Deciding to start a business is a big decision, and quitting your job to do so is an even bigger decision. It could be a step in the right direction or the first step you take to your downfall. When making this choice, there are several professional and personal considerations to take into account.
To avoid financial backlash, it might be helpful to hold on to your day job while building your business. However, there are times when quitting your current job seems like the more sensible decision regardless of the odds. In this article, I will go over 10 reasons you should quit your job and start a business.
1. You hate your job
Most people begin their careers with the joy of finally having a steady income. At the early stages, it is easy to devote your time and energy to your job, while eagerly awaiting a paycheck at the end of the month. But as time goes on, it becomes harder and harder to get up for work every morning and your job starts becoming a chore you’re unwilling to do.
Instead of being something we dread, a career should be something we approach with excitement and eagerness. If you are unhappy with your existing circumstances, you always have the option to make changes. Even if it can take you a few months or even years to adjust, never forget that nobody else will do it for you. Don’t allow yourself to stay in an unfulfilling environment; instead, act on your desire to quit your work and concentrate on launching a company.
2. You hate having a boss
One notion that unites every entrepreneur is the desire to be their own boss. If you hate having to follow orders and work under others, then it might be worth seriously considering starting a business.
As an entrepreneur, you have the final say in what happens in your career, and to larger extent your life. You can choose what you want to work on, when you want to work, and how much you want to work. That freedom doesn’t exist if you’re an employee, and starting a business is a step in that direction.
3. You have a growth mindset
If you believe that you could always improve your current abilities given time and opportunity, then you have a growth mindset. If you have this type of mindset, being confined to a job role might be stifling, as there is little chance for self-development. Becoming an entrepreneur will enable you to broaden your horizons especially if you have reached the apex of your career and have little possibility of being promoted and are unable to use your abilities to the fullest.
As long as you have faith in your ability to acquire the skills required to run a firm, then it may be a good idea to start a business. Having a growth mentality may also help with other aspects of decision-making, including getting the financial skills needed to be a successful company owner.
4. Your work environment is toxic
Working in an environment where coworkers physically and emotionally abuse you, or when you are overworked to the point of collapse, should motivate you to look for other opportunities. Certain jobs are constantly bad for your mental or physical well-being and you should quit if you find yourself in that fortunate situation.
Whether you get a new job after quitting, or start your own business will depend on your propensity for leadership. As long as you have the right mindset, funds and will, then there’s nothing stopping you from becoming an entrepreneur.
5. You have a clear plan
Coming up with a concept or deciding on a name isn’t often the most difficult element of launching a company. When launching your own company, there will be periods of success as well as challenges, so make sure you have a solid foundation to help you stay focused. It will provide a solid base from which to launch your success.
You may find it helpful to assess your company’s aims and outline your long-term professional goals as you get ready to start your firm. Examine your readiness to dedicate yourself to achieving these objectives, and evaluate the actions you can take to get there. Only when you have a foolproof plan, should you take the risk of quitting your job to start a business.
6. Your business model has been tried and proven
Ideally, you should have identified, investigated, and validated a business strategy that merely requires more funding and time to get going. Some concepts may seem brilliant at first, but they may ultimately fail.
The best course of action is to try various business models while still holding on to your day job, and when a trustworthy one emerges, then you can go ahead and quit your job.
7. You have saved enough
It takes some time before a business becomes profitable, and relying on the income of your new business will doom both you and the business. Before quitting your job to start a business, you should ensure that you have enough funds to continue running the business and pay your bills for at least a year.
If not, then the better idea would be to keep your day job and treat your new business as a side hustle until the day you can confidently leave your job without looking back.
That day might come sooner than expected if you’re willing to cut back on some expenses to save. In the meantime, you can spend any extra time growing your business, so when you eventually quit, you have something substantial to devote your time and energy to.
8. You don’t have enough time for other pursuits
It’s an amazing accomplishment if you have been working a full-time job and have just been dedicating your nights and weekends to your business. That structure makes it almost hard to manage the work necessary for your firm to generate revenue for you, much alone establish long-term sustainability and development.
Additionally, having to focus on other projects throughout the day makes it challenging to recruit, develop, and lead others in a responsive and trustworthy manner.
Although money may be made at all times, time is a limited resource. You’ll eventually realize that the only reason you’re not taking advantage of this fantastic chance to grow is that you don’t have enough time.
You’ll know you’re at least somewhat prepared to quit when you eventually reach a point where you can’t fit all you want into your schedule. At that point, the merits of being tied to your job will no longer outweigh the benefits of quitting.
9. You don’t shy away from hardship
A lot of people look at entrepreneurship through rose-tinted glasses. Entrepreneurship might seem like a great avenue where you can be your own boss, work as much or as little as you want and make a lot of money. It may seem like a lot of fun, but running a business is much harder than having a job.
You might end up leaving your job and dedicating all your time and energy to a business that brings in peanuts compared to your former job. You may have to live on your savings for a while, your business might even fail at some point and you’re back to square with no money and a job, just bills and debts piling up.
It’s easy to regret your decision and give up, but a true entrepreneur sees failure as an avenue for growth. Of course, you should know when to cut your losses and give up, but giving up after a little hardship shows entrepreneurship is not for you.
If you’re willing to endure hardship to make your dreams a reality, then growing your business to become successful is just a matter of time.
10. You’re willing and prepared
You may have everything ready financially to leave your job and focus on your business full-time, but if you are not ready emotionally and psychologically, then it is best to stay put.
Examine your emotional, mental, spiritual, and physical well-being. Is it healthier to leave a stable full-time job and take on the excitement and dangers of a startup? Only quit your job when you feel 100% ready.
Conclusion
Choosing to go into something unknown will always be quite difficult. Even if everyone wants to pave their own path, not everyone is delighted about having to deal with unstable financial flow or the risks involved in starting a business.
Nonetheless, if you have a strong desire to become an entrepreneur, with due consideration it might be time to quit your job and realize your dreams.
