ENTREPRENEURIAL LIFE
Creating a Job Exit Strategy
Quitting Your Job to Become an Entrepreneur
Quitting your job to become an Entrepreneur. This is probably one of the scariest things you will ever do in your life. You were probably taught from a young age that you should get your education, find a good job, buy a home and nice cars, get married, have beautiful children, put those children through college and retire. Meanwhile trying to have some fun in your life. Well, we aren’t in the 1950’s anymore. Life on Earth has changed drastically and people are taking control over their lives more than ever.
The person you are destined to become is the person you decide to be. It’s that simple.
I don’t know about you, but I don’t want to work my whole life. I definitely don’t want to work 40+ hours a week. I started out in the computer science field. I have always loved computers and computing. What I don’t like is making money for someone else and having limited time to travel and explore the world. When I first came across the “4 Hour Work Week” by Tim Ferriss, I was floored. I always had an entrepreneurial spirit, but this was a whole new concept. By the time I read this book I already had my education, my steady job, a house, a husband and a child. I couldn’t even imagine what it would take to change the life I was living.
20 years later, I work for myself, I travel whenever I want and I can work from my laptop anywhere in the world. I’m not down to 4 hours a week yet, but I’m working on it! Goals! No matter what situation you are in, you can make steps to get to that ultimate life position you have been dreaming about. Maybe you haven’t even dreamt about it because you don’t know any better. Well it’s time to open your eyes. You don’t need to conform to the 1950’s way of living. You can be different than your parents and grand parents.
What are your priorities in Life?
First you need to think things out. What are your priorities? Write them down, hang it up. For me it was these:
- Work Less (I was working 45–60 hours a week)
- More Flexibility With My Time (so I could spend more time with family and friends and be there for my daughter and her school and extracurricular events)
- Make Enough Money to Travel and Live a Simple Life Full of Experiences (I didn’t need all the fancy things, more than I needed adventure)
It’s time to clean up your life.
Now that you know your priorities, it’s time to clean house. Who in your life is negative and impacts your life and decisions in a negative way? Those people need to go. Some hard decisions need to be made here, but you can’t live a happy wondrous life with negative people pulling you down. That is a fact. I can tell you from experience, when you clear out the garbage your life will bloom. It is amazing the relief you will feel. Whether it is family or friends, you don’t need to have negative people in your life. People too weak to follow their own dreams will always find a way to discourage yours. If they are meant to stay in your life, they will make the necessary changes to be apart of it. If not, se la vie.
Next it’s time to literally clean house. Go through all your possessions and get rid of anything that doesn’t serve you any longer or things that will not fit into your new lifestyle. If you plan to work and travel abroad, you won’t need most of what you own. So donate, sell on eBay and craigslist and start making solid choices on what items make you happy and serve a purpose and what don’t. Now this will be hard for people who tend to have clutter or hoard things. If you hoard, then get some help with that, because it can hold you back from really living life. If you aren’t a hoarder but you have a hard time letting go, do a little at a time. Start with your bedroom. Donate used clothes that don’t fit anymore, sell items you haven’t used in a long time and don’t value any longer. Get everything really neat, clean and tidy. This will feel great and then on to the next room. You are now on your way to quitting your job to become an Entrepreneur.
Lots of Research.
This part can be a little tricky. If you know what kind of business you want to run, then great! Just do research on how to get started, what training you will need, what supplies and find out how much money you will need to get off the ground. But if you don’t know what kind of business, then look at this as the opportunity to create a new life. Research what others are doing to make money on their own. See what clicks. Analyze your talents and see if something can come from them. What is important is that you do something you love or don’t mind doing. Sometimes the things you love don’t really afford you the lifestyle you want. So you may have to find something you don’t mind doing, so that you can make the kind of money you will need.
While you are researching, you need to come up with your bottom line. With this new lifestyle, how much money do you need to make to achieve your goals? You don’t want to jump off the deep end with hopes and dreams, just to go back to the life you had before because you are broke. So always plan 30% more than you think you will need, just in case.
Exit Plan.
So now you have your priorities set, you have cleaned house and done your research. This is where the work comes in. For some, they can sell their house or extra cars or something big to fund this new life until it starts becoming profitable. But if you aren’t in that situation, then you need to layout a good plan of attack. You may have to do your new business part time for a while while you are working your day job. This will help you keep moving forward with your plans. Save. Even it’s its a small amount every week. Save money. Put away the money you made on eBay and Craigslist after cleaning house. Find ways to clean up your current monthly budget to save on utilities, eating out, shopping, etc. Start making your coffee instead of buying it. There are tons of ways to save money. Now is the time to do it, so later you won’t have to worry about doing it. Stash away as much as possible. The more you put away, the faster your dream is going to come true.
Partnering Up.
If you are doing this with your significant other, then great! Be sure that both of you are on board though or it could be disastrous to your relationship and your life. Keep in mind, some couples can’t work together. In that case, you can still have the same goals but possibly do different things individually. I’ve seen many wives who blog and husbands who have eCommerce stores. You don’t have to work together to have the same lifestyle, you just need to have the same goals and look to do something that has the same final result.
Some Final Notes.
Quitting your job to become an entrepreneur is not exactly easy. Don’t get ahead of yourself. Big dreaming can lead to desperation. You don’t always get what you wish for, but you always get what you work for. Plan and save and make steps to your final goal. There will be some bumps along the way, work them out and keep chugging along. Once you have your plan set, your research done, you finances in order, then it’s time to turn in your resignation. Make it a big event. Plan it all out and have a Goal Date to Quit Your Job. That date may change a few times, but having it set helps to keep you motivated. You should save enough to keep you afloat while your business is growing. Always plan for it to take longer than expected and to cost more than expected, because it always does. For some they can start right away, for others it will take 6 months to get to that point and for a few it will take a year or two till they are working on their own. It all depends on what your plan is and what you will be doing. Keep your head up, and aim for the stars! Be free!
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