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How To Quit Your Job To Work From Home
Actions Steps to Prepare for Self Employment
Are you looking for a way out of your life draining job? Tired of working day-to-day for employers who don’t have a clue how much you contribute to the business or just don’t care? Never getting recognition or being rewarded for going above and beyond in the things do? Read on to lean how to quit your job and start a home based business.
I hear you…I’ve been there. In fact I still am there. But guess what, I won’t be for much longer (happy dance). I have put a plan into action and am on my way to working from home full-time in less than 5 months!! I’m so excited (still dancing).
This is not something that I took lightly. Being the primary breadwinner in our home makes this really scary, my family depends on me. I can not and will not let them down. I have put a lot of thought into this and KNOW that I have covered all my bases.
So, if you are in this type of situation at work or are just craving for something better out of life then read on to learn how to prepare yourself to work from home. I will share with you the steps I have taken and continue to take to make this possible.
In this day and age, it has never been easier to earn income from the comfort of your own home. There are a ton of people out there doing just that and making a great living by doing so. I’m talking six figure incomes.
You probably have read about some of these success stories and think to yourself that you do not have what it takes to do the same. I know many of these success stories may seem impossible to reach, but they truly aren’t. You could do the same with a lot of hard work and determination.
Creating a thriving home business is not a get rich quick scheme. It will take some time to build and at first you may get discouraged and think that you are never going to make it happen. This is the reason so many people fail.
They give up too soon or don’t give it their all. If you truly want to be your own boss then you need to give it your all. This means doing whatever you need to do to make it happen.
Side hustle to get a feel of what’s possible
First of all, I would never recommend quitting your day job to follow your dreams without knowing if you can truly make it happen. Unless of course, you have nothing to lose by giving it a shot. But if you are that person, you probably wouldn’t be reading this post anyways. Right? .
Why do you think so many people fail at starting a business? They think of the next great idea and “know” that they could make it happen without even testing the waters.
You really need to put your ideas for your business into play to see the potential. And you need to do this even before you considering quitting your job!! It’s going to take time, longer days and a lot of hard work.
I’d be lying to you if I told you otherwise. But it will be so worth it. You will know that what you are working so hard to build is truly a sustainable business.
How To Quit Your Job To Work From Home
Setting goals and a plan for success
It’s no secret that goal setting is very powerful. If you have any doubt read my “Ultimate Guide to Reading Your Financial Goals” and this very eye-opening Harvard study on goal setting. You will think of goal setting in a whole new light after reading this article for sure.
Setting goals is a key component in being successful at whatever you do. So sit down and set your goals up for you new venture. Create short-term goals, mid-term goals and long-term goals for your new business.
Each of your shorter term goals should lead you to reaching your mid-term goals, then to your ultimate goal of quitting your job to work for yourself. In addition to setting these goals, you also need to create a timeline to keep yourself on track to achieve these goals.
Lastly, document what actionable steps that will lead you to reaching each and every goal you have set for yourself and home business. How are you going to make it happen? This is very important, make these doable for situation. If you don’t then you will just get discouraged and give up.
Budgeting for success
Another important step in creating a successful home business is to budget for success. When working from home, your living expenses will be different then they are now.
For instance, while working for an employer, you are probably getting free or at least a reduced cost health insurance which won’t be the case when you work for yourself. Or you may be getting an employer match for your 401 K retirement plan, you will no longer have this once you quit your job.
On the other hand, there will be things that you can cut out of your current budget as well. Your family may no longer need two vehicles since you are working from home. You can sell one and save on a monthly car payment, gas, maintenance and insurance.
Your income flow will also be different as well. Unlike the steady predictable paycheck that you have now, your income will most likely be more sporadic. There may be weeks or months that are better or worse than others.
My point is that things will change. You need to adjust your personal budget to fit into your new life as well. Create a budget that will work for you in your new journey.
Prepare a quit fund
You also need to prepare a quit fund while you still have a steady and predictable income. This is a must because there are more ups and downs when you are self-employed. There may be things that come up that you never expected or just didn’t think to work into your budget.
Thing will come up while you are building and growing your business, you may not know exactly what, but your should expect the unexpected. Having a quit fund will help you get through these situations with less stress and keep your business on the right track.
Don’t put all your eggs in one basket
One thing that you must do when building a home based business is to diversify your income streams, don’t put all your eggs in one basket, so to speak. Having multiple income streams is a way to protect yourself and business.
Not every idea you have will work out as well as you’d hoped. While others will be extremely successful. For instance, if you are planning to sell online, start off with a few items but keep adding to your inventory. What may be a great income generator now my not be in 6 months or a year from now.
If you only concentrate on that one product line, then where will you be if sales start to dwindle? While if you grow your product lines with a variety of products and one starts to go down hill, you will still be earning income from the rest of your products.
Don’t forget about taxes
You know how the saying goes, there are only two guarantees in life, death and taxes. No one want to think of either of these things. But you do need to prepare for them.
Make sure you do your homework. My best advice here would be to meet with a tax accountant in the early stages of building your business. Find out what your tax requirements will be and make sure you set a percentage of your earning aside every week or month to meet these requirements.
You certainly do not want to wait until tax time rolls around to find out how much in taxes you owe and are totally unprepared to pay it.
Loans will be harder
Once you do quit your job to work for yourself full-time, loan will definitely be harder to get. It won’t be as easy as showing up at the bank with a few pay stubs in hand and a simple credit check.
There will be much more paperwork involved for you to prove you have the ability to pay off the loan. And the interest you pay will be much higher since you are a greater credit risk.
If you know that you will need to take out a loan in the near future, do it while you are still employed.
Create a “No Trespassing” work space
Working at home could be very distracting, especially if you have children. You need to set up a no trespassing work space for yourself and set up some rules that when you are working, you are not to be disturbed.
Creating a home based business is great in the flexibility you have to decide when you work. But when you are working, you need to act as if you are at work with no distractions so you can get things done.
If you are looking to start a business from home but not sure what kind of business. Here are some articles I wrote to help you get those juices flowing…
Are you in the process of starting your own home based business or have you already quit your job and taken the leap? I’d love to hear any tips that you have.
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