Are you ready to quit your 9 to 5 this year?
If yes, then let me be the first to say you are not alone. 4.3 million Americans quit their job this past August and with an increase in business filings, one can suggest that many employees are starting their own business.
Not only millennials, but baby boomers are not slowing down either and making the shift into becoming business owners.
You want to quit your 9 to 5 job because:
- Your job is demanding too much of your time
- You need a flexible lifestyle with more income
- You’ve simple grown bored and want something new
- You no longer want to have a Boss anymore
You are not alone…trust me we all have been there and some of us are still there. Now that the pandemic has hit and the employment future for a lot of companies are uncertain, it gave many of us that extra push we needed to launch.
Right now you need your day job for income stability, but in this article we will review how you can create your escape plan to quit your 9 to 5 in 2022.
Being your own boss is amazing!
And as amazing as it is, it’s also hard work. Being an entrepreneur requires you to take risks, take a chance that the person next to you won’t take – it’s super time consuming. You will also need dedication and sacrifice. Instead of spending the extra money you are earning on luxury items, travel, etc. you need to save and build your bank account so you will have savings when you quit.
Think about your goal quit day.
Related link: 75 Small Business Ideas for Under $5,000
What day from now do you think you will be prepared to quit your 9-5? Circle that day on the calendar and write QUIT DAY. This will be your reminder; your motivation.
Before you quit: remember you will have a strong business community, a savings account to cover 3-6 months of your expenses and a personal and business game plan.
So, how long does it take to quit a job and focus on your business full-time? Some people will take years, others can do it in six months.
Let’s get started on how you can quit your 9 to 5 in 2022 and create your escape plan.
Quit Plan #1: Get your Mindset in Order
Mind over matter is super important. Your mindset needs to be in order to handle becoming an entrepreneur and the lifestyle that comes along with it. Most people see entrepreneurship as the end result; luxury cars, houses, designer clothes, working four hours days and traveling 4-6 times a year. They don’t see the part that leads up to this.
In the beginning you have to hustle and bustle, you have to have a strong commitment to make each hour count in your day. You’re working a 9 to 5, plus managing your household and trying to build an empire. Your time is limited and you don’t have it to waste. You have to be dedicated to working on your business even when you’re tired, your client’s/customers are waiting. There are no days off because you feel tired or want to hang with the girls.
Quit Plan #2: Employee to Boss Change
Going from an employee to a boss is a big change. Ask yourself are you ready to be a leader; are you ready to be in charge of your success or failure? Are you ready to commit to building this empire? Yes! Amazing. Being a boss you have to be able to listen, learn, invest in your business, delegate, ask for help, take constructive criticism, take advice, speak up and show up continuously.
Quit Plan #3: Get your Business Affairs in Order
Decide on what type of business structure you want for your business; sole proprietor, LLC, S-Corp etc. and get set up properly with an EIN. Contact your local clerk’s office to see if you need any business license to start a business from home. Open your business bank account and then create your website. Get all your ducks in a row before quitting your 9 to 5, therefore your focus will only need to be on selling, selling, selling and not backend paperwork and setup.
Related link: How to DIY your Website for your Side Business
Quit Plan #4: Create a (Home/Business) Budget
Budget. Do not quit without a financial game plan. Before you quit you need to be earning your current monthly salary plus 60% to cover your business costs. Once you reach that number for 2-3 months consistently you are ready to Fire Your Boss! If your business requires a larger amount of startup capital than your budget can afford, some great lenders for personal loans to apply with fair credit are: Best Egg, Upstart and Fundbox. These lenders are also great for new entrepreneurs who need capital.
Remember to create a budget sheet with expenses for both your personal household and business.
Quit Plan #5: Research your Market
Choose your one product/service that you want to sell first. Research the hell out of it and decide who would best benefit from your product/service. Research who you can sell it too and how much you should charge. While setting your price, think about how much you want to earn per month and don’t sell yourself short.
If you want to earn five figure months don’t price your product at $15.00. Do the math; how long would it take you to earn five figures from selling something at $15.00? A LONG TIME. Set your price based on what your ideal monthly number is. Don’t be afraid to go high. There is a customer for every price point.
Your ideal number is not that impossible to reach. There are bloggers earning $100,000 a month and a kid who makes $22 million a year to review toys. You are no exception. You can reach your financial goals. Passion + Business plan = “I’ll never work a day again in my life because I love what I do plus I’m getting paid well to do it”!
Quit Plan #6: Build your Business Community
Your last step into building your quit plan is to build a strong and loyal community. Your own Bee-Hive or Rihanna Navy! Above you have completed your research homework and found your ideal customer and set a competitive price for your product/service. Now it’s time to go customer hunting. But don’t look for customers in desperation and come off as scammy or an annoying salesperson. You are a team of 1; so you are a brand business. Brand businesses = story, personal stories. Look for people who would best belong in your community, people who can relate to you and you can relate to them. Talk to them as friends, not only potential customers.
Find out where they hang out: Facebook, LinkedIn, Instagram, Pinterest and go hang out and network. Aim to make 10 new friends per week that could be strong advocates and customers for your business. And remember to have them subscribe to your newsletter therefore you can keep the conversation going weekly.
Spend less, Save more. | Consistency is Key.
When is your quit day marked on the calendar? Need help creating your Exit Plan so you can Fire Your Boss, let’s chat! Email me or text me.
