Leaving Your Job To Become Self Employed

[AbrhamT2021]

Leaving the security of a regular job to strike out on your own to start a business can be scary under the best of circumstances, but it will be doubly difficult and even more frightening if you discover after the fact that you are actually underprepared to make your vision a reality. In that scenario, the dream of self-employment can quickly become somewhat of a nightmare.

How do you avoid that unenviable fate?

Here are a few tips:

1. Get The Most Out of Your Corporate Benefits:​

For many people, one of the toughest things about setting out on their own is the loss of their benefits package. So it is smart to get the most out of those benefits before you cut ties with your old job:

• Schedule a final round of medical, vision, and dental appointments. I have a pal who was leaving a job and did this for himself and his wife, though she didn’t think it was necessary. The ophthalmologist discovered a problem in her eye. The appointment probably saved her life.
• Max out the employer matching for your 401k
• Take any classes you might be entitled to

2. Do Extra Research:​

Of course you will do research as part of your business planning, but what I am suggesting is that you do even more research. Let’s imagine that your dream is to open a breakfast place and you found a “great location.” But do you really know the history of that location, or what the landlord is like? What if three restaurants have come and gone from that spot in the past few years, or the landlord is forever being sued? Or what if the landlord wants you to sign a triple net lease. Do you know what that is?

The point is, you can never know too much about the business you are going into. Make sure you have covered every base, brainstormed every scenario, performed all your due diligence, etc. There will be surprises as it is, so the last thing you need are problems that could have been prevented by asking a few pertinent questions.

3. Be Super Smart About Money:​

Believe me, your new venture will take longer and cost more than you anticipate. If it only breaks even for the first year, can you survive? What if the build-out costs more than your budget allows? The two money mistakes new entrepreneurs make most often are taking on too much debt, or conversely, not having enough money. So you need to be extra thoughtful about finances so that you don’t set yourself up for failure.

4. Set Up Your Business Website, Social Media, and Bank Accounts, Now:​

Make sure you can hit the ground running by getting everything set up for your new business long before you ever leave your job. Have your website ready, have all your social media accounts and pages set up, get your business license, open business accounts at your bank and at any stores you will need for products, and so on. In short, be proactive so that you will be ready on Day One to step out of your old responsibilities and right into your new ones.

The more lag time you have between the two, the longer it will take to get some traction.

5. Don’t Burn Bridges:​

The old television and movie staple of taking your last day to tell everyone how you really feel is not only unnecessary, it’s also a terrible idea. Your network will always be one of your biggest assets, so make sure that you leave your job with as many connections as possible still intact. And of course, having those friendly contacts won’t hurt if you ever want or get your old job back, either because the venture didn’t work out, or you sold it, or you just didn’t like it. Entrepreneurship is not for everybody.

 

[Kingsley]

Becoming self-employed is a very tough decision to make mostly in a third world country like Nigeria where the economic situation is not stabilize, in a country like Nigeria becoming a sole proprietor involves a lot of input as the environment is not enabling due to deficiencies in areas of good roads, poor electricity and lack of security. So before one will consider leaving his or her current job or employment to become self-employed then one must consider those factors So well because those factors will impair the rate at which profit could be made in the venture. But I very much appreciate your insight.

 

[Jasmine]

About a year ago, I gave up my job to become self employed. I was working in a advertising agency, I designed ads, wrote copy for ads, and also built marketing plan for various digital marketing platforms. But in the same time, I was also working in freelance projects and make good money. During the pandemic, I was asked by my company to work from home and they cut 30 percent of my salary, therefore, I quit my day job and started working as a freenlancer. These days I do the same job that I was doing for the company but I work independently.

 

[Kendy]

Making the decision to leave your current job in order to become self-employed is actually a tough decision to make most especially if you're in a country or geographical setting that the economic system is very harsh and unfavorable. Most people are dying in their offline jobs because their salary is not even enough to cover for the transportation expenses and feeding not to talk of other miscellaneous. This has eaten deep into their psychological well-being and they find it difficult to leave the job because of the low self-esteem that their mindset has inflicted on them.


Making the decision to become self-employed comes with proactive measures not just relaxing behind. When once an individual set out to become self-employed, he needs to understand that there are many challenges that will come on the way. Definitely, it won't be be all smooth and rosy and at the beginning; you may find it difficult to attract customers to yourself, you may find it difficult to know the right strategies to adopt, but with; time, creativity and Innovation you will be able to find your way around the clock and also stand out in the current world of constant competition in order make your business stand out.

 

[Lens1000]

It is the dream of every worker to be self employed. All he works for is to ensure that one day he will be managing his own business. Virtual all employees have this thoughts at the back of their minds . This is what will guarantee financial independence and that is the goal of everybody. If you are financially independent, you will not have to depend on the anyone of a pay, you will pay Yourself at your convenience and that is what is termed financial independence. Getting into your own business after leaving your paid job, is a very tasking activity. You must have gotten your plan straight and almost accurate before you even think of resigning your job. The first thing to do is getting the needed business plans and that is perhaps what you needed first. The business plans should be in place first and any other things will follow. Always ensure that the plans that you have set is realistic and also achievable. Of you set unrealistic target, you will keep chasing the shadows. It is the dream of every employee to become an employer too. This is basically what lingers on the mind of all employees.

 

[Richee84]

In life we don't have to depend on just one source of income to survive, when are gainfully employ and earn good enumeration at the end of the month then we must have a plan to make savings for feature investment that we can rely on and be our own boss. It is always everyone dream to be his or her own boss and to be in total control of his or her business without receiving order from anyone again. Leaving ur present job to be self employed is a very good step and good things to do but however we must be careful because making such decision. I have witnessed where people work and still run a private business to support their level of income, such people have the advantage of building their business from the they realize from their place of work, some even take advantage of the opportunity available at the place of their work to get loan in the cooperative where they work at a very low interest been a staff of that organization and then use the loan to build or expand their business to a level that they can make more than their present salary in a month as profit from their business.

 

[Richee84]

People who have built their business to this capacity where what they earn from their business is far greater than what they earn in their work place can boldly leave their present job and concentrate all their full energy on their personal business.
Another very good reason why someone can be advise to leave his or her job to start a business on their own is if the pay been realise from the work is not good enough compare to when the person can raise small capital to start his or her own business. The stress been pass by some people every day in their place of does not justify what they receive as salary at the end of the month and so if that energy that they use at their place of work is been channel to their own personal business it will add more value to them than working under someone. As a working class person it is also very good to have it at the back of their mind that one day they will get old and retire from their place of work and they will need to retire and fall back on something, once they can even retire before their retirement age to be their own boss and channel their energy on their own personal business.

 

[TOZZIBLINKZ]

Some individuals do not like the fact that they have to work under someone who is an employer as an employee because this probably makes them feels like slaves . Maturity of independence today seems to be their own boss and they are trying everything possible to be financial stable and successful so that they can cattle and fend for any need and want that they want and desire . There is absolutely no doubt in the fact that being your own boss or being self-employed is very important but it actually depends on the way that you determine and intend to do it .

To be self-employed successfully you must have the right and accurate mindset towards the sense of been self-employed . If you have a foul and vague mindset when it come to the act of being self-employed it will absolutely bring you no good but when your mindset toward being self-employed is pure and neat then sure things are probably considered to come your way . In conclusion being your own boss is absolutely advisable and very important because you will not have to live under the Shadow of anyone to be able to cater and fend for your material and physical needs and wants .