A lot of people from different generations dream of saying these two magic words: “I quit!”
Maybe you’re working a part-time job and taking classes (online or in person). If you’ve thought about quitting your job to start a business, you’re not alone.
The recent COVID-19 pandemic caused many workers to rethink how they want to earn a living. At the same time, many businesses, especially stores and restaurants, are understaffed. Some companies are struggling to hire new people. And you don’t have to look far to find plenty of “I quit” videos on YouTube and TikTok.
Some career and economic experts call this trend “The Great Resignation.” Here are four tips to consider before you leave your job to become an entrepreneur.
Think about why you want to start a business.
Most entrepreneurs want to make money. But most entrepreneurs also start a business for other reasons. Sharing talents and skills to help, inspire, and/or entertain others is a common reason for becoming an entrepreneur.
Also, think about what specific type of business you want to have. For example, creative entrepreneurs (musicians, writers, visual artists) can choose to create their own products, or teach their skills to other people.
Take some time to consider what industry you’re interested in and what types of customers you want to help.
Don’t quit your job…yet.
Maybe you like your job. Or maybe you don’t. Even if you hate your job, make sure that you will be okay with not getting a paycheck for a while if you’re no longer working for someone else.
Many entrepreneurs start a business as a side hustle. Having a side hustle can literally buy you time to figure out how to run your own business and start earning some money as an entrepreneur.
You can also use this time to discover if you truly like running a business. If you still enjoy having your own business, you can then make an easier switch from your day job to becoming an entrepreneur.
Quit your job the right way.
There are lots of funny fictional and real-life stories of people suddenly quitting their jobs. But you can leave your job in a positive way, even if you had a negative experience.
When you’re ready to leave, respectfully tell your boss that you’re leaving the company in about two weeks (commonly called “two weeks’ notice”). Your current job, even if you dislike it, could help you succeed with your new business.
If there are some things (and maybe some people) you dislike at your current job, keep them in mind as you create a business that focuses more on the kind of work you like to do and the kind of customers you want to work with.
Also, remember the positive things and people at your current job.
Try to keep in touch with your work friends after you leave. You can follow each other on social media, for example.
The people you enjoy working with could possibly help you promote your business or connect you with someone else who can help your business.
Start (or continue) building your business.
Hopefully, you’ve already taken a few steps toward starting a business before leaving your job.
Here’s a simple way to become an entrepreneur: Use the same amount of time spent at your last job and use that time to plan, run, and promote your new business. For example, let’s say you usually worked from 4 p.m. to 8 p.m. at a restaurant or store a few evenings per week. When you leave your job, switch to spending a few evenings per week working on your business.
Get help from family, friends, online, and even from your former coworkers to continue learning more about your type of business and how to be a successful entrepreneur.
Final Thoughts on Quitting a Job to Start a Business
Many successful entrepreneurs began their careers working for someone else. You can leave your current job and build a great business.
But switching from an employee to an entrepreneur takes work. Remember these four tips:
- Consider why you’re starting a business.
- Don’t immediately quit your job.
- When you’re ready, leave your job in a positive way.
- Start/continue building your new business.
Following these tips will help you learn important lessons from your current job that will help you run a successful business.
Also read: Entrepreneur vs. employee: Which is better?