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5 Critical Steps to Take Before Quitting Your Job For Good

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.

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 May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

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              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

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