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Thinking of Quitting Your Job to Start Your Own Business?

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Launching your own business can be scary. Quitting your full-time job in order to do so is even scarier.

But think of your life dream becoming a reality when you devote all your time and effort into it… Wouldn’t that be worth making the leap?

How do you know that it’s finally the right time to eschew employment for self-employment? What factors do you need to consider so you can be confident in launching your own enterprise?

For the greater majority, a corporate career is a lifetime thing. A steady paycheck can provide a stable foundation for a household, and there’s something comfortable in the pattern and predictability of fixed work hours.

The times are a-changing though, and the trend towards self-employment continues to grow year by year. Moreover, it’s no longer uncommon to have multiple income streams as people launch online businesses or take on gigs in addition to their full-time jobs.

Sooner or later you’ll have to decide whether it’s now worth quitting your job so you can go all-in on your enterprise.

Before you make that decision, you need to be fully aware of the following first:

1. You’ll be walking on unsteady ground (at first).

Working for a big company means everything’s laid out so it’s easy to navigate. You know where you’ll be working and where you fit in with the rest of the organisation. There are processes in place and you can already plot possible career paths to bigger roles.

Not so when you’re running your own business. You might be working on completely different aspects of your enterprise from one day to the next. No two days will be the same, which can be both scary and exciting depending on how you look at it.

2. And then it becomes a roller-coaster ride.

Depending on how well things progress, you’ll either have sobering moments where you’re missing that steady paycheck, or have thrilling times when you make a big sale.

Launching your own business is essentially betting on yourself and riding it to success. The stakes are much higher and you’ll feel every accomplishment or setback that much more.

You need to be prepared to make course corrections when you’re on a downward arc, and practice diligence when you’re cresting up.

3. You’re going to be doing everything.

Yes, you’re going to be completely in charge of everything. Sure you can hire help for certain tasks or specific jobs but make no mistake, the success of your business rests entirely on your shoulders.

Your product, sales, expenses, accounting, customer service – all these and more are going to be under your purview, so it won’t be surprising if you feel like you’re drowning at times.

But none of these compare to trying to meet the expectations you’ve set for yourself. It will be difficult at times to, as your own boss, pat yourself on the back for a job well done, especially when things aren’t going well. But you’ll have to remember since your morale and attitude will directly affect your outcomes.

4. But yes, you’ll have a lot more flexibility.

Now that you’re the boss, your work hours are pretty much whatever you want them to be. You can take the day off when your kid is sick, leave in the middle of the day to meet up with a friend, or even go home early when you just feel like it.

Of course, no one else is going to pick up the work you left undone, so you’ll likely be working longer hours in the coming days (and nights).

5. You have to step up your game.

Let’s be honest here, you’ve probably done your own bit of slacking off as an employee. Sometimes there just isn’t enough to do or you’re not feeling it and could get away with it.

Well say goodbye to that when you’re running the show. You’ve got to give your enterprise everything you’ve got if you want to make it to the big leagues. You’re going to have to work even harder or else.

Do you have what it takes?

If reading through this has scared you off or made you hesitate even more, you’re probably not ready yet to make the big leap. Reassess your plans and priorities and maybe soon you’ll have the confidence necessary to go out there and strike out on your own.

But if this only solidified your resolve to embark on your enterprise journey, then by all means go for it!

When you’re truly passionate about what you want to do and are willing to do what it takes to bring it about, you’re going to enjoy the journey even more than the destination.

Certica® has provided compliant independent contracting solutions to Australian companies for over 16 years and we pride ourselves on finding solutions for our clients who want the freedom that compliant and fair contracting arrangements provide. If you engage contractors and you have a concern about managing your workforce, please contact us immediately for a no-obligation risk assessment and practical tips to ensure you’re always a step ahead.

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