Want to leave your job to start a business, but are afraid of the financial implications of actually leaving your job?
If so, this blog post was especially written with you in mind. So keep reading to find out when the right time to leave your job to start a business is, and how to make it work for you.
The typical advice and guidance around leaving your job to start a business
When I was looking to leave my job and start this blog, the majority of the advice and guidance said not to leave your job outright to start your own business.
But instead, to start your business as a side hustle to begin with.
Therefore, working on your business idea whenever you have any spare time to.
Whether that’s getting up earlier, in your lunch breaks, the evenings, the weekends etc.
And once you are earning a sufficient amount of money with your business, then you can resign from your job.
The difficulty with traditional advice and guidance
And whilst this does sound like the sensible option, it doesn’t work for everyone.
As everyone is different and has different energy levels, personalities, personal experiences, responsibilities, circumstances, living situations and arrangements.
Therefore, for some, having their job as a side hustle is the right choice for them.
But for others, quitting their job outright to start a business is the right option for them.
However, the notion of needing to ensure you always have an income coming in, plays into our fears that we need to keep the jobs we’re not 100% happy with, so we do.
In order to please society and the people around us.
Therefore, leaving us in a perpetuating cycle of dissatisfaction and unhappiness.
As a result, it is to you…
The person who knows in their heart of hearts, that keeping their full-time job, while they work on their business in their spare time, is not the right option for them.
As you know if you do that, you’re going to be exhausted and tired alllllllllll of the time.
Even more so than your full-time job might already be making you feel.
Therefore, eventually leading you to burn out.
The goal of this post
So, in this post, my goal is to reassure you, you haven’t gone mad.
As you are not the first or the last person to want to do this either.
And to hopefully, give you clarity as to what action to take next to make starting your business a reality.
So, let’s get going, kicking off with…
There is never (and will never be) a right time for you to leave your job
I know the title of my post is, ‘when IS the right time to leave your job to start a business’.
So is misleading. But is a question, which I believe crosses many people’s minds.
Therefore, leaving me wanting to bust this myth around there being a ‘right time’ around leaving your job.
Since, there is never (nor will there ever be) a right time to leave your job to start a business.
As there will always be something or someone pulling and vying for your attention.
Whether that’s at the place you currently work at.
(i.e. a project you’re in the middle of, or the one coming up, or a potential promotion).
Or in your personal life.
(i.e. bills or the fear of what family and friends will think about your choice).
Therefore, distracting you from really listening to your wants, needs and desires and taking the leap.
Since deep down you are afraid to take the leap, and you don’t believe enough in yourself to make your dream a reality.
Which is normal, but at some point you have to just make the leap regardless of the fear you feel, to see where you land at the end of it.
And yeah, maybe it will not pan out the way you thought it would. Maybe you’ll end up doing something you didn’t want to do to make ends meet.
Or maybe you won’t.
But at least, you’ll not be sitting there wondering ‘what if’, because you did everything you possibly can, to make starting and growing a business a reality for you.
A motivational quote to refer to when deciding whether to leave your job:
A great quote, which I love to refer to when I want to do something and my fear sets in, is this one by Martin Luther King Jr:
And once you do this, the rest will reveal itself to you over time, as you keep listening to yourself and taking one action after the next, after the next.
Lack of self-worth to actually leave your job
Everybody on this planet is resourceful in achieving what it is they say they want to achieve for them and their life.
However, when you don’t believe enough in yourself, it is because on some level (within your subconscious mind) you do not believe in your resourcefulness.
In other words, your ability to figure out how to make quitting your job outright to start a business work for you.
So what you need to do, is address your:
- Feelings; and
Around YOU, your capabilities and potentially the people in your life.
How? Through working with a Counselling Psychologist/Psychotherapist.
As they seek to support you in building your self-worth and setting boundaries with yourself and those around you.
And what I’ll be discussing more about towards the end of my post.
Since it seems to me, you are using everything outside you, as an excuse to stop you from taking the plunge.
Rather than, taking on responsibility for what it is you are thinking, feeling and believing.
So what you need to do is realize, there is nothing outside of you, holding you back.
And that, the only person holding you back from leaving your job to start your business with no income coming in is…
You and your belief in your own self-worth.
Since as Marie Forleo says, (and I’ve come to agree with her) Everything is Figureoutable.
How to know when to leave your job to start a business?
So you’re probably wondering…
If there is never a right time to quit your job to start a business, what are the signs you’re more ready to leave your job, than not?
And the answer to that is in how you feel.
Now personally, I was only able to witness what I’m about to talk about, through discussions I was having with the Counselling Psychologist/Psychotherapist I was working with.
As I reflected and learnt more and more about myself, my likes, dislikes, wants, needs and desires.
And only in hindsight, after I left my job.
But I’m hoping, you’ll be able to witness some or all of the following within you, without necessarily having worked with a Counselling Psychologist/Psychotherapist yet.
In order for you to be able to tell, if now is more or less, a good time for you personally to leave your job, to dedicate yourself to starting a business full-time.
7 feelings to identify in you to know whether to leave your job to start a business
1) Your job feels soul-destroying
So the first one is turning up to work every day, feeling like a part of you is chipping away.
As each day, you feel a little more unhappy and dissatisfied in some way.
Whether it’s because you hate:
- The commute
- The work itself
- Working in a team
- Having to answer to someone else that isn’t you; or
- Feeling tired all the time
You need to convince yourself you like your job.
Focusing only on the good parts about it, to avoid looking like a bad person for hating your job and actually wanting more for you and your life.
2) Equality and making a difference to others in the world excites you
If you are someone who values equality, you are likely someone with a track record of caring more about making a difference to others in society, than how much you earn.
And have always chosen jobs and careers, which align with that belief system.
However, what you’re increasingly getting annoyed and frustrated at, is the place you work in, is inherently unequal.
As it adheres to a hierarchical structure, where job titles and seniority level are important.
And you feel those more senior to you, don’t necessarily know more than you do.
3) You get frustrated you are not the decision-maker
Leading nicely on from number two is this one, ‘wanting to be the decision-maker‘, and getting frustrated that you’re not.
As you feel you have lots of ideas around how to tackle your work and what your organization can and should do to progress.
But you’re increasingly finding a barrier to being able to have an input into the work you are doing.
Maybe, because you’re not of a particular seniority level.
As a result, choosing to leave your job to start your own business now, is the only way for you to be able to be the decision-maker of your own life and ultimately your own work.
4) You like doing things a certain way
You’re tired of being told how and what to do, as you like certain things done a certain way.
That is, YOUR WAY.
Since you have so many ideas you want to try and implement yourself, without needing the permission of others to do so.
And your increasingly having to explain yourself because the people around you haven’t necessarily done the personal development you have.
So they don’t understand your logic or perspective.
5) You look for stories of people who have left their jobs to do what you want to do to feel inspired
If you’re doing this (i.e. looking for inspirational and motivational stories from people who have done exactly what you want to do, to confirm your idea) great.
As it is another sign it’s more or less a good time for you to leave your job to start your business idea full-time.
Since you likely feel jealous and at the same time inspired, of the people who you’re finding are doing exactly what it is you want to do.
However, and this is a big however, if you keep searching and searching for stories, you are likely going to find arguments for and against the opposite of what you want to do.
So, you need to be really careful here.
As it has the capacity to deter you from actually going ahead with what in your heart and mind feels right for you.
Therefore, giving up in your dream.
And as I discuss in my posts 5 ways not to waste your time (or money) in Psychotherapy and The truth about what happens in therapy…
Our mind has something called confirmation bias, which means it is swayed towards information, which confirms our beliefs.
6) You fear missing out on the money you could be earning
If the only reason you don’t want to leave your job is because of the money you could be missing out on, and the supposed ‘security’ this offers you…
Although, in this day in age there is no such thing as job security.
…Then this is exactly the reason why you have to leave your job to pursue starting a business, sooner rather than later.
Since there is a lot more to life than how much money you are earning.
And according to Parkinson’s law, the more money you earn, the more you spend.
Therefore, leaving you in this perpetual never ending rat race.
As a result, the only way to end the cycle, is to consciously choose to step out of it.
Knowing you are going to be faced with fear, but that is normal, and inevitable.
So, you need to be prepared to be courageous enough to override that fear, no matter how difficult it will be for you to do.
Because the universe will inevitably bring something into your life to make your wish a reality; Either good or bad.
But, my question is, wouldn’t you prefer to leave your job on your terms than on someone else’s terms?
How to pull off leaving your job without an income?
So if you’re going to inevitably face fear around not having an income coming in, the question is, how can you better deal with that fear?
And come up with a plan to support you in taking action, so you don’t let the fear stop you from leaving your job, to pursue your dream of starting a business.
So, to support you with this, here are some ideas to make it work for you:
- Ensuring you have (at least) savings of up to six months your salary
- Selling your items of clothing (and anything else you wish) on Ebay
- Looking for freelance work on Fiverr
- Getting multiple or one part-time (easy money) job to work in the evenings or weekends, so your brain isn’t tired when it comes to working on your business
Although, as I said earlier, this is of course dependent on your responsibilities, circumstances, living situations and arrangements.
As the more of these you have, the more outgoing expenses you are likely to have to cover.
Therefore, consider where you’ll have more money due to not keeping your job, and where you can make cuts in your expenditure.
In addition, it also depends on the support you have from the people around you to make this happen.
So requires you to also feel confident in addressing your wants, needs and desires with those around you.
Facing the fear of leaving your job and trusting in it
And one last note on fear, which is fear has two faces to it.
- The power to stop us from following our dreams; but also a funny way of
- Propelling us forward in achieving our dreams.
Therefore, finding what we’ve actually been fearing doesn’t come to fruition. Unless of course, we give into our fears and let it.
So do bear this in mind, when fear arises and remember it is how you manage your fears, which matters.
Therefore, why I recommend working with a Counselling Psychologist/Psychotherapist to support you with this, if you’re really struggling with it, like I was.
7) You think and think and think about leaving your job to start a business
The sheer fact you have a desire to start your own business, or you have an exact idea of the business you want to start, tells me this is something you really want to do.
Something your soul needs and wants you to do for its evolution and growth, and is absolutely possible for you.
Since, as Bob Proctor says, ‘if you can see it in your head you can hold it in your hand’.
Therefore, the idea to leave your job to start your own business full-time will never leave your mind.
Until you actually take the leap, and you try your very best to make it a success.
Since you’ll always be wondering about the ‘What If’.
So again, if acting on your idea, even though you can’t stop thinking about it is a struggle for you, seek out the support of a Counselling Psychologist/Psychotherapist.
As it’s likely you’re struggling with underlying issues, which you’re not yet aware of and which, they can highlight to you.
Therefore, supporting you in addressing them.
A note on if you don’t meet the criteria above to leave your job to start a business
If you want to leave your job and start a business, yet you don’t meet the criteria I’ve listed above, this doesn’t mean you weren’t meant for entrepreneurship.
In fact, everyone has within them the qualities of wanting to make a difference in the world, wanting to be in control of their work and how it is done and liking things being done their way.
At whatever life stage they are at.
It’s just sometimes, their hidden behind our critical inner voice (i.e. our negative thoughts, feeling and beliefs, about ourselves, others and life itself).
And behind how society tells us who we are to be and how we are to be.
For instance, for women it is to be obedient, to stay quiet, say nothing and to accept the status quote.
Whereas for men, it is the opposite.
Which is a double edge sword for both genders, if you don’t fit the stereotype or don’t want to fit into it.
Therefore, coming back to the question of finding our worth with a Counselling Psychologist/Psychotherapist.
So we can stop going with the current and what everybody else is doing and wants us to do.
And instead, go with what we want to do.
People who left their jobs to pursue their dreams and desires
If you’ve already done this, you’ll want to skip ahead to the next section.
However, if you haven’t, check out below the people who found a way to follow their ideas, whilst they weren’t earning an income.
1) Gretchen Rubin
Gretchen Rubin is the author of:
To learn more about Gretchen Rubin’s story and how she made quitting her job, work for her, check out this Marie Forleo interview with Gretchen below.
2) J.K. Rowling
Now J.K. Rowling I believe didn’t exactly quit her job to pursue her idea as she was on benefits at the time of writing Harry Potter.
However, her not working gave her the opportunity to come up with the idea for Harry Potter and the opportunity to do a lot of reading to be able to create the books.
3) Ann Marie Smith
Ann Marie Smith, is someone who similarly to J.K Rowling, spent a lot of her time reading in order to learn how to become financially free.
And discovered how to do so by learning to invest in real estate.
Learn more about her story in the video below.
Further resources to support you in taking the leap to leave your job and start your own business
If you need more support to take the leap and leave your job, checkout B-School by Marie Forleo.
As it provides you with a step by step framework for you to follow, to start your business and make it a success.
And doesn’t require you to have a business idea to join.
Alternatively, if your dream is to start your very own blog, you’ll want to purchase a course on starting a blog.
Hence, why I recommend checking out Emma Drews course Turn your dreams into Money.
As it’s this course, which supported me (step-by-step) in launching this very blog.
The downfall with Emma Drew’s course, however, is, although it does touch on it, it doesn’t go into a great deal of detail into Search Engine Optimization (SEO).
Since there is a lot to SEO. Therefore, is really worth a course on its own.
However, it is an absolute must-know for monetizing and growing your blog (if you’re not looking to keep it as a hobby), that is.
Something I didn’t know much about before I started my blog and really wish I had.
Therefore, in this case, I absolutely recommend checking out SEO Jumpstart by EB Garbano.
As it explains all there is to know about SEO and the steps you need to take to make SEO work for you and your blog.
Alternatively, if you want to turn to only one place to learn all you need about monetizing and growing a successful blog from the get go, I recommend Eb Gargano’s courses alone.
Since, going by SEO Jumpstart (the only course I’ve done with Eb Gargano so far), each course goes into great depth.
Therefore, you’re not left second guessing about which steps you need to take.
So check them out here.
Work with a Counselling Psychologist/Psychotherapist to build up your confidence to leave your job
Lastly, if you still feel fear in leaving your job to work full-time on starting a business/on your business idea, I want to leave you with this: Consider therapy.
And working with a Counselling Psychologist/Psychotherapist.
Why? Because often when we’re afraid to take the leap to do something we really want to do in our lives it’s because of other underlying struggles, which stem from our childhood experiences.
Therefore, we need to resolve these (to an extent) by seeking to review what we’re thinking, feeling and believing with a therapist, so we can understand them.
And eventually, can alter our perspective on them, ourselves and what’s possible for our lives.
As a result, allowing us at the same time, to find our self-worth and improve our confidence.
And once we’re in the process of this, we can then move our lives forward with more confidence than when we began the process.
Not that by resolving these, you’ll completely overcome your fear of quitting your job, and you’ll just be able to take the leap.
But you’ll feel less afraid and will have the support necessary to help you further believe in yourself, what you want and to follow your ideas.
- 5 ways not to waste your time (or money) in Psychotherapy
- 6 signs to know you are in the good company of a great therapist
How to afford working with a Counselling Psychologist/Psychotherapist when you want to leave your job to start a business?
I know, I know, you’re thinking I want to save my money to quit my job, not be spending it on something else.
But, if you’re hesitating on whether to leave your job, yet you feel increasingly dissatisfied and unhappy with your life.
And you’ve felt this way for a long time, then in my opinion, it’s clear there’s something deeper going on.
Which you need to understand for yourself.
Hence, what you’ll get by working with a Counselling Psychologist/Psychotherapist.
In addition, there are a couple more reasons why you want to work with a Counselling Psychologist/Psychotherapist before you commit to leaving your job, which I’ll come onto next.
Why work with a Counselling Psychologist/Psychotherapist before leaving your job
Firstly, when you quit your job, you will face the same limiting beliefs, thoughts and feelings, you faced before you quit your job.
Therefore, preventing you from progressing your life, making your business idea a success and going back to your old ways.
Secondly, how many of your current purchasing decisions are made based on your emotions and how you feel?
Because I know before I quit my job, a lot of my purchasing decisions were made because I was unhappy.
However, by working with a Counselling Psychologist/Psychotherapist you can learn to better manage your emotions.
Therefore, supporting you in further reducing your expenditure costs down, after you leave your job.
As you learn to let go of habits and activities, which are not serving you.
And you satisfy your innate need to be fully seen, heard and understood by somebody.
Therefore, if you are able to wait for a year in your full-time job to work with a Counselling Psychologist/Psychotherapist, I would say do this.
Since, you cannot put a price tag on working with a Counselling Psychologist/Psychotherapist.
And in the long-term, it has the capacity to increase your income by supporting you in changing your mindset about yourself, others, relationships and life itself.
Therefore, giving you sufficient time to begin finding your worth and to start believing in yourself.
Although, to really believe in yourself and your idea, you’ll need to at the end of the year (or around that time), be ready to take the leap and resign from your job.
As it’s the courage from acting, which will really cement your belief in yourself, giving you the motivation to pursue your business.
And if, depending on your circumstances, you can afford to keep working with a Counselling Psychologist/Psychotherapist once you quit, I’d also say do so.
Alternatively, if your circumstances prevent you from doing this…
Quit your job and find a part-time or weekend job, so you can work on your business and with a Counselling Psychologist/Psychotherapist at the same time.
So there you have it, the right time to leave your job to start a business is in assessing your very own personal circumstances, responsibilities and situation.
And coming up with a plan to make it work for you.
Along with, assessing how you feel about your situation currently and whether it aligns with your personal values.
For instance, wanting to work in a job, which makes you happy, which values equality, being the decision maker and wanting to be in control of how things are done.
And if it doesn’t, and you’re still really afraid to take the leap, seeking the support of a Counselling Psychologist/Psychotherapist.
To understand the cause of your concern further and whether it’s related to an underlying issue in your childhood.
Now over to you, in the comments section below, let me know whether you identify with the 7 signs you are more or less ready to leave your job above.