Now that you are a successful entrepreneur, you have to decide when it is right to leave your old job and go with your new one full time. It is not always an easy or straight forward decision.
Table of Contents
Can You Afford It?
The first question to ask yourself is whether you can afford to leave your old job. Does your new company earn enough to pay for your living? Can you cover your major fixed expenses like your mortgage and insurance while also paying for you to have an enjoyable lifestyle?
If you have any serious concern about making ends meet off of your company’s income, you need to have a clear and realistic plan that will take your business to a point where you can live off of the income. You should have enough savings to last you past that time so you can cover your living expenses without worrying
Are You Secure?
If your business makes enough to cover your living expenses, that revenue stream has to be secure before you leave your job. If it is going to be seasonal or dependent on a handful of variables, it might not be the right time for you to leave yet.
If you have a family to support, it is even more important that your revenue stream and expenses are clear and will not go away before you leave your job.
Do You Have a Contingency Plan?
If anything goes wrong and you are in a pinch for cash, you need a plan. A big savings account is a good start, but you will most likely need income again at some point. This is the not-so-sexy step that every entrepreneur must take.
Have a clear plan in place, including finding a new job, before you leave your current safety net. If you have multiple entrepreneurial activities in the works, that could also be part of your safety net. Creating income streams that will secure your living situation is incredibly important when going out on your own trying to make a living on a new venture.
Leave Gracefully
When you do decide to leave, you should leave your old job gracefully. Don’t give your boss the finger. Don’t make it difficult on your company or co-workers to adjust when you are gone. Make it as easy as possible on them and be very gracious as you leave.
Always give at least two weeks notice when you leave a job. Always train your replacement or department on your responsibilities. Do not leave your company in a difficult position.
You never know if you might need to call that company for a reference or possible go back after working for yourself. Make sure you have a good relationship with your former company so you are able to find something new without a lot of trouble.
Your Experience
If you have left an old job to go out on your own, please share the story with us. Was it difficult? How did you leave? Please share in the comments.
About Carson Derrow
I’m currently in a position with a nightmare boss and am close on landing a position at a few different places. I’m never going to ask my current boss for a reference and frankly don’t expect to ever run into him again, but nonetheless will leave as gracefully as possible when the time comes. My current job is at a large university and if years down the road I want to work there again, there might be a note on my file if I leave without giving notice or say something nasty to my boss. As much as I might want to shove off and be done with him forever, it’ll be easier on me down the road if I take two weeks to put things in place for the next person. Wonderful article and good advice!