Are you thinking of leaving your 9 to 5 job?
I’m guessing you are, and that’s why you’re here. I get it – I really do.
I believe I always wanted to be an entrepreneur. I didn’t know how, or in what capacity, but it wasn’t until my late 30’s did I think this dream could become my reality.
I chose to go to college and get a corporate job, because that’s what I thought I was supposed to do. I didn’t think I had any other choice. I worked as a Financial Controller for almost 20 years for various companies.
After being burnt out from my 9 to 5, I started to do some research to see what else was available. When I first came across the possibilities of online business, I jumped into research mode (because that’s what I like to do), and hit the books (or Google).
To be completely honest, it wasn’t easy. I confused myself with the many different options I learned from all my researching. It all seemed so impossible. Did I want to be a blogger, a virtual assistant, a coach? I could be so many things, but what did I want to do?
I was determined to be an entrepreneur and my interest in my 9 to 5 became less and less. Because I was a Financial Controller for so many years, and basically run 8 figure businesses, I knew I could help so many others. I started my first online business, Virtual COO Solutions. It wasn’t until I really decided to take a leap of faith that things really started to take off. There was light at the end of my so called tunnel of despair and frustration with my 9 to 5, and I was walking towards that light.
After that leap, I NEVER looked back. Today, I am a multi-passionate entrepreneur and have 2 successful online business - Virtual COO Solutions and Two Week Notice Society. I am actually living my dream of being an entrepreneur!!
Before you make the leap into entrepreneurship, it’s really important to be strategic, discerning, and dedicated.
Here are 5 Things You Should Do To Become Your Own Boss
1. Initiate | Determine WHY you want to leave your job.
For this first part, it’s important to determine why you want to leave your job.
For example – I want to leave my job because:
I want to stay home with my children
I want to be my own boss
I don’t like the people I work with
I’m not a morning person
I prefer to work on my own and in my own time
My job is too stressful
Whatever your reasons are, make sure that you are honest with yourself.
Next, make a list of what you don’t like and – this equally important – a list of what you like about your job.
For example – I don’t like:
The stress involved
The hours of work
That it doesn’t challenge me
It is is not “me”
That my salary does not reflect what I am worth
For example – I like:
The people I work with
The challenges I am presented with
Learning new things
That I get paid well
Weigh out the pros and cons of leaving your job. These should be based on the reasons you want to leave your job.
For example – PROS
I will be able to spend more time with the children
I will be able to manage my time more
I will be able to focus on my passion
For example – CONS
Without my income, we will be living on a tight budget
I will miss my colleagues and being around people
I may find it difficult to get another job if I leave this one
Ask yourself: Is there anything that your current workplace can do to help ease your situation?
Often, people think they want to leave their job because there is something that is not being met. So, ask yourself if there is something that your current workplace can do or change to make you rethink your plans of leaving.
For example – I won’t leave my job if:
I am given a salary increase
I am moved to another department
I am given more responsibility
I am given flexible hours
Now this is important – if after doing this, you do find that there are in fact some things that your employer can do for you to make you stay in your job; make a plan to ask for it. It is so important that you know that employers and managers don’t think about whether you are happy or unhappy until you actually tell them.
Do not wait until you are ready to quit to ask for something you feel you deserve. This only causes resentment. It is very likely that what you are wanting to ask for is actually something that will be beneficial to both parties – you and your employer.
Employers and managers don’t think about whether you are happy or unhappy until you actually tell them.
2. Identify | What is your current income and how does it meet your family needs?
If you decided to go on to step two, it’s because you have decided that there is nothing that your employer can do for you to help make your situation at work better.
Now then, it’s time to identify what your family needs are, and how losing your income will affect you.
Write down your income and what that income does for you and your family.
For example: Income – $30,000 per year
This income is helpful in that it pays for the children’s activities and family entertainment such as going to the movies and dining out.
For example: Income – $60,000 per year
This incomes is supplemental to that of my husband / partner. It meets half of our household needs and is essential for groceries, children’s activities, and family entertainment.
For example: Income – $90,000 per year
This income is crucial as it pays for the family mortgage, daily family expenses, household utilities, children’s activities, and family entertainment.
3. BUDGET | What will give you and your family what you need?
Now, ask yourself: How will it affect my family if I lose this income?
If you temporarily lose your income, will your family be able to get by until such time that your business takes off and starts contributing to the family finances?
4. Plan | How can you achieve your goal?
Before leaving my 9-5 job, I made sure that I was putting aside some money to help as a buffer while I was setting up my business.
IDENTIFY YOUR OPTIONS – Now that you know what you need, it’s time to identify your options. For me, my goal was to have enough clients to replace my income before I left. Note: This is different for everyone!
So during this time, I chose to do these three things on the side:
1. I worked part time (6 – 12 hours a week) on my business to gain new clients.
2. Focused on building my online business so that I could continue to attract new clients.
3. Reduced spending as much as possible.
INVEST IN YOUR BUSINESS – It’s important to invest in your business. I hate to say it, but… you have to spend money, to make money.
Now because I love to research, I devoured everything that I could on the best courses that would help me achieve my goals. There was so much information, it was overwhelming.
I purchased a few online courses that turned out to be duds; and then those that were like striking gold! Total game changers!
I also hired a coach and joined a group coaching program that helped to accelerate the success of my business.
5. Implement | Do it
After you have done steps 1-4, it’s time to implement your strategy. When you give your two week notice at your 9 to 5 job, make sure that you set up the side hustle(s) that will help you keep afloat while trying to build your business.
Within six months of hustling, my online business began to generate more clients, and I was able to leave my 9 to 5!