Should I Quit My Job And Start A Business?
Are you wondering should I quit my job and start a business? This is a question that has been in many people’s minds and hearts over the past two years.
And it’s a very reasonable question that deserves to be thoroughly looked at. Especially if you’re not quite happy in your current job.
In this article, we will discuss some of the things you should be aware of when it comes to quitting a job and starting a business. We will discuss the pros and cons of leaving your current employer to go off and become an entrepreneur. By the end of this post, you should have the answer to your question and a basic understanding of what to expect if you quit your job to found a startup.
PRO TIP: If you do in fact choose to quit your job, learn all about who to hire for startup services! This is a super important part of the process.
The Past Few Years Have Lead To Many People Quitting Their Jobs
Since coronavirus, many people have chosen to quit their jobs. This is due to a lot of different things and has become a very interesting and complicated issue in the United States especially.
With the onset of coronavirus and when the world began going on lockdown, the effect on businesses was devastating. Many companies shut their doors due to not being able to operate. The restaurant industry was completely destroyed and then re-revolutionized. Many people left the office and began to work from home.
The result is that most workers saw several stimulus checks and the ability to go on unemployment and stay unemployed for a long period of time. As people were unemployed and collecting unemployment and governmental money, it’s speculated that:
- Many workers realized their jobs weren’t paying them enough or invested in their best interest
- After many years of working for a company, many workers felt discouraged when they were simply discarded or put on furrlough
- Workers were able to reflect on the things that matter most such as family, security, health, and happiness
- Employees of companies began to realize that opportunities were elsewhere
- Workers learned that there was ample ways to make money and have true job security (such as starting a business or working remotely online)
- Many workers set out to find their true passions and live a life that brought more meaning and happiness to them (often out of the office and through becoming an entrepreneur)
- Workers are reported being burnt out from their jobs
- Fear of coronavirus is causing people to want to work remotely
4.4 Million People Quit Their Jobs September 2021
With the Great Resignation, a record 4.4 million workers have resigned and quit the workforce in September alone. The jobs that are seeing the highest turnover are in industries where employees are expected to show up to work.
So far, close to 35 million workers have quit their jobs in the past year. This is a huge number and the Great Resignation is still going strong.
Experts are saying that this mass job resignation could continue well into 2022. So let’s look at some more information before you go off and quit your job too.
Most Of The People Quitting Are (Really) Happy They Did It!
The overwhelming response for those who are quitting their jobs and venturing out to do something different is that they are really glad they did it! Now, this doesn’t mean that things are necessarily easy. But for the most part, people who are quitting jobs are quitting for the following reasons:
- Lack of a sense of job fulfillment
- Pay is too low
- Noticing it’s possible and very realistic to work remote
- Wanting to become an entrepreneur and start a meaningful business
- Feeling devalued as an employee (especially during pandemic)
- Wanting to focus on a different career
- Wanting to focus more on family
COVID-19 Has Caused People To Look At Their Careers Differently
The fact of the matter is that COVID-19 has caused many individuals to look at their careers and work/life balance differently. For many, COVID was a glimpse into the sad reality that their employers didn’t really care about their wellbeing or safety.
Maybe a family member contracted COVID-19 and an employer wasn’t understanding. Or perhaps a worker employed by a company for 10+ years was simply laid off then asked to come back to work, with nothing said in between.
Whatever your particular situation at the time of the global pandemic, it’s important to take a look at how it changed your perspective on working.
Many Value Their Time And Freedom More
Many people who have quit their jobs in the past year or two realize that they value their time and freedom more than they previously have. Even those who didn’t actually quite their jobs are reporting feeling the same.
The experience of going through an international pandemic has led many people to question how they are spending their time. In addition, the way people are working is also in the forefront of many workers’ minds as either themselves or loved ones have spent many months working remotely.
Working Remote Has Become Popularized
Over the past year or so, working remotely and working from home has been popularized. In 2019, before the coronavirus pandemic, if you told anyone you wanted to work from home they would have probably rolled their eyes. In addition, most people didn’t believe working from home was a possibility. However, going into 2022, the world really has a grasp on the fact that working remotely is completely plausible.
“I remember pre-pandemic and before starting my SEO and SEM agency, I always said that I wanted to work from home. At that time, and it wasn’t very long ago, people kind of didn’t believe that that was possible. The coronavirus pandemic has led to many negative things. However, it’s changed the way we work and opened doors to work-from-home jobs that used to seem unrealistic.” Elizabeth Roncevic, Founder and Owner – Bizmap LLC
Starting A Business Is A Realistic Goal
As reality sets in and leads to more people quitting jobs, many people are doing so to pursue lifelong dreams and start a business. And guess what? Starting a business is a realistic goal.
Many are starting businesses because they want the freedom in their day to day lives. Others are starting businesses because they realize they will make more money in doing so.
But before you make any really big moves, you should assess whether becoming an entrepreneur is the best decision for you. And below we will help walk you through this discovery. Because entrepreneurship isn’t for everyone.
PRO TIP: Learn more about Startup Tandem’s fractional CFO for startups before you start!
Assess Whether You Should Really Quit Your Job And Become An Entrepreneur
Before simply quitting your job and starting a business, assess whether starting a business is for you. Use the questions below to evaluate whether or not it’s really a good idea to start a business and resign from your job.
Ask Yourself These Questions About Quitting Your Current Job
Before you quit your job and start a business, it is recommended that you do a thorough assessment of your employment goals, experience and history. You can start the process of assessing this facet of your life by asking yourself the following questions:
- Do I feel as though my current job is holding me back
- Do I believe that if I quit my job I will easily be able to replace the salary I was making in a new line of work
- How has my behavior been at my job? Have I had a lot of call outs or other negative behavior?
- Have I been a productive worker on the job?
- Has my manager been pleased with my productivity over the past length of time? What would he or she say about my performance?
- Do I know exactly what I want to be doing instead of this job?
- Would I be able to stay in touch with my boss on good terms if I choose to resign?
- Is my current job easily replaceable if my business endeavors don’t work out?
- Do I currently have benefits that I would be cut from?
- Do I have medical needs that I will not be able to afford without the coverage or salary from my current job?
- Will I be burning bridges if I leave?
- Is there any opportunity for growth that I’d be interested in at my current job?
- Am I unhappy or depressed at my current job?
- Have I always had a gut feeling that I want to quit my job?
Ask Yourself These Questions About Starting A Business
Before venturing out to start a business, it’s important to understand the likelihood of your succeeding at being an entrepreneur. This can by done by asking yourself a few simple questions.
- Am I ambitious and hardworking?
- Do I struggle at all with laziness?
- Do I tend to be a workaholic or overachiever?
- Does my personality often get in the way of my success?
- Am I open to feedback and constructive criticism?
- Have I always wanted to start a business?
- What type of business do I want to start?
- Is starting a business my dream?
- Have I struggled previously with working a 9-5 job?
- Do I have the appropriate funding to start a business?
- Do I have a business plan and a marketing strategy for my business?
- Have I considered the possibility that it could fail?
- What is my plan B?
- Am I well connected in the industry?
- Do I know others who have businesses who I can call upon if I have a question?
Understand That Starting A Business Takes Work!
After you have asked yourself all of these necessary questions, you’ll have a better idea of whether you are a good candidate for entrepreneurship. And keep in mind, it’s a lot of work and not all fun and games.
Typically, a person who sets out to start a business should have a plan. They should have an ambitious personality that would allow for them to work long hours and feel fulfilled in doing it. In addition, it is ideal that he or she has been able to hold down jobs, maintain work and career related relationships, and demonstrate openness to new ideas. These are all great qualities that good entrepreneurs have.
Being prepared to start a business is a big part of finding success in doing so. And there’s so much opportunity, just making sure you’re in the right headspace is important.
You’ll Need A Strong Foundation For Your Startup
In order to have a successful business and quit your job and never look back, you’ll need a strong foundation. This includes getting involved in small business meetups, having startup services lined up for you to use, and understanding some basic and very important things right from the start.
Most businesses don’t put too much time into thinking about some of these basic things beforehand. So it’s recommended that if you’re going to quit your job, you put some thought into setting up a no-fail business plan to ensure you start off on the right track.
Some Important Resources For Starting A Business
Beginning a business isn’t as straightforward as it seems. There are things you need to do and think of in order to create unshakeable dominance in your niche. However, if you thoroughly plan everything and get yourself connected, you’ll see huge success for you and your business. It’s then that you may look back and say, “I’m so glad I quit my job and started my own company!”.
Below are some of the things you should consider setting up before you quit your job. You will find some excellent resources for starting a small business.
Marketing
Unless you already have a bunch of clients to help you through the beginning stages of starting a business, you will need to think about marketing. For example, what type of marketing will you be doing? Do you plan to use direct mail marketing, SEO, Google Ads or social media marketing.
Another important thing to think about is whether or not you have a website and if you don’t, do you have enough money to create one? These are very important questions to consider that can lead your business to success.
Financial Services
You may be surprised to know that there are a variety of financial services for startups that work at reduced rates and provide a huge amount of value to the companies they work with. One such company is Startup Tandem.
When you start a business, it’s crucial to be aware that a lot of money can get easily wasted as you get set up and figure out your processes and business systems. Hiring a fractional CFO is ideal, but many don’t have the money to do so.
However, if you work with a financial management service such as Startup Tandem, you will be guided into better decision making and avoid some of the common pitfalls of being a new business owner. In addition, you will have a partnership that will last the lifespan of your business.
Ideally, your financial advisor for your business or financial management services should save you money in the long run. That’s why it’s invaluable to invest in such a service. You’ll be grateful you did in the long run.
Accounting and Bookkeeping
Accounting and bookkeeping isn’t something many startups thing of right away. But if you already have clients and already have money coming in, it will pay for you to use accounting and bookkeeping services.
Keeping your books organized not only will save you time during tax season. It will give you a clearer picture of your business’s financial health and save you money in the long run too.
Startup Tandem works with many new business owners and helps them with accounting management and bookkeeping services. Contact them today to learn more about how they can help you as you quit your job and start a new business.
Tax Preparation
Tax preparation is a big deal and you should think about some important things that will help you through tax season and get the biggest deductions. Some important things to consider before leaving your job is what type of business entity you will have and how it will affect your pocket book or wallet during tax season.
Consulting with a financial advisor would be a great way to better understand what type of business entity you should formulate. Speaking to an expert to get financial advice for entrepreneurs is key to doing things right the first time! And it will pay off in the long run.
Branding
Branding is equally important and a big part of your business identity. Here are a few questions to consider before you quit your job to start a business:
- Do I have a branding strategy for my business?
- Have I hired someone to design my website yet?
- Do I have a logo and do I like it?
- Is my business properly branded with signage, business cards, a website and other important branding elements?
Putting a strong focus on your businesses branding is very important. Now you don’t need to do it all right away but you should definitely have an idea on the image you wish to convey to potential clients.
How To Quit Your Job The Right Way!
Now before you go and quit your job, let’s discuss how to resign the right way. This way, you won’t burn any bridges and if you ever need another job you won’t be stuck in a bad position.
Here are some tips for quitting your job:
TIP 1: Don’t Quit When You’re Angry
A lot of employees quit in a heated argument with their managers. This is one of the worst things you can do. In fact, you should quit when you are having a positive moment with an executive of your soon to be former company. The reason is because you want your manager to be willing to give you a reference if you ever need another job or not laugh in your face if you ask to go back. Good rule of thumb is to wait at least 1-2 weeks after a bad interaction to put in a two week resignation.
TIP 2: Don’t Quit In Front Of A Group Or On Facebook Live
Be respectful of your manager and quit one on one. Don’t do it on camera and make a spectacle because it will haunt you and will lessen the chances that you’ll ever be taken seriously or hired again.
TIP 3: Be Respectful
Even if you didn’t like your boss and hated your job, you owe it to him or her and yourself to resign with dignity and respect. Tell your boss that you appreciate the experience of working for the company and everything that you learned. This is great way to leave things because your boss will vouch for you if you ever need a reference.
TIP 4: Give 2 Weeks
No matter how ready you are to leave, give a two week’s notice. This is just the right thing to do and is a great decision to leave on good terms. Just as you don’t want an employee to just ditch the scene when you start your business, you should give the same respect to your former employer. Karma has a way of catching up anyhow so leave on good terms.
Things To Keep In Mind When You Resign
The main thing to keep in mind when you resign is to be respectful and not burn any bridges. If you follow these simple steps we know you leave in a good headspace. In addition, you will still have some great opportunities for networking, references and staying in touch in the future. These are all invaluable as you move forward into your new life as a business owner.
Conclusion: Should I Quit My Job And Start A Business?
You should now have a strong idea of what you want to do with your future. With so many possibilities on the horizon, the opportunities are literally endless. If you have a plan in mind and quit the right way, there’s no reason not to do it. The world is moving towards more remote work and business opportunities nothing should keep you from what you really want to do.
Make sure you invest in a company that can help your startup right off the bat. Companies such as Startup Tandem offer a variety of service packages to budding entrepreneurs such as yourself. Reach out to them to learn more about their culture and how they can help an early stage startup such as yours.
Take a look at Startup Tandem below:
You should now have the answer to your question should I quite my job and start a business so we wish you all the best!