What it Costs to Quit
When I was in my early twenties I remember waking up one day and thinking- I’m really ready for summer break and then it hit me, there wouldn’t be a three month summer break or a two week Christmas break or even a break for Easter. I was working in retail at the time and didn’t even have a paid vacation. I thought, so this is what it’s like to be an adult with a full time job, it sucks! From that moment forward I tried every way possible to get free from my job. I didn’t like the constraints of a full time position, especially a full time position that had me working nights, weekends and all major holidays. When we think of leaving our jobs that’s what we think about, the idea of being FREE. Having traveled the journey from job to business owner I can tell you that it sounds so freeing to quit, but there are a lot of costs and prior to leaving your job you don’t usually see the challenges, you just see the opportunities and while I’d highly recommend you think about starting your own business it’s important to also consider the cost of quitting.
You lose your paycheck
That is a realization that most people do have prior to quitting their jobs, but it doesn’t really fully sink in until you are jobless and your business isn’t going the way you’d projected it would go. I’ve noticed that most entrepreneurs are also supreme optimists. Most of the time their financial projections are higher than is truly attainable. This leaves big holes in the budget and normally that hole falls straight to your paycheck. If you don’t have the money coming in you can’t put the money out, even if it’s to pay yourself. When you quit your job you have to be ready for inconsistent pay. (There are of course businesses out that start with a lot of funding and head straight up in sales. That could be you if you’re great at raising capital and your wonderful at sales.)
Benefits go bye-bye
Benefits were designed for a reason, to benefit the employee and benefits are really nice to have. When you start a business you lose your benefits. If you’re a good planner you’ll plan to provide yourself and the employees of your business with benefits eventually. When you start your business however, you usually walk away from your benefits. Most people don’t give a whole lot of thought to the benefits they have until they no longer have those benefits.
You lose your boss
No longer are you in an environment where you are constantly held accountable. There isn’t someone monitoring your work, cracking the whip or leaning over your shoulder. It’s all up to you. And that sounds so wonderful and freeing when you have a boss. I’m guessing nine out of ten people would kick their boss to the curb in a heartbeat, yet there are reasons companies design management structures. They serve an important role and that is a role of continual productivity. If you aren’t productive daily you don’t have a company. It can be realllllly challenging to stay motivated. When you work for yourself you do what you love to do. The problem is you don’t do what you NEED to do and what the company needs you to do. This can lead to a failed business.
You lose your co-workers
When you work in a group of people you form a bond with these individuals. If you’re working for a strong organization the culture has been developed well and you are working with your co-workers for the greater good of the organization and customers. If you’re working for a weaker organization perhaps you and your co-workers bond over the dislike of your boss, or the massive corporation you work for. Its possible that a bond you have with a co-work is simple a mutual interest. The point is you’re working with a group of people and in most cases you like someone you work with. You have an ally helping you get through your days. When you work for yourself and by yourself there isn’t that support structure. You have to mindfully create that support system by seeking out like minded entrepreneurs- not always an easy task.
You lose your structured working hours
Again who wouldn’t like to lose that 8-5 ball and chain. It sounds great and it is great. There can be challenges with this though. Last week we encountered some issues with plumbing in our house. My husband who is also self-employed and a person I’ve deemed capable of fixing anything around the house needed to work on the plumbing for a few days. If he’d had a job he wouldn’t have been able to take three days off to work on the plumbing. We would have come up with a short-term solution or he would have worked at night to fix the issues. However, since he had the flexibility to take three days and fix it, he did. What this meant at the end of the day was that he stole three days from his business. It may not sound like a lot, but three days here one day there, a week there add up. If you aren’t committed to working in your business it won’t succeed. It has to be a number 1 priority. You have to dedicate just as much time, if not more time to the success of your business as you dedicated to your job. If you have a clear life blueprint, that blueprint will most likely say that at some point in the near future you aren’t going to be working 40+ hours a week, but when you’re starting out there needs to be a full time commitment
What you gain when you quit your job
You gain your life. You have the freedom to do what you want when you want to do it the way that you want to do it. You have the ability to make the choices you want. You can let your creativity go wild, and you can truly be the architect of your life. We all feel so secure in our jobs, but the reality is there isn’t security in life. Life is unpredictable, we don’t know what will happen tomorrow. You could get fired, your company could close, you could be laid off. Seize the moment. Decide right now that giving up on your job is the best move your could make for your life.