How Do You Know It Is Time To Go Out On Your Own?
Do you get up every morning dreading the whole day? Do you hate to go to your 9-to-5 job and are envious of those who left them and succeeded in life? Do you also want to be like them, but keep postponing your decision thinking this is not the right time? Then the first thing that you are supposed to know is that there is no perfect time to leave your job and start on your own. You may spend your whole career and still not find the time to call it quits whereas someone else may require only six months in a job to know that this is not his true calling. Here are some questions that those successful entrepreneurs asked themselves before calling it a day in their old careers.
• Why am I unsatisfied in the present job? Everybody hates their jobs at one point of time, but not everyone quits them. What you have to see is the reason behind your dissatisfaction. Is it because you are disgusted about the restrictions? Then you won’t do well in franchising business too, because it also has certain restrictions. Is it because you can’t take the stress of handling people? Then remember, every business sells something and hence, having people skill will be essential. Are you feeling bogged down by the amount of work? But, business will demand more time and energy! Is it because the company can’t accommodate your ambition? Now, that is a good reason to leave, because burning ambition and a zeal for success is vital to succeed as an entrepreneur. Most successful entrepreneurs were not grumbled employees, but very bright and hard-working ones!
• What is my financial situation? The second most important question, which will decide when to start on your own. What you are required to see is that whether you have good amount of savings in your bank. In addition, there should not be any debt in your name. You should also be up-to-date with your taxes and have your partner/spouse as a support element. Be ready to compromise on your lifestyle too. Look around to get an estimate on how much your planned project is going to cost you and where you can get a loan. Always consult a trusted financial advisor who can guide you effectively in this field.
• Do I have my spouse/wife’s support? When you have a family, your decision to quit your job concerns them as well. So, discuss with your partner thoroughly before taking the plunge. They must be supportive of your decision. Above all, you need to have confidence in your own choice and capability before showing them your future plans.
• How close am I to retirement? If there is only couple of years left for your retirement, see if you can hang on for a couple of years. These days, retiring from corporate America doesn’t mean rocking chairs and playing horseshoes. Many retirees are using their solid financial base to finally launch their own business.
So you see there is no fixed formula to say that now is the time to get out of your job and script your success story in the franchising business. Have self-reliance and believe in your dreams. The perfect situation will surely present itself!
So, to all you business owners out there and those who are on the path to opening your own venture, tell us: How did you know it was time to go out on your own?
2 Responses to “How Do You Know It Is Time To Go Out On Your Own?”
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January 2nd, 2008 at 1:43 pm
I knew it was time to leave my corporate job when the stresses were taking over my life. Friday nights, I was too exhausted to do anything. Saturdays also were decompression days. I’d get a little joy on Sunday mornings, but by mid-afternoon, I’d be depressed about going back to work the next day. My 30-minute commute in to work each day was just building the dread of going into my office and my drive home was just rehashing the day’s trauma. It was time to leave and I’ve never regretted it for one minute.
January 3rd, 2008 at 7:47 pm
Sandy, I know exactly what you mean. For me, it was the point I realized that I was more afraid of NOT going out on my own than I was afraid of actually doing it. I was losing a sense of who I was, working for someone else.