If your on this website you either don’t have a job or don’t want a job, in either case your probably looking to find away to pay your bills so you may never need another job or maybe just to hold you over until you find another job.
If you currently have a job but want to get out of dodge fast I would suggest that you analyze this decision in every minute detail. Once you quit it may be impossible to go back to your job in the event you realize you made a mistake. So don’t screw this important decision up.
I can tell you this for sure, if you quit your job your stress level will drop at least for a little while unless you can’t pay your bills than this will be one of the most stressful times of your life. Have a plan before making the decision to quit. Here is my advice on planning to take the plunge before you actually go through with it.
1. Reduce Your Expenses To The Bone – I am talking extreme like ditching your car, renting vacant rooms, storage space, etc. Cutting out Netflix, cable, and any other expense that isn’t absolutely necessary and here’s why. When your making a transition to becoming your own boss with all the freedom and responsibility that requires it will be stressful until you get back into a daily routine.
The last thing you need at this point is financial stress in your life. That’s why I suggest a temporary cutting back of expenses. In 3-6 months once you have a small business or several small businesses up and running life will be good again and you can increase your expenses. Unless you have lots of cash saved up I recommend this temporary drop in expenses.
Who knows you may find that spending less is just so darn liberating that you never increase your expenses even after your income is back up. There is something very liberating about having very low expenses. The thought that your time is your own and you answer to know one can be very intoxicating and powerful. You might even want to take some time off and go somewhere you love, oh the decisions.
2. Save up 6 Months Expenses – Before you go ahead and give your 2 weeks notice make sure you have your post job budget of 6 months stashed away. Don’t get discouraged I have seen people get their post job budgets down to under $500/month which would equal only $3,000 in cash.
This is why it’s so important to cut your expenses since it will also allow you to quit your job much sooner. This 6 month stash should be plenty of time to start multiple small businesses and the skills that they require.
3. Get The Skills Your Business Requires - When I quit my job I didn’t have my skills learned a head of time and it took me about 3 months to get really proficient at creating and monetizing websites. I mostly learned through trial and error and youtube videos so although most of your new skills can be learned at no cost they take time, sometimes lots of time.
That’s not to say that you couldn’t learn your skills after you quit your job but I think it makes it much easier and faster to make money when you can start your business the first day out.
Don’t pay for your new skills if you can at all avoid it since almost anything you need to learn can be found online through websites and videos. Save your money for your actual business where you will get a much higher return on your investment.
4. Start Small – Remember most businesses can be started on a few $100′s. There is no need to put all your money into one business and go for broke. My suggestion is to start multiple small businesses and grow them over time. This allows you to drop out of businesses that either don’t fit your personality, you don’t enjoy, or aren’t making enough profits.
Realistically you can start 4-5 micro businesses on $1,000 but you need to go low end on almost everything. Don’t buy the embossed extra thick colored card stock for your business cards that cost $50 and up. Stick with a low priced printer like vistaprint $4.00 for 500 business cards.
Almost any business can be started with a few items:
1. Prepaid Cell Phone – There is nothing more unprofessional than using your home phone for your business. For $10 you can buy a Tracphone prepaid cell for your business number.
2. Email Address – Everyone communicates via email or text. Set up a free email address at yahoo or hotmail so you can put it on your business card.
3. Business Cards – No respectable business won’t have business cards and at under $5 (vistaprint) for several 100 you be crazy not to order them. Be sure to include your business cell number, email address, and website for contact information.
4. Tshirts – Again for less than $10 you can design and buy online a tshirt with your businesses name and number on it at vistaprint.com.
5. Advertising – Naturally if your a business that needs customers your are going to need to advertise. Online, newspaper, and handing out business cards are all great ways to start drumming up business.
6. Website – You can make your own website and buy a domain and hosting account for under $20 through Godaddy.com and Bluehost.com. Every business needs a website.
Following these basic but crucial rules should help you to gain an distinct advantage in quitting your job and succeeding at becoming your own boss. The freedom and independence of quitting your 9-5 job will feel like “your the man”.