My assumption in all of this (in general) is that you really do want to quit your job, but you’re just not sure if it’s the right time yet. I assume this because I can’t comprehend anyone actually wanting to be demoralized by working for someone else their entire life. I don’t know anyone who wouldn’t want to do their own thing as long as they thought it was achievable and profitable.
1. Learn on Someone Else’s Dime
Working for someone else is a great way to learn an industry. Coming out of school, you have a lot of theory. It’s a nice background, but worth little without some real hands-on experience. If you start out on your own, you’ll learn quickly from your own mistakes. If you start out working for someone else, you’ll also learn from your mistakes - but your employer pays for them!
2. Fund Personal Projects
Let’s face it, some careers are just more lucrative than others. If you have a brilliant idea and means to launch it immediately, maybe you can start making money right away. Professional blogging or novel-writing, on the other hand, won’t make you rich from the get-go. Becoming an Internet entrepreneur is the dream of many, but if you have mouths to feed at home, don’t quit your day job yet! A full-time job can provide stable income to help get you get your personal projects off the ground. The money keeps coming in while you keep testing potential money-makers.
3. Save Money to Invest in Your Own Business
Small sums of money to fund personal projects are great for testing the waters, but what happens when you need to invest in a full-fledged business idea? You could get investors to help out, but in many cases you’ll want to fund the business yourself and keep 100% ownership. Fortunately, the cost of starting your own business online decreases every year, putting this dream within reach. Working a day job for a few years can help you save enough cash to launch the next Internet phenomenon.
4. Try Out a New Career or Industry Before Committing
Still not sure what you want to do when you grow up? Try it before you buy it!
5. Maintain Benefits Until You Can Afford to Walk Away
Self-employment is wonderful, but health care costs for the self-employed are astronomical (well, a bit more astronomical than you’d pay as an employee). Delay quitting your job to keep your insurance until you’re sure you can make enough money to afford it on your own.
6. Maintain Stable Cash Flow (a regular paycheck)
The upside potential of self-employment is huge, but your monthly income could fluctuate dramatically, especially in the early stages of self-employment. If uncertainty frightens you, full-time employment should help set your fears at ease (just disregard the fact that “job security” is a fallacy and you could get “downsized” at any time).
7. Be Lazy and Marginally Productive
No lies, striking out on your own takes a great amount of work. If getting by on the bare minimum is more your style, than employment may be your best choice.
8. Convince Lenders That You are Loan-worthy
If you need to borrow money in order to finance your business, good luck getting loans without any proof that you’ll be able to repay them.
9. Don’t Leave Money on the Table
If you know a large raise or bonus is coming up soon, you might feel it’s worth sticking it out until you can collect that extra cash.
10. Give Yourself Time and Resources to Learn New Skills
These may be skills intended to help you start your own business later. Or, let your employer pay to further your education.
11. (Bonus!) You Truly Enjoy Your Job
Maybe you actually love your day job (a rare breed, indeed). The question I would ask is, “Could you do the same thing without having a boss?” Wouldn’t that be better?
