When Quitting Your Job To Start A Business

Thinking about your escape plan? Are you dreaming up ideas about setting up on your own, sleeping in and living an appraisal free life? Well emergency stop!

There are a few things I am grateful my peers and mentors warned me about, before I made the (not so big) leap.

I talk about them in this podcast episode and I’ll be honest this episode has so many ‘buts’ it belongs in Calabasas, but (another one) I wanted to give a little bit more of an insight into the less glamorous side of business. It’s definitely one to watch because it is the truth that not enough people share.

Here’s the thing, everybody knows that before you start a business, you need to have financial reserves, but business is about so much more than that. I never anticipated the emotional reserves required to stay in business. 

The resourcefulness, resilience, creativity required to stay in business have to come from somewhere and in the same way bills don’t care what’s in your bank account, these requirements don’t care what kind of day you’re having, or what else is happening in your life. Now don’t get me wrong, business can be a lot of fun and getting to work on something you love is incredible, but it requires serious grit. There’s a common misconception that it’s the easiest way out, but that it definitely is not. 

So am I saying don’t go into business? No, what I am saying is go into it armed with some knowledge.

• Start as a side hustle if possible and only quit, once you know you have viable business model    
• Build a support network or create a system to help you sustain the emotional and mental energy required
• Save as much as possible and be financially prudent with business and personal expenses
• Get to know the people you are serving DEEPLY and make their happiness your priority above all else, a la Jeff Bezos 
• Establish a strong WHY, which will sustain you through the rockier times

These should provide you with a good place to start, and I know there’s a lot more. I’d love to know some of the challenging questions you have about starting up on your own. I am no expert, but I might have a tip or two.