the ever changing economic climate, many people have found that working for yourself is the only real way to guarantee yourself a job in the future. However, that doesn’t always mean that your income is guaranteed to come on the same day every month. Many people feel safer knowing they are a valued employee at their job and like knowing how much their check will be every month. If this is you, you might want to rethink quitting your job. as self-employment might not be the best fit.
  • Your Retirement:
    One of the best perks of working for a company is the good retirement package they provide. Sure, not every work place offers something like this, but if yours does, quitting your job could be difficult. Especially when you think of walking away from such a lucrative benefit that gives you free money. A retirement match could be a strong reason to stay, but everyone I know who is self-employed has been able to generate more income than they did at their day job, which means you can invest even more than you did before.

Ultimately, quitting your job is a huge decision – one of the biggest you will ever make. So, even if you are fed up with your work, bored, or just craving the opportunity to make a bigger difference, know that it’s definitely possible to quit and work for yourself, but you absolutely need a plan. Take the time to do it right by saving an emergency fund and researching your insurance and retirement options and you’ll go into the decision much more knowledgeable and ready for your new future. What would need to be on your list before you consider quitting your job? What’s the biggest benefit to being self-employed, in your opinion? What would be the hardest thing for you to give up about your current job?

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