In this article you will know the 6 key points to learn how and when to quit work to fight for your dreams and financial freedom.
Over the years my motivation as an entrepreneur went from trying to make money to pay my expenses, to earning enough money to move out of my parents’ house; buy my own house; car; travel and live anywhere I wanted.
It took me many years, but I managed to meet all those goals, building on previous results to climb my own ladder of success.
Once I made $1 million, I reached a point where my decision-making process stopped being based on my financial goals and became more oriented towards my personal satisfaction.
Of course money is importantbut I wanted to dig in and find out what it was that I really loved doing, just for the sake of doing it.
I asked myself; What is the impact I want to create with my company? The conclusion was simple…
I want to help others quit those jobs they hate.
I teach blogging, information marketing, email marketing, sales channels and other related topics; but the impact that these issues can have on people is what really matters.
Although success stories are few, I value them incredibly because I know I played an important role in helping these individuals break free from spending their days doing things they hated simply out of necessity.
Dan Netting’s testimony.
“I am finally my own boss. The night before was my last shift working for Fujitsu Services; Company I have worked for for the past 8 years.
Today is the first day of a new beginning, now that I have finally achieved my big goal of getting out of the rat race.
Even though this is something I’ve wanted for a long time and I know it’s fantastic for me, I find myself emotionally surprised.
I don’t understand the real reason, but at the end of my shift I had tears on my face. It’s a mix of everything, since I spent a large part of my life in this company and some of those moments were not pleasant.
Some feelings of sadness when looking back, but of joy when looking to the future. This weekend is my birthday, so the rest of the week I will relax and celebrate with my friends and family.
I will not put any pressure on myself, I will use the next week to clear my mind and focus on what I need to do to move forward.
For those who are pursuing the same goal, the only thing I can say is to keep trying and never stop.
It has taken me a long time to get to this point, much longer than other people, but through persistence I made it.
I see many people who are starting this process, there will be times when they will doubt what they are doing; no matter if they can do it; if they have what it takes or if it’s the right thing to do.
This is completely normal, but I promise you that if you stick with the game no matter what, these feelings will go away and everything will move in the right direction.
Always happens. Go ahead, learn how to do things the right way and apply them. I hope to see many comments like mine in the future.”
Dan Netting, creator of biketrackdayshub.com
I have asked Dan for permission to replicate his words in this article as I find it motivating to many people.. Additionally, it makes me very happy to see the results he achieved.
When to quit work to start a business.
Everyone has different criteria and opinions on this topic.
I have worked with many Bloggers as a coach and have seen them make the transition. I’ve also heard hundreds of stories on the podcast of Entrepreneur Journey who have left their jobs to dedicate themselves full time to founding their companies.
For the majority, the main problem is the financial challenge. However, your mindset and tolerance for ambiguity play a huge role.
Some people do not feel safe leaving the apparent security that a job offers; until your company gives them at least the same amount, or sometimes more.
For certain individuals it is more about stability. Having a steady income over time is more important.
You could make $5,000 one month and make only $1,000 the next; which will not give you the feeling of being financially stable.
There are also those people who feel insecure by not knowing what to do when they are 100% focused on their business idea.
Far scarier is the thought of your business failing after you quit your job and regretting giving it so much importance instead of treating it as a side project.
Unfortunately for many businesses, the fact of only receiving the attention of a side project from their owners; it will sentence them to never produce the expected results and income.
The first thing you should do to know when to quit the job and how to do it, is:
1. Change your mindset.
Most people who are afraid of quitting to pursue their dream business see things in black and white. They think there are only two possibilities:
- Losing everything after giving up and failing in your venture. As the statistics say it happens in almost all businesses.
- Succeeding and winning millions of dollars, a rare and unlikely outcome.
The truth about this is very blurry. Success comes in many forms and the path will not be obvious.
Then you must:
2. Know the numbers.
How much money do you really need to survive? Temporarily cut all unnecessary expenses until your business can pay for them.
Set a minimum monthly figure to survive and make sure it is realistic. Cover everything and leave some money for incidentals; both for your business and for you.
3. Put away some cash.
Some people start a business with 3 months of savings, others need 6 months or a year to feel secure.
I personally prefer to have enough savings to cover me for a year in case my business suddenly stops making money.
4. Have a plan for the worst case scenario.
If your business fails and you run out of money, what happens? Returning to your previous job is the first idea; so keep in touch with people who can give you a hand in case this happens.
5. Maintain a casual or part-time job.
I have never had a full-time job, but I did have odd jobs that brought me income while growing my business. These jobs required between 10 and 20 hours a week to cover my rent and food.
If you decide to do this, you must consider “speed”.
Building a business while working for another company will naturally take more time than working on your idea full time. In some cases the business will not be successful until you give it your full attention.
Your personality is also very important. You must know yourself and know what you prefer.
For some people it is highly motivating to invest 100% of their time in their business idea; for others it is better to have an agenda where every day their work and their business idea are present.
6. Find a mentor and a community.
Some people prefer to work alone. They are deeply motivated and have no trouble overcoming the ambiguity and uncertainty involved in starting a business.
However, I think most people could find great benefits in a mentor and community when it comes to business.
This is why the founders of large companies hire advisers, mentors and coaches. It’s smart to get advice from people who have achieved what you want to achieve.
A mastermind can help you overcome common situations that every entrepreneur must live and face. It’s amazing to have other people around you talking about the same things you’re facing and each helping to find solutions.
I am of the belief that people who start working full time on their business ideas become part of communities, seek training and constantly educate themselves.
This is how they solve problems and overcome fights with the worst enemy; his own mind.
Conclusion.
The key to learning how and when to quit is to be realistic, rational, and prepared.
That is why it is important that you do not risk in vain. This is a decision that must be calculated based on your situation.
Deciding when to quit the job is a definite factor in whether your project succeeds or fails. So take your time to choose the best time.
I hope this information is of great help 🙂
And remember, if you are really interested in creating your own business, you can purchase our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
