Seven Things #7: Day Job Quitting Plan
Finally, in 2008, I decided to quit my day job. I haven't quit yet because there are a few things I need to do, but I answered Eric Holmlund's day job quitting questionaire, and in the Daily Seminar I've already scheduled a video explaining the way I determined scientifically when I should quit my job.
Now on to the questions... you should answer these questions too, if you need to know if it's time to quit yet!
1) Is your job hurting you?
No, actually it includes a training budget which has beefed up my resume and is giving me the initial 3-5 years of experience I'll need if I fail and need to get another job.
2) Do you have a vision and a solid plan for your business?
Definitely. I won't go into detail but I have a few high ticket items and webinars mapped out.
3) Do you already have a written goal for quitting your job?
Yes. I'll be out after March 2009, but before the end of June 2009. I want to have $60K in savings by then but even $30K will work.
4) Are you committed to the business? (Required)
The past five years would say so! I have been working on my business during my lunch break at work, after work, and every day on weekends. My girlfriend helps motivate me, and my accountability partner motivates me.
5) What do you have to lose? (If you have little or nothing to lose, it’s a good time to quit)
Not much to lose. It might be tough to get re-hired somewhere else. I could lose my house but I have savings. Worst case scenario, I could sell off some resale rights. Worst-worst-case scenario, I could freelance to get some quick money.
6) How long will your savings last?
With my current lifestyle: 6 months. If I cut everything down to the bone, 8 months. So right now I could last till June 2009 or August 2009... just that fact alone makes it seem STUPID to keep working.
7) How much income is your business bringing in?
Last year, just over $100,000. My monthly expenses are under $4000, so I am making more than double what I need every month.
*Quit your job and go full time at the point where your business is bringing in the minimum that you need to make ends meet.
8) What are you willing to sacrifice?
I have no problem cutting back on the seminar travel or not going out as often. I
9) Do you trust your gut? (And is it usually right?)
I trust it, and it's almost always right.
10) Will you dare to do what others only dream of?
Yes. My day job makes me feel extremely isolated. I want to hang out with friends more often, I want to get a laptop and hang out with my nephew before he grows up.
Can you do me a favor and answer any of these questions for yourself? You don't need to answer every single question, just the one that's most important to you.
Filed in: Seven Things
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
Comments (16)
Trackback URL | Comments RSS Feed
Sites That Link to this Post
- When can you quit your day job? | Daddy Work @ Home | January 10, 2009
Sounds like you have everything covered Robert, congratulations.
Do you feel isolated at the day job because you end up working all week at work and on the internet rather than spending your time socialising?
I’m a programmer myself at uni in the uk
(final year) and am applying for jobs at the moment.
I want to supplement any job income with some online income. Whats the best place to start freelancing or information products?
Hi Robert,
Before I answer your question, just want to let you know that the link for this post in the email is wrong. 🙂
I arrive at this post by going to the main URL.
Maybe you want to let others know about it too.
Best Regards
Tony
I say the worst thing about quitting your day job is that you lose a good story… who else can say they make almost 5 times the money from their “business on the side” as from their day job? 🙂
I always would quit my day jobs soon as I could. I have a problem with authority though, and only like to hang out and do business with salespeople and entrepreneurs.
Regardless of what you do, ou’re the man!
-Jason Fladlien
Hey Robert,
Sounds like a winning plan to me … especially this part:
“I want to … hang out with my nephew before he grows up.”
I honestly can’t think of a better reason to work for yourself then to be able to spend more time with your family.
Mark
“My day job makes me feel extremely isolated.”
For me that’s the key reason. I don’t think you mentioned it in previous posts.
For most it is the other way round – their day job gives them a sense of community which they don’t want to – and sometimes shouldn’t – let go of.
(I read a good article a few days back here: http://seoblackhat.com/2009/01/07/are-you-paralized-by-too-much-freedom/)
However it seems the opposite is true for you, so I’m glad you are making the leap.
If you don’t want your employer to know about your exit plans, you better hope they don’t read your blog!
I second Mark’s comment that wanting to spend more time with your family (and nephew) is among the most noble of reasons for quitting and moving ahead on your own.
Actually, your second article implies (to me) that you have second thoughts. No budget for training can EVER amount to the same joy of handling everything yourself. If and when you made the decision to become self-employed you should walk straightforward, and NEVER look back lest you should ever become the proverbial pillar of salt from nostalgically looking back at what-could-have-been and what-might-have-happened.
Everything amounts to making choices, and you should be able to make your decisions without us as your crutch. So IF you’re sure, why not write that letter of resignation and move forward?
Your list of readers will follow your every move with constant and renewed zeal this year.
Carpe diem. 🙂
Hi Rob.
For my questions
7) How much income is your business bringing in?
and
2) Do you have a vision and a solid plan (REALLY SOLID!!) for your business?
are the most important.
I’m in the business building business consulting, so i thing i know what i mean here.
But the firs question i outline here (7) is definately the acid tes, because we all know that the productivity is very up when whe still have a 9-5 job. and if this firs side business doesn’t bring moyen in a consistent fashion yet, why will it bring really more after u quit ?
But 100k is a pretty good nomber in regard of what u spent.
So, the reality is u like shat u alreadu do very much and -between us- it(s not to hard and u can capitalize on it with ur ‘side’ (that’s not so ‘side’) business.
So, u’ll quit when the schedule won’t allow u anymore.
I wish u an outstanding 2009 year Robert.
Your most close Cameroonian reader in France.
Robert,
you are back from hawaii.
so why in the world aren’t you posting???
don’t let us drown!
Spanisher
Robert,
Your day job is holding you back and costing you a fortune.
Only fear has kept you employed. You won’t need a resume once you are a full time entrepreneur. Get the hell out of there and start ramping up your six figure business.
The freedom will inspire you to far greater heights and your creativity will power up.
Regards
James
I’ve been on my own since 1995. I did some free-lancing along the way, had good time and bad times, but I have never regretted the freedom of having my own business.
My own criteria has been that if I could pay my bills, I was good – if I couldn’t, I had too many bills.
Life requires adjustments along the way whether you have a day job or not.
Your plan looks like a good one. Make the move. Best of luck in everything you do.
Hopefully I can make enough money in 2009 to quit my day job so I can have more time to do my own thing.
Being self employed is a state of mind. It is more about having confidence that you can generate enough income what ever happens than ability.
I spent my working live as a corporate man. Once you have a mortgage and a family it is very difficult to break free. I have done well but I have always wanted to be free.
If you have multiple income streams you have resilience. Having seem what you have done so far I feel you can make it easily. If things go pear shaped you have freelance work.
Bern
They’re great questions to ask to assess your goals and future!
I did the very same thing back in 1998 … and when I did make the change from employee to owning my own business, I loved it.
Actually, it took six months to even tell some friends about the change (no Facebook or Twitter back then!) because I had so much new business, it took off literally on day one.
Good answers, nicely done!