If I got a dollar for every time, someone asked how could they quit their job I would be a multi-millionaire! No like seriously. Quitting your job is a long strategic process and takes much discipline. Most people see social media and assume that as an entrepreneur, every day will be rainbows and sunshine, and that’s so far from the truth! Put it like this you will be trading in your 40hrs a week for a company to 80hrs a week for yourself. Your business and revenue will solely depend on you and your work ethic, but that’s what makes the journey so compelling.
Here are a few things I recommend doing before deciding to quit your 9-5
Beef up your 401K with the company match and create an emergency fund – While you still have a job take advantage of any 401k matches because this is free money and may come in handy later on in life. Plus one you finally quit you will have the option to roll it into an IRA retirement account.
Also, it’s essential to have an emergency fund In case something happens to you or your business. Most people recommend 6months of expenses I think four will suffice if you are a true HUSTLER.
Start your business or endeavor while still EMPLOYED! – By starting your venture when you still have a job, you have more working capital available to invest. Develop your products and business until your cash flow matches or exceeds your current work paycheck. This is how you know when you have a business idea that’s a WINNER. Not to mention, you can prospect some of your coworkers and see if they would be a good fit as customers for your business. Take advantage of everything to leave nothing on the table.
Know your numbers and know them well! – Create a budget and stick to it. It’s essential to know precisely how much money you will need every month to cover your bills and expenses. Once you have your numbers, try to set them into a daily dollar amount and hustle for it every day
Pay Off / Reduce Debt – The less overhead costs you have, the less stressed out you will be if your business has a slow month or lousy month. Less debt more freedom and more profit to reinvest
Simplify Your Life – Create a routine and follow it every day! Now that you have more “freedoms,” it’s much easier to end up in money traps and develop irresponsible spending habits. Your days should be well planned out remember as an entrepreneur being spontaneous is dangerous.
Look into health insurance – It’s essential that you research insurance options because a hefty hospital bill is a for sure way to bankrupt an entrepreneur, so it’s crucial you cover yourself. You can get some pretty decent plans for about $140 bucks a month.
If your going to Buy a house do it before quitting your job – I’ve seen so many fall victim to this and once your self-employed mortgages become harder to obtain. So if you are planning to purchase a home, KEEP YOUR JOB until the loan closes. Then once you get the keys at the table and move all your stuff in you can quit! Lol
Make sure your credit is decent – When your initially building business credit, all of your initial credit approvals will come from your personal credit meaning you want to have a decent score before quitting your job.
Now You Are Ready For The World!
Only once you have completed all of most of these things would I recommend going into full-time entrepreneurship. It’s not for everyone but for those who are looking to reach their highest potential here is where the opportunity lies. I look forward to hearing feedback from you guys, and I encouraged to take the leap of faith and go out and get everything you ever dreamed of!
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