Post By: Dre' Smith
All aspiring entrepreneurs want to be able to quit their job at some point, but you need to make sure you consider everything before taking that next step. So here are three things you should keep in mind before stepping away from your 9-5:
Finances should always be the first thing you consider before quitting your job, the financial burden. You need money to provide your basic everyday needs, so making sure that you evaluate your financial situation is essential. If you want to leave your job, you need to consider more than just income and expenses but also things like savings, investments, and even debt. Below are the key financial things you need to evaluate before you quit your job:
If you thoroughly evaluate these different pieces of your financial life, it will aid you in knowing the right time to walk away. Check out our course on “How To Quit Your Job To Pursue Your it” for a more in-depth explanation as we walk you through how to evaluate these different areas of your financial life.
2. Who Depends On You
You must take into consideration who is depending on you. For some people, this may only be yourself, but for others, you have an entire family depending on you. I know when most people think of dependency, they often think about financially; however, dependency can be more complicated than that. Maybe someone depends on you for inspiration. So when you start to do things that are outside of your character, you are affecting the person who depends on for inspiration negatively.
This is why we always suggest discussing your plan of quitting your job with those who depend on you. Often the people you tell, want the best for you. And in most cases are willing to give up something to be less of a burden on you so you can chase after your dreams.
3. What Kind of Entrepreneur Are You?
After tons of research and personally going through the ebbs and flows in running multiple businesses, we have concluded that there are five types of Entrepreneurs:
The one thing to remember is that no matter what if you want your business to grow and scale, you will need the skill set of each type of entrepreneur. In our Blog Post, “The 5 Types of Entrepreneurs,” we go more in-depth about every kind of entrepreneur and how to determine which one you are.