There are three important things you need to know about yourself before you quit your job for solo entrepreneurship—
Number one is your stress level.
Number two is your risk tolerance.
Number three is your financial situation.
Having a clear idea of all of these before you quit your job will help you know exactly how you'll handle the early stages of solo entrepreneurship and the possibility for long term success.
Let me explain why I believe you need to know all of this before you quit your job.
There's a woman I know who was quietly building her “side gig” while she was still working her job. She did a lot of reading at night. Researching on the weekends and getting her business set up under the radar.
She didn't have any clients but she knew that she had a decent business plan and had a few months savings in the bank.
After a few months of prep work and years of hating her job, one day she intuitively told herself it was time she quit her job.
So she discussed it with her husband, checked her bank account to confirm that her 3 months of living expenses were securely in the bank and the next day she told her boss she was giving her two weeks notice. She was elated.
The month following her job exit she had one client. A few leads a lot to learn and a lot of bright shiny objects in front of her. She was startingto worry that she wasn't making money or getting clients fast enough. She was feeling nervous.
Her nerves were catching up to her so she decided to take from her savings and start investing in some products and courses at a low investment so she could start getting enough clients. She had hope.
By month two she was beginning to get confused about what to work on when. What advice to follow and feeling upset that she wasn't getting to do the work for which she'd quit her job for. In fact she was doing practically none of her service work. She was frustrated.
When month three came along she still had the same client but still only one. Money was becoming a serious issue. She was waking up in the middle of the night worrying and fearing that she made a serious mistake. She was scared.
Month four, she had two clients. Exhausted her savings and knew that if she didn't make enough money in the month that she was in serious financial trouble. She was panicking.
Month five, she had the same two clients. Not enough money coming in from her business, no savings and no leads in the hopper. She started looking for a job.
Month six—she returned to her old job, transferred her clients to a colleague and told herself that it was a good experiment and that she wasn't cut out for entrepreneurship. She felt defeated.
You may be wondering if this is a real story—yes, it is and it's one that happens over and over again.
I'm sharing this story with you because you need to know a few things before you quit your job.
- Without a solid business plan and strategic marketing plan a new business is going to have a hard time getting off the ground.
- What happened to this individual doesn't have to happen to you—there's a way you can build your business while you're still working and if you know you can't handle the initial rocky months then you need to set up as much as possible before you quit.
The simple lesson here is that there are some people that can throw all caution to the wind and quit their job, land on two feet and handle it well.
There are others that can't and will need to plan as much as possible before they quit.
Bottom line, know yourself so you know how to handle solo entrepreneurship and how to create a thriving business.
What are your thoughts on what you need to do to prep yourself before you quit your job for your “gig on the side”? What would you recommend to others who are in the process of doing this?”
Let me know in the comments below~
Considering quitting your job for the business you started on the side? Ready to create a business plan that will allow you to put your Two Week's notice in motion? Let's set up a time to chat to make that happen. Contact Jeannie to set up a Strategy Session here.