Before quitting your job to pursue your own business, ensure financial stability and a solid plan. Learn from the host's experience and the essential questions to ask yourself. Consider factors like side hustle earnings, consistent income generation, and building a financial safety net.
Quitting your job should be driven by a clear vision of a more fulfilling future, not just escaping a bad work situation.
Before quitting your job, ensure your side hustle is financially viable by checking earnings and having a savings cushion.
Deep dives
Quitting for Something Better
Deciding to quit your job should not just be to escape a miserable work situation, but rather to pursue a business or lifestyle that offers more satisfaction and potential. Having a clear vision of what you're moving towards, like a profitable side hustle, is crucial before making the career transition. For example, the podcast discusses how the host quit his job to focus on a shoe business that was already generating income, signaling a leap towards something better.
Evaluating Side Hustle Earnings
Before quitting your job, it is vital to ensure that your side hustle is financially viable. This involves looking at tangible evidence of earnings and profitability to validate your business idea. The podcast explores different approaches, from waiting until a side hustle covers fixed expenses to examples of entrepreneurs quitting after earning minimal amounts but having a financial cushion.
Financial Preparation and Anticipated Costs
Understanding your financial runway and preparing for potential changes in costs post-employment are key considerations. Building a savings cushion to cover living expenses during the transition and analyzing how quitting may affect your budget, such as health insurance expenses, is essential. The podcast highlights the importance of financial planning and realistic worst-case scenario planning before taking the leap into entrepreneurship.
Quitting your job to pursue your business full-time is a dream for many side hustlers, but there are a few things you should have in place before you make the leap.
When I was working in my corporate gig, I probably stuck around longer than I needed to because I'm a little more risk averse. I was out to dinner with my boss in Eureka, CA ... and it wasn't until my second beer I finally got up the nerve to tell him I was leaving.
Since I'd been thinking about it for at least a year, it felt amazing to get that off my chest. But it wasn't a spur-of-the-moment decision or a triumphant flip-off-everyone-in-the-office-and-make-a-dramatic-exit.