How I Earned My Freedom and Quit My Job
I recently left my job to go out on my own for the first time. I've been working towards this point for a while, but here's an overview of how I got to the point where I could become a quitter and how you can do the same.
1. Low overhead lifestyle. My wife and I have managed to reduce our expenses to the barest of minimums. We've managed to reduce our rent and utilities to zero. Our insurance, petrol and groceries are our largest expenses now and they come in under a grand. It doesn't take much sales from our business in order to cover those bare necessities. Now we are just looking for products that are base hits instead of home runs. Look to reduce by following the 1 time downside (ie moving) with ongoing upsides (1/2 to 1/4 the cost in rent). Avoid doing things with the opposite costs. Avoid clipping coupons because they incur an ongoing downside with a once off upside.
2. Skill Learning Time. I didn't know everything I needed to know about building an online business, so I gave myself a few hours each day in the lead up to going out on my own. I cut out TV and sleeping in to give me this time without sacrificing work, exercise and family time. Those couple of hours a day were the difference between confidently venturing forth and being scared of the future.
3. Have a backup. I put in a simple backup plan in place in case everything goes horribly wrong. I plan to go back to my former employers and ask to sign onto a contract for 3-6 months. I am able to earn enough to cover my yearly expenses in that short period and then I would go back out on my own. I made sure I didn't burn any bridges and I did quality work until the very end, just to make sure I'm welcome back. The backup plan gave me the confidence to strike out on my own knowing I could always take care of my family.
So that's it. 3 things I did to move me to the point where I am completely comfortable being out on my own. They aren't difficult, but they may be emotionally hard, especially if you are attached to an area or are really addicted to TV. It's something that needs to be overcome on the path to your success, so I suggest you start working on each of them today.
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Published February 10th, 2008
Filed in Home Business