Unless living in your parents’ basement is your idea of a good financial backup plan, failing to figure out how you’ll make ends meet after you quit your bad job could make you even more miserable than staying there. So before taking that leap, be sure to have a solid plan for paying your bills after you ride off into the sunset.
Do you truly know how much money you spend each month? Tracking your spending behavior can be an eye opener. What’s more, knowing exactly where your money goes each month is the best way to understand if you have the financial means to quit your job and where you should make cuts if necessary.
To help you get ready before your big day of freedom, we have highlighted some things you should do before quitting your job and starting your own company.
1. Leave on a good note.
Quitting your job without working your notice period, gossiping across the office, not completing your final assignments, and not training your replacement could be the worst decision of your life.
Of course, you are leaving to start your own venture, but you cannot be sure that it will be a success or that your old company won’t come in handy one day. Leave without burning any bridges so you can be able to cash in a favor one day. Your old employer may even send clients your way knowing that you are a trustworthy businessperson.
2. Don’t forget the smaller planning details.
As an entrepreneur, it’s easy to become the type of person that can see the big picture. Unfortunately, if you don’t focus on the small details, you won’t be able to mold the perfect company. Planning is key, and little things such as choosing the right social media channels, keeping up to date with emails, or even remembering to file your taxes are vital to your success.
3. Choose your new office space.
When planning the day when you quit your job, many assume that they will work from home until their company is off the ground and they have a team backing them up. Although this could work in the short term, it’s not a feasible option in the long run.If you choose to work from home, you need to find a balance between your personal space and work space. Working in bed, on your computer, all day, every day will lead you towards an unhealthy lifestyle that could have a domino effect on the progress your startup makes.
4. Create a portfolio or resume.
You may think that owning your own company means you’ll never have to create another resume in your life. Wrong! Bulking up your resume and/or portfolio is a key driver when building your new business because you will need to prove to your investors, teams, and even clients that you are worth their money.
Remember that starting a new business is going to be more challenging than you imagined. You’re going to have to make the planning process your full-time job before you even see an income. That said, with the tips outlined above, you could make it the best, most profitable adventure you’ve ever embarked on from both a professional and emotional point of view.