I quit my job, but I’m insane.
You, on the other-hand, should be smarter.
You might have an amazing business and can’t wait to leave the corporate world. But don’t forget that you also have BILLS and possibly a family to support.
So don’t tell your boss where to shove it until the time is absolutely right.
Your day job provides you with benefits like the cash flow to get your ideas off the ground.
It also offers security. Many businesses fail within the first year, so you need to have backup income to keep you afloat.
And not having to stress over how you’re going to pay bills allows you the ability to take your time. No need to rush or feel pressured into making dumb mistakes. You can learn and grow into your business at your own pace.
Now, you may be saying to yourself: I’m dying inside and I MUST GET OUT!
Ok, fine. But please make sure you have these 5 things in place before you quit.
A real business
Many people mistake their hobbies for a business. You need to be earning actual dollar bills and have the ability to earn it consistently.
Six months of living expenses
What if you have a slow month in your business? You need money saved up to take care of your basic needs: food, shelter, and wi-fi.
When the going gets tough, the tough gets going. Running a business is a difficult journey. You need to have the mindset that you are in this for the long haul.
Find out how much COBRA costs from your current job. It will most likely be a ridiculously high amount. Can you afford it?
If not, look into the government marketplace. I’ve also found affordable health plan-sharing accounts through religious organizations.
A support system
You need people in your corner to provide energy and inspiration to keep you going. It helps to have family or friends cheering you on. Mentors and other business owners can provide you with valuable feedback and advice.
These five things are essential for starting your entrepreneurial journey on the right path. I dove head first into my dream with only 4 out of 5.
But don’t worry about me.
If things don’t work out, I have a great backup plan to move into my brother’s basement for free.