Become a Full-Time Entrepreneur?

For most, people live their lives working for others. The thought of becoming your own boss scares most people away. On one hand, you’re likely pursuing a better opportunity. On the other hand, letting go of a job that produces stable income is always a tough decision.

Leaving a stable job to launch a company and commit to it full time while having monthly expenses you must meet is tough feet for anyone. Regular employment provides more than just a regular paycheck. It gives you the opportunity to network with a wide range of people, and gives you the opportunity to move up in the company. Fortunately, you don’t have to give those things up when working for yourself!

By resigning professionally you allow yourself to a wide range of opportunity. No matter what your relationship is with your employer, don’t ruin it. You never know when you’ll run into people in the future when they could help or harm you. Make sure you keep things friendly.

Plan Ahead

Quitting your job isn’t a decision someone makes suddenly. Many people spend number of years building their business on the side before taking the jump. Only you know when you’re ready to leave your job to go work on your business full-time.

There are number of things you must consider when making the leap:

1. Savings

Do you have enough money in your savings account to be able to go full-time into your business? Do you have enough money to sustain your current lifestyle? Will you have to cut back in spending? Will you be able to cover your business expense as well?

Remember that you aren’t getting a regular weekly/bi-weekly paycheck. Make sure you crunch in all those expenses and see if you will be able to comfortable with no income. Being a successful entrepreneur is about balancing risk with reward. Even very successful business sometimes run into cash flow problems, so make sure you can cover your personal expenses if you aren’t getting paid for a while.

2. Lifestyle Change

Since you are self-employed remember that things are going to be quite different. Some of the good qualities of being your own boss is that you’ll have more freedom, control how you want to work, where you want, and what you want.

Things are going to be different! Everything you do will be under your terms but just remember that are you willing and be able to hold yourself accountable for getting things done? This includes control over your own compensation package.

* Do you have unused vacation days? Use them up before you go. You may not get another chance to take time off for a while.

* Do you rely on company health care benefits? Get your own plan lined up before you let go.

* Can you work at home or do you need an office away from home? Don’t forget to account for the cost of a workspace.

* Are you willing and able to hold yourself accountable for getting things done? You have to be your own boss now.

3. How To Resign Professionally

When it is finally time for you to take on your next adventure, make sure that you are writing your resignation letter. There is no need to explain yourself and are under no obligation to do so. Just know that whatever you say or write can be held against you in the future. Especially if you end up coming back to your previous employer. Be polite even if you hate your boss. There is no point in destroying your relationship just to make a point.

Understand that building relationship is key here, your previous company that you worked for can possibly be your next client.