Unfortunately most people want to quit their jobs on some level. Everyone has something about their job that they don’t like. Even people who seem to have not just their dream job but everyone’s dream job have something that they don’t like.
Take this guy for example:
He gets paid tens of millions of dollars a year to win super bowls. He has one of the best bosses in the world in Bill Belichick. He’s the most watched and most successful TV personality in history with 30 million people tuning in every week and 100 million+ in February. He gets to work with his friends and fellow superstars such as Rob Gronkowski and Julian Edelman. Despite all his good fortune even he has complaints. He knows that he has the best job in the world but will always be demanding more. This hunger for more is what has made him successful, he wants perfection in everything he does. Know that most people are considering a career change, they want more, they want less, they want something different. Most people are scared though. They’ve been groomed to believe is a cruel world and they need to cling to safety. They don’t want to give up their current level of “success” because they may not find something better.
I have chronically worried about my career, money, jobs, clients, everything; so this is a position I have been in many times before. Here are the things to consider before you make a decision, they may push you to quit …. or make you realize you should be happy where you are at.
- Almost nobody cares what you do: I used to think that everyone cared what I did for a living because that’s the first thing people ask when they meet you. The reality is it is just small talk and an attempt to be polite. Nobody actually cares, or even notices, what you do for a living. For years I thought I needed to have a high status position to be respected in the world. Eventually I learned that doing something enjoyed was far more important that having an impressive title that I could tell people about at cocktail parties. If you can make a living selling artwork and that’s what you love to do, then do it. Not everyone should try to be a doctor.
- A regular job isn’t safe: Most of the world is under the delusion that a salaried job is somehow safer being self employed or owning a business, or even being unemployed. I’ve been fired and laid off more than once. Your job is only as safe as your employers business (usually less safe). If business slows down, you get axed. I’ve had employers who couldn’t make payroll and one day my checks just bounced. I had a company go through a merger and move offices, in doing so they had duplicates of many positions so 30% of the office was let go. I’ve seen executives arbitrarily decide that they want to cut expenses in a department and lay people off. I’ve seen CEO’s fire people just to make a scene and “motivate” everyone else. Just because your paychecks come on schedule doesn’t mean their is any added safety. All this gives you is a false sense of security.
- Being self employed brings diversity- I’ve never met anyone who was self employed limited themselves to one client. When you have a variety of customers, you have a variety of revenue streams, making your income much more diverse and reliable. Many small business owners will eventually own multiple businesses. Business owners start to learn and understand thy dynamics of an industry which allows them to see opportunities others don’t.
- Owning a business allows you to play offense– In your personal financial picture, you want to increase the amount of offense that you play, meaning you need to make more money. Owning a business allows for this possibility in a way that most normal jobs cannot. A big year in your business might make multiples of your annual salary. Most salaried workers have zero opportunity to cash in on a big pay day, they mostly just get marginal raises and bonuses.
- Employers do what is best for them– Most employees are at the mercy of their employers. Even the best employers are going to ultimately protect themselves before you. This means they are going to pay you just enough to so that you don’t quit and nothing more. I’ve don’t real estate consulting for several large Fortune 500 businesses, trust me they are constantly considering ways to downsize or relocate offices. I’ve been in dozens of meetings with executives when decisions are made on when to close a plant or where to move an office. My job is to research information on different locations, tax advantages, real estate costs, shipping costs; not one executive has ever been concerned with what happens to the soon to be former employees personal life.
- Virtually all of the wealthy people own a business– There are some high paid executives, doctors, and lawyers, but for the most part nearly everyone who is wealthy owns a business. Even the wealthiest employees (Tom Brady) make pennies compared to their bosses. Depending on the nature of your business you may be able to sell it when you want to move on or retire. Imagine if your boss offered you 7 years worth of salary as severance to quit your job. This happens all the time with small businesses. They start to generate cash flow and grow and somebody offers the owner 5–10x their annual profit to acquire the company.
- The stats you hear about how many businesses fail are overstated-Yes it’s true that most businesses close within a few years, but this isn’t always a bad thing. Today most people leave their jobs in under five years. Even if your business fails in a few years, that doesn’t mean it wasn’t worth making money before then. They also close for good reasons, like the owner sold parts of the company or got hired by a client or closed down to start a different business. Rather than worry about abstract success rates that have nothing to do with your specific business, consider what would happen to you if your business failed. How much money would you lose? Could you give it another shot and start another business? How does the worst case scenario compare to the best case scenario? Odds are when you account for everything, it’s not as scary as you initially think. For me, I’ve always tried to start my new ventures while still earning income from somewhere else, whether it be a job or different business. I keep my initial investment small so that all I have lost is a little time. Generally the decision comes down to risking a few thousand dollars and a little time and in return possibly having a life changing career move. I try to do everything to mitigate the risks while a build confidence in the new venture.
- Starting a Business Isn’t as Complicated as it sounds: You already work for a business and hopefully understand the industry. Every business in the world comes down to creating a buying a product or service, then selling it for more than what it cost you. Startup businesses create what is called a Minimal Viable Product (MVP) which is essentially a minimal prototype of their product that is created to test the market. You should create a minimum viable business. Think about a business idea and write down everything that is standing between you and making your first sale. I have a friend that recently started a swimwear company. She wanted to do something like this for years but didn’t because she thought she needed tens of thousands of dollars to hire designers and get something manufactured. She made a list of everything she needed to make her first sale and thought of the cheapest and easiest solution for every problem. These solutions don’t need to be sustainable long term, they just need to work in a pinch at a volume of 1. She bought some outlet fabric for about $50, used her mom’s sewing machine, asked a few of here friends to model and took pictures with a cell phone. She set up a basic website for about $100 and made her first sale. She had a business up and running in a few weeks with about $300 in startup capital.
- Bigger isn’t always better: It’s easy to think that the industry giants have the advantage, but there are a lot of advantages to being small. Wal-Mart might have enormous purchasing power and a reliable customer base, but their size costs a lot of money. Large organizations spend most of their money on back office expenses such as accountants, lawyers, middle management, etc. They also spend a fortune on wasted inventory, unused real estate and employees that aren’t busy, all things that don’t help them sell product. When you’re starting, you can work out of your house, you can do most things yourself or hire outside help on an as need basis. Wal-Mart spends hundreds of millions of dollars every year on expenses like accountants, lawyers and HR. Your small business probably doesn’t need to worry about any of theses things at the start.
- Your Job Isn’t Moving You Forward– If you are reading this, you probably don’t like your job and it’s not moving you closer to your goals. Imagine where you ideally want to be in five years. Every decision you make either moves you closer or further from that goal. If you job isn’t moving you forward, it’s moving you back.
Take inventory of your life, it you hate your job, move on. You don’t want to spend your whole life doing something you hate. If you desire is to become wealthy, you need to get in the right mindset for wealth. Chances are your current job isn’t setting you up for success and isn’t meeting your needs. Check our my favorite book to learn more about creating a career that will meet your needs The Millionaire Mind by Thomas Stanley.