I want to quit my job is always a scary statement. But it can get really scary when you don’t have another one in a row. Nerves are building up on the surface from the moment you submit your resignation notice.
Whether you are a millennial with ADHD or a parent is going through a midlife crisis, it is natural to want to do something new after a while. Thanks to the change in loyalty attitudes, it has become popular to search for a new job. We no longer stay in one company for decades and retire at age 65 with a pension. Only about 10% of private companies offer pensions, which leave us bearing the costs of our own retirement with inadequate 401Ks and IRAs. With a smaller bowl at the end of the rainbow, we are more inclined to look for better opportunities.
Congratulations! You have worked hard and are ready to move into freelance work. It’s an exciting shift on your way to quitting your job for good. But before you go ahead and quit your job, there are some crucial steps you need to consider before taking this step. Not only will following these suggestions make the transition easier, but it will also make a happier experience for everyone involved.
I want to quit my job – Is it a good idea to quit my job?
So you decide that you are ready to take the initiative, quit your job, start your own company and run it. You have a great business idea that you are ready to launch. You’re probably excited and nervous at the same time, which is totally understandable. If this is the case, then you need to step back and remember that you cannot go to work tomorrow with a resignation letter.
Rushing can be a huge mistake, so create a list of the advantages and disadvantages you will encounter when leaving your job. If you decide that it’s still what you want to do, there are some things you should do before quitting smoking.
To help you get ready before your big day of freedom, I have highlighted 10 things you must do before leaving your job and starting your own company.
ALSO CHECK: JOB POSTINGS
I want to quit my job this year: 6 Must-do Backups before you Quit
1. Determine to quit with dignity and honor
From here it will start. The way you leave a job says a lot more about our personality than how we get started. It’s all about the decision. You can really leave a good note. Take high moral ground. Don’t talk badly about your supervisor, co-workers, or the company. It will only make you look petty and trivial.
It’s amazing how negative comments have a way of spreading – and going to the top of the organization chart. It is a small world. And the industry in which you operate is still smaller. You never know when you might work with someone you work with right now. You never know when you might want to come back. Leave the door open.
2. Know the time of the year
If it’s October, November, or December, you run a greater risk of quitting smoking than during the other months of the year. The first reason is that you have given the company most of your time with the lowest possible compensation because you are shying away from a potential bonus or promotion. The second reason for the risk of resigning in the fourth quarter without another offer is that very few companies are hiring in the fourth quarter! Budgets are being spent and hiring freeze. What is the manager who wants to lose his budget for the whole year and harm his bonuses through a new appointment that will provide the lowest return during the year?
3. Calculate your passive income streams.
At home you might be surprised at the side income you actually make in addition to your daily work income. For example, all dividend and interest payments are accrued. It is difficult to know how much you are actually earning in dividends and interest because most people choose to reinvest the proceeds in their portfolios or CDs. There is no penalty for choosing to transfer these payments to another account for their use. Obviously, if your passive income streams can fully finance your highest monthly burns forever, you are ready for life. Just make sure you don’t start getting too much craving.
4. Select your financing options.
Before considering financing for your company, you must have your personal finances in check. If you quit with a few hundred dollars in your pocket, while paying rent, insurance, and your phone bill, you may find it difficult to focus your efforts on your new company.
In addition to planning your personal finances, you will need a plan to start your business. You will usually have three options:
5. Create a financial plan for the next 6-12 months
Being your own boss means that you will not get a steady income. Before leaving your job, you should think about your budget in order to cover the basics. It’s also a good idea to save money in the event that it slows down for a few months or has no income at all. To get started, write a list of all the expenses that you have. Items that you should take into consideration – Cell Phone – Rent / Mortgage – Food – Internet / Utilities – Entertainment – Existing Debts – Health Insurance – Transportation After writing down the cost of everything, take this amount and make sure to stick to it.
There are plenty of budgeting software you can use, or something simple like a spreadsheet document on your computer will suffice. The key is to stick to the budget you set for yourself to ensure you don’t run into any financial trouble while freelancing. It’s a good idea to get used to your new budget by making one and sticking to it a few months (if possible) before leaving your job. This way, you have time to adjust it if needed before you no longer have your job.
6. Create a backup plan
As much as we hate you we admit it, sometimes life just doesn’t go according to plan. Your regular clients may suddenly decide that they don’t need your services. Maybe your business hasn’t been making money in the past few months and your savings are dwindling. Perhaps there is an emergency in your family and you should postpone your travel plans. Take a look at your plans after you quit smoking and list possible worst-case scenarios. Write down what you can do if these things appear. Prepare several scenarios for you to think of and create a backup plan for each. Talk to as many people as possible who forged your same path and learn about their backup plans.
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