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5 Critical Steps to Take Before Quitting Your Job For Good

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5 Critical Steps to Take Before Quitting Your Job For Good

Congrats! You have worked hard and you’re ready to transition into self-employment. It is an exciting transition in your path on quitting your job for good.  But before you go ahead and quit your job, there are some crucial steps you need to consider before taking the leap. Following these suggestions will not only make it easier when transitioning, but a happier experience for everyone involved.

1. Leave on a High Note

Think about how your boss would feel if you make a situation worse by being disrespectful. Sure, you may not like your job, but it is not fair to your coworkers or your boss if you are disrespectful when quitting. While you may have fantasized about telling your company how you really feel, but it could damage your reputation down the line, even if you are your own boss. Put yourself in your boss’ shoes: would you like an employee to treat you poorly or left a mess of their work that you have to pick up the pieces? Make it a point to be fully involved in your job up until the day you leave. That means completing a to-do list you meant to tackle, cleaning your desk, and keep yourself focused on your work.

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2. Create a Financial Plan for the Next 6 – 12 Months

Being your own boss means that you won’t have a steady income. Before quitting your job, you need to think about what your budget is in order to cover the essentials. It is also a good idea to save up money in case some months or slow, or no income is coming in at all. To start, write down a list of all the expenses you have. Items you should factor in -Cell phone -Rent/Mortgage -Food -Internet/utilities -entertainment -existing debt -health insurance -transportation After writing down what everything costs, take that amount and make sure you stick to it. There are lots of budgeting programs that you can use, or something as simple as a spreadsheet document on your computer will suffice. They key is sticking to the budget you set for yourself to ensure you don’t run into any financial trouble while self-employed. It is a good idea to get used to your new budget by making one and sticking to it a few months (if possible) before leaving your job. That way, you have time to adjust it if necessary before you no longer have your job.

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3. Make a Plan

Your side hustle may provide you with enough income to quit your job, but have you considered what you will do to continue your success? Think about where you plan on seeing your career in the next few years, and write your goals down.  Create goals to market yourself and your business, how to retain existing clients, what your ideal career is like, and any personal goals you want to achieve. Make your action plan as specific as possible and what your success criteria is. For example, if you plan on hiring on a virtual assistant to help with some back end work, make a goal on how much income your business needs to make in order to be able to afford that VA full time.

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4. Plan Out Healthy Habits and Routines

Making sure you are in tip top shape is important because you are now your business. If you are sick and cannot work, you will not pull in any income. Being unhealthy can also take a toll on your productivity and mood.  Sure, you may want to skip lunch and finish writing that proposal for a new client or fix your website, but something that may take you 20 minutes to do may take a few hours if your stomach keeps growling at you. Now that you can dictate your own schedule, make a point to pencil in some time for exercise during the week. Find a workout buddy if you need to get some accountability. Even taking 15 minutes a few times a day to stretch will do wonders for your mood and health. Don’t forget that eating well is part of a healthy routine. Don’t stock up on too much junk food or frozen dinners even if it is more convenient to prepare them. Make a meal plan and freeze meals ahead of time if you know you will be too busy to cook. Enlist the help of family members if you need to in order to make your health a priority. Set reminders on your phone or calender if you need to in order to make sure you stick to a healthy routine.

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5. Create a Backup Plan

As much as we’d hate you admit it, sometimes life doesn’t go according to plan.  Your regular clients may suddenly decide they do not need your services. Maybe your business is not pulling in a profit for the past few months and your savings are dwindling. Perhaps there is an emergency in your family and you have to put off your travel plans. Take a look at what your plans are after you quit and list and possible worst-case scenarios. Write down what you might do if these crop up. Make up as many scenarios as you can think of and create a backup plan for each one. Talk to as many people who have forged the same path you have and see what their backup plans are. It could be moving back in with mom and dad, taking on part time work at McDonald’s, or changing up your marketing efforts.  As well, think about a time frame on when you will enact on your backup plan. What will be the deciding factor on knowing when your initial plans are not panning out? Clearly deciding on a success criteria early on will help you make those tough decision down the line.

Have you quit your job? What steps did you take before you left your job for good? Share your insights in the comments below!

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Last Updated on January 27, 2022

12 Reasons Why You Should Consider Working in Singapore

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12 Reasons Why You Should Consider Working in Singapore

Nine out of 10 foreign workers are satisfied with working in Singapore, a recent governmental survey reports. Being ranked best for numerous criteria from best intellectual property protection laws to the easiest country to do business in, Singapore also receives a bunch of accolades for the overall quality of life, top education standards and efficient medical system, ranking the nation as the healthiest in the world. So, what exactly makes the City of Lions such an impeccable place to start your career or relocate your business? Here are just 12 reasons why you should consider doing it!

1. Singapore ranks second as the most globalized economy in the world

The Global Competitiveness Report 2014 – 2015 named Singapore as the world’s second prospering economy. By defining “competitiveness” as the set of institutions, policies and factors that determine the level of productivity of a country, the report claims to be the most authoritative assessment of the country’s prosperity and well-being. What does that mean for you and me? High wages, low unemployment rate, excellent work conditions and nourishing business development and investment climate.

2. Salaries are extremely lucrative

As the economy is booming, Singapore companies are hungry to acquire overseas specialists, offering top salaries and lucrative benefit packages to attract highly-skilled workers and talents. With a median salary of 3.500$ per month, software engineers can earn up to 72.000$ annually, whereas general practitioners usually receive around 80.000$ per year, according to PayScale. Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.

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3. Progressive personal tax system

Calculating and paying taxes in Singapore is extremely easy and usually takes around 30 seconds to submit your online tax return. If you already obtained a residence permit, your personal taxes in Singapore range from 0% if you earn less than S$ 22.000 per year to 20% for incomes above S$ 320,000. Non-residents are expected to pay a flat rate of 15% from all income gained in Singapore. In addition, all of your earnings gained overseas and brought to the country are not subjected to any taxes.

4. Getting a work/residence permit is really easy…

With a population of only five million, and dropping fertility rates, Singapore is highly interested in acquiring new residence and labor force to boost the country’s economy to soaring heights. If you already have a job offer secured, applying for a work permit would take only a few clicks on the governmental website and you will know the outcome within just one day. No lines, no paper bureaucracy and no huge list of supportive documents or blankly stated requirements. Their entire procedure is even simpler if you are a business owner wishing to relocate your business to Singapore, or a start-up entrepreneur wishing to develop your company within the island. You are likely to receive your work permit for a longer term, plus the renewal process is fast and simple. Residence permits are usually issued along with your work permit for the same period of time.

5. …And the same with permanent residence status

If you have lived and worked in Singapore for over a year and enjoyed your experience, you can start considering applying for a permanent resident card. Again, the whole process can be done online without much hassle or paperwork involved. Among the factors of a successful outcome, expats name young age (below 50), educational background (degrees obtained in Singaporean universities will earn you extra points), the industry you work in (again extra points to those who are involved in scientific research and working with innovative technologies), and your ability to speak one of the four languages. The processing time does take up to six months.

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6. The adaptation process goes easy

As English in the main working language you won’t experience the dreaded language barrier. The local society is an absolute melting pot of Chinese, Malay, Indian and British cultures with 42% of population being foreigners. There is a huge amount of expat communities and meet-ups, restaurants serving awesome foods from all over the world, and imported goods you are used to buying back at home. As expats say, “Singaporeans are generally very comfortable with diversity and have been very welcoming to foreigners” with rare case of racism or religion discrimination occurring. There are numerous international and English schools available, along with pre-school daycare centers, so your kids won’t experience much troubles either when changing environments.

7. Top notch higher education

If at any stage you feel like lacking relevant educational background or certain skills to get a promotion, you should consider getting a degree in one of the six Singapore universities. National University of Singapore currently ranks number one in Asia and 22nd in the world offering degrees in Arts, Law, Medicine, Computer Sciences, Public Policy and nearly any other profession in demand. Tuition fees for undergraduate programs range from S$ 28.600 to S$ 129,200 for medical degrees. However, all students (foreign or resident) can apply for governmental grants and tuition aid, cutting down the costs by 50%, as currently around 20% of government spendings go into education. If you are aiming at a top executive position, getting an MBA in Singapore will cost you S$ 58,000 full-time or part-time.

8. It takes three days to open a business

Being ranked #1 for the ease of doing businesses by World Bank consequently for seven (!!!) years, starting your business in Singapore is easy and fast indeed. The whole process is done online and your registration will be deemed completed within a few hours after you pay a registration fee of the S$65. Afterwards, you can either refer for further assistance to ACRA (Accounting and Corporate Regulatory Authority) offering you a huge selection of agencies and providers to handle all your business needs – from business start-up services to preparing all the documents for your annual returns.

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9. Singapore is rated #1 as the best labor force in the world

As your business grows and you feel it is time to expand, hiring new professional team won’t be much of a struggle. With expats and work migrants flooding the market, local labors are known for their effectiveness, strong work ethics and superb educational profiles. Filling in top executives and managerial positing will not be a problem either as the share of high-skilled professionals with relevant background rose from 27% in 2003 to 31% in 2013. Moreover, 25% of residents reported to have worked for the same company for 10 years, which means less personnel changes and headhunting.

10. Low crime rates and zero corruption

Currently ranked the 5th least corrupted country in the world, Singapore surpassed a long chain of reforms and law enforcement practices on the road to a bribe-free society. The Corrupt Practices Investigation Bureau has kept an eye on matters since 1952 and tries all cases according to strict Singapore laws with long-term jail sentences and huge fines up to S$ 100,000. Same goes towards any sort of crimes–even minor offenses are treated with extreme severity. Think: three months of jail and three hard cane strokes for painting graffiti on a war memorial. When living and working in Singapore you don’t need to worry about your belongings getting stolen, nor your life threatened. Besides, you don’t need to have any sort of “special connections” to do business and get through all the legal and bureaucratic procedures.

11. You can become a millionaire in less than 10 years

According to a recent report issued by Boston Consulting Group, over one half of wealthy Singaporeans accumulated the majority of their wealth in less than 10 years. That’s the quickest growing rate in the world. Now, Singapore boasts one of the highest millionaires’ density in the world with 8.8% of the population having assets over one million US dollars. The phenomenon exists due to the ease of doing businesses in Singapore, advantageous location with easy access to nearby booming markets of India, Indonesia and Malaysia and quick implementation of progressive new technologies.

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12. Absolute political stability

Obviously, your business and you as an employee do not exist in a vacuum and are highly dependent on governmental policies and law-making. The Singaporean government is known for conducting open and fair policy towards constantly introducing new laws, tax relieves, and regulations to enhance the countries’ business environment even more. With the People Action’s Party forming the majority in Parliament since 1965, Singapore has a very stable and orderly government indeed.

Featured photo credit: Larry Teo via unsplash.com

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