People are quitting by the boatload, theorists have dubbed it ‘The Great Resignation’. If you haven't been living under a rock, you've either heard about it, experienced it at work or already looked up how to quit (no shame!).
There are plenty of good reasons why you might consider leaving your job. Perhaps you're overworked, you're happier working from home, or you've got a side business you'd like to start up.
If you're thinking about quitting your job to work on your side-hustle. Here’s food for thought.
What if it doesn't work?
You need to be organised, proactive, and forward-looking if you're running a business full-time. I don't want to start off on a downer, but have you considered what would happen if your business failed?
You've got big dreams and we hope they work out but do you have a contingency plan?Don't quit until you've considered the best and worst cases. There's always a risk of failure and this risk shouldn’t stop you but you should be prepared for when things don’t go to plan.
The 9-5 or shift work is not fuelling you any longer. It feels like a chore instead of enjoyment.
Have you done the maths?
If this is something you seriously want to do, you must have a few figures written down and (hopefully) some money in the bank. If not, get your banking app, calculator and a notebook.
Personal
Do you have any money in an emergency fund?
How much does it cost to cover your bills and necessities?
If things were going well, what’s your ideal take home pay?
Business
Are you aware of your turnover, expenses, and profit margin?
Could you afford to pay yourself after all your business expenses?
Would paying yourself hurt your business's growth?
All of these things need to be considered before you quit in 2022.
Is your business viable and do you have a long term plan?
If you quit there will be a lot riding on your business. You don't want to go back to the job you just quit. Depending on what stage you are at you need to make calculated forecasts for growth potential and clearly outline whether or not the business model is viable.
Think about your long-term business strategy. Before you quit are there any pivotal changes you need to make?
What would it take for your business to fully take off?
We often get so focused on the designation we overlook the journey it takes to get our desired result. Reverse engineer the process, make a list of the steps and figure out what resources and help you need. Do you need logo design, inventory or social media marketing? The income from your job could help you fund these investments.
Is flexible work an option?
One thing the pandemic has shown us is the degree of flexibility and opportunity for new ways of working. If working 9-5 no longer suits your needs consider reducing your work hours to 3 or 4 days per week. You will need to write a reasonable proposal to your manager and don't forget to include how it may benefit the business/team.Can you find part-time work if there's no room for advancement or you're just over your current job? Almost every profession has part-time jobs. Maybe look for a job in a different field if you're just doing it for an income.
Before you quit your job in 2022, consider this:
- A contingency plan
- Your personal and business financial position
- A long term plan for growth
- What your business needs to succeed
- Finding flexible work
With all things considered, we are sure you will make the right choice. We can help you with marketing, branding, and web design. Get in touch!
Written By: Sinmi Adekola: Writer and Creative Consultant
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