Walk away from the day job. Start your own business

Running a business opens endless possibilities and opportunities, but none of them assured. Working on a day job gives you the assurance of earning a regular income, no matter how limited it is. Aside from the regular pay, employment also provides fringe benefits like health insurance, bonuses, commissions, paid leaves, and allowances.

But working as a bookkeeper in Brisbane and catering to many businesses in the city, small, startups, family owned businesses, and even corporations, I know firsthand that no amount of employment perks cannot equal to the freedom and exhilaration of running your own business, owning your time, and earning money as much as the work you put in.

Reasons why People Stay on Their Jobs

People naturally hang on to jobs. It would take a lot to make an employee give up his or her job. Landing a job is no easy feat. You have to have the right qualifications, you have to scour the city for the right opening, you have to undergo interviews, and pass the training. Nobody wants to undergo unemployment. Here are some concrete reasons why people refuse to leave their jobs;

Ø  Financial Insecurity – Leaving your job means giving up a regular income and other fringe benefits of employment. It is harder for people with minimal to no savings to quit their day jobs.

Ø  Social Security – People develop friendship and deep relationships with others in their workplaces. This social bond becomes harder to break as one stays longer in the company.

Ø  Comfort Zone – Not everyone appreciate new learning, new environment, and new challenges. Being in the same job means acquiring the expertise on all the tasks the position requires. Knowledge and familiarity becomes a comfort zone that not everyone wants to leave.

Ø  Fear of Failure – Quitting your job means starting anew. Whether you are planning on changing careers, working with another company, or starting your own business, you face the risk of failure. You can go jobless longer than you plan, your business might fail, or you might not like your new job.

Signs That You Should Leave Your Job

When opportunity knocks hard enough, it becomes impossible to ignore. An entrepreneurial spirit will always be dreaming of one day starting on his or her enterprise. But the smarter side would always seek the side of caution. So, when is it safe to leave your job and start your own business? Here are some signs to guide you;

  1. You’re no longer productive in your job – You can’t focus on work as much as you should because you are always dreaming of other things, planning your business, or imagining another work setup that doesn’t have to do with your present job.
  2. You’re no longer happy – Going to work has become a burden to you. Thinking of your tasks is enough to stress you out. Time to quit.
  3. You have completed your business plans – You have laid out the master plan of your business. You already have the capital, suppliers, logistic plans, store layout, and even the pricing outline. Find the right timing to quit your job and start on the business. The best time to open a business is few months before the product’s season high.
  4. You know business finance – Managing money while being employed is a lot different from handling business finance. No matter how small a business you have, you have to understand the mechanics of business money. A good many businesses fail because the owners do not have a grasp of business finance. A qualified Brisbane bookkeeper can guide you on the basics of business finance.
  5. You have enough savings – A safe baseline amount of savings before quitting a job is six month’s worth of living expenses. Calculate all your expenditures; include bills, food, and support to family, allowances, and housing expense. Six months will give you enough time for your business to start earning or to find another job.
  6. You are in the entrepreneurial zone – Have you learned the skills, know the people in the industry, familiarized the road map of the enterprise, and acquired the discipline necessary of a person running their own company? Are you ready to works hours setting up your business? Are you willing to change your lifestyle to that of an entrepreneur? If the answer is yes, then it is high time that you seriously consider changing your career.

If you have all the signs pointing towards you quitting your job and starting your own business, take heart and take the leap of faith. Being in the Brisbane bookkeeping and accounting business for so long, I have known people who have a lot of trepidation about leaving their jobs. But after they quit their job and established their businesses, they become happier and started to enjoy the financial freedom afforded to them. Being happy with what you do is the true measure of success. Job security is futile unless you are happy with what it is you do.