Hello Believe Nation.
Today we’re going to look at the seven things you should do before quitting your job.
And as always guys, if you hear a point that really resonates with you please leave it down in the comments below. Put quotes around it so other people can be inspired as well.
And also writing it down helps you lock it in for yourself too. Enjoy.
7 Things You Should Do Before Quitting Your Job.
So I’ve always been an advocate of you don’t need to quit your job and go into your business full time. I’ve always been a fan of doing it on the side and then eventually getting to the point where you can quit your job. And then go full time on your company. And here are my seven things that you should look at before you take that leap full time.
#1: Think About Taking Another Job
Number one is think about taking another job. This might sound a little counter-intuitive because we’re talking about quitting our job and going full time. The reason to have a job is to learn. The reason to have a job is to make an income right?
You’re paying off your bills and you’re learning. And so I’ll be looking at my current job right now.
If you’re not making enough from your own business to quit and you need to have a job then are you learning enough in the business that you’re in right now?
Are you learning the skills that are going to help you with your own company?
If not, then I’d be looking at how do I get those skills somewhere else?
How do I quit my job?
“Learn, learn, learn, learn, learn. Take on as many projects as possible even though they’re outside what you were specifically hired for so that when you go off and start your own company or when you try to build that thing up you have all the tools, all the experience all the contacts necessary to do so.” – Evan Carmichael
And before going all into my business I have a bridge step at another company where I’m going to learn. When your growing up, you pay to get a University education. Here you are getting paid to get educated. You’re getting paid to make mistakes. You’re getting paid to make contacts in the industry.
And so I’d be looking at a company that has 10 employees or less that’s in the industry that you want to be in. It’s a company that you look up to and want to be like and aspire to learn from.
And go work for them. And get as close to the CEO/founder as possible. Learn, learn, learn, learn, learn. Take on as many projects as possible even though they’re outside what you were specifically hired for so that when you go off and start your own company or when you try to build that thing up you have all the tools, all the experience all the contacts necessary to do so. And so if you’re not getting those tools experience and contacts from your current job I’d look for a different job first.
#2: Figure Out Your Business Idea
Number two is figure out your business idea. So one of the great things about being in an industry that you love is you get to see how businesses work and you get to see where the opportunities are. And so some of the great businesses have been founded by people who are in an industry.
They had a job, they were talking to customers and the customers that you were talking to their needs couldn’t be solved by the current company.
And whenever you hear frustration from your customer base and the company you’re working at can’t handle that situation that’s an opportunity.
You want to always be thinking to yourself “Is there something for me here? “Can I help this customer out? “Can I help them on the side? “Can I turn this into my own business somehow?” When you’re working in the industry you want to pay attention to where the holes are.
Where the market opportunities are. Where the paying points are. And figure out what your idea is going to be for a unique offering to the market.
#3: Figure Out A Plan
The number three thing to do is figure out a plan. You need to have a plan.
You need to think about once you have your idea now how will you build a business around it?
How are you going to get new customers?
How are you going to market yourself?
How are you going to service the customers that you’re getting?
How are you going to get word-of-mouth marketing happening?
What’s your social media plan going to be?
You start to have a plan. Now I understand the thing about planning. The plan is never going to be perfect. A lot of times people spend too much time on the plan. They plan, they plan, they plan, they plan and they never do. That’s not the solution either.
But you don’t want to just jump all in and not have a plan. Planning, even though as soon as you start actually being in business your plan will change. It doesn’t mean that the planning process isn’t valuable.
So you want to have a plan, you want to do your research you want to get everything together and give yourself some confidence that this thing is going to work before just jumping all in on it.
“Planning, even though as soon as you start actually being in business your plan will change. It doesn’t mean that the planning process isn’t valuable.” – Evan Carmichael
Basically you want to get to the point where if somebody presented this thing to you you would want to invest in it. So this looks like a good plan.
This looks like a good idea. Has that level of research and detail gone into your plan to help you get to the point where you could comfortably show it to somebody else and say, “That’s a really good idea.”
#4: Quit Your Job With Low Or No Risk
For the number four tip I’m going to turn it over to my friend Matthew from the Youtube channel, Trident Lion.
Matthew: What’s up Believe Nation? I’m Matthew, a.k.a Trident Lion from the Trident Lion channel. And tip number four is quit your job with low or no risk.
Not all entrepreneurs have the luxury and capability to take and tolerate massive risk. Many of us, including myself have children we need to provide for.
Hypothetically, it’s better to jump ship by building a better ship while you’re on your current ship. Rather than jumping ship and trying to build a ship while you’re swimming. Imagine being able to leave your job quit with confidence and certainty.
Quit with your next source of income being your entrepreneurial dream. The way to do this is to work. If you want it bad enough you have to put in the work after hours. I came across the question a few years ago.
The question of, “How do you build a personal brand “And/or business while supporting a family “And working full time?” And one of the best answers I found is the advice of one of my and Evans virtual mentors. Gary Vaynerchuck. So for all of you entrepreneurs out there that cannot tolerate risk but still want to build your entrepreneurial dream here is one powerful and effective way how to do exactly that.
Gary Vaynerchuck: So if you have a feel, if you want to do it I don’t want to hear about this 9-5 bull . What’s that?
Audience Member: I quit!
You quit? I quit, nice. I don’t want to hear about this two job thing right? 9-5, I don’t have time.
If you want this, if you’re miserable or if you don’t like it or you want to do something else and you have a passion somewhere else work 9-5, spend a couple hours with your family. Seven to two in the morning is plenty of time to do damage. But that’s it. It’s not going to happen any other way.
How do you get money to do what you love? You don’t right? I lost a load of money when I started doing what I loved. What you do is you position yourself to succeed.
So for example, if you’re doing something else and you want to do this thing you love you do it after hours. You work 9-6, you get home. You kiss the dog, and you go to town. Right? I mean, you start building your equity and your brand and whatever you’re trying to accomplish, after hours. Everybody has time, stop watching Lost.
Matthew: By putting in the work and being patient it is possible to turn your entrepreneurial dream into your career with practically no risk. Quitting your job with certainty.
If you want to quit your job without the risk putting in the work towards your entrepreneurial dream and being patient those are two important things that you need to do before you quit. Realize if you have a busy schedule some of us, like I said have a full time job and children.
So dedicating time for your entrepreneurial dream can be limited. Time efficiency and time effectiveness should be taken serious. You don’t want to waste your limited time building an entrepreneurial dream on unimportant tasks. One great solution to this is to utilize Pareto’s Law.
“By putting in the work and being patient it is possible to turn your entrepreneurial dream into your career with practically no risk. Quitting your job with certainty.” – Matthew, a.k.a Trident Lion
Consider and ask yourself what is the most important 20% of the work that goes into building my entrepreneurial dream for 80% of the outcome? If you want to quit your job to have a career doing your entrepreneurial dream with little to no risk like Gary Vee has said, do it after hours.
Put in the work, be patient, be persistent. Learn as you go. Grow as you learn and be sure to never quit on creating a life doing your personal entrepreneurial dream. So there you have the number four thing to do before quitting your job.
#5: Run The Numbers
My number five tip is run the numbers. So I think you should start at a company and then do your business on the side. And the point where you leave your job to go into your business full time is when you can make enough from your business to pay off all your bills.
So you need to know how much it costs you to live your life every month. And it doesn’t have to be a life of luxury. We’re not talking about going out and buying expensive cars and going off on expensive trips. Just the basics, food, internet, mortgage or rent.
“Learn the numbers to know how much you need to survive and how much you’re making from your business. ” – Evan Carmichael
What does that equal every month so you know here’s what I have to make from my business to survive. And if you can get to that point as a part time entrepreneur then you know, listen I could quit my job I could spend full time now working on my business and I have enough to cover my basics.
Now that I’m spending more time on my business I can rapidly grow it up and earn more as well but you can’t do that until you know the numbers. So learn the numbers to know how much you need to survive and how much you’re making from your business.
#6: Start On The Side
So number six is then start on the side. We want to get started. Don’t just have this idea and do nothing about it. It’s not just have a job but learn about the industry and then wait for some magical moment to start. No like, start now. Start on the side, start immediately. Weekends, evenings, we’re going right away to try to build our business up. Even if it’s free work at the start.
Even if it’s spec work just to build up your portfolio just to build up your experience just to build up the connections and understanding how the industry works. It’s worth it on the side to start building some momentum because it’s going to take a while to get your company off the ground.
It’s not just going to happen for you. And so, starting now starting and sucking right? Starting and improving, slowly, slowly, slowly, slowly. Take everything that you learned from your company that you have your job at and you’re putting it into your own business. Building that up. And not waiting, because too many people have these great ideas while they’re at a job and maybe the job sucks or maybe the job is great but you still just sit on the idea. You don’t do anything with it. Well the key is to do something with it and the hardest part is, you have this big vision for where you want to go and you know you can’t do it right now.
“Take everything that you learned from your company that you have your job at and you’re putting it into your own business. Building that up. And not waiting, because too many people have these great ideas while they’re at a job and maybe the job sucks or maybe the job is great but you still just sit on the idea.” – Evan Carmichael
And a lot of people just sit on the vision. They just sit on the idea. Well you stick to the big vision this is the big thing that we want to do that I want to build but I’m starting here.
I’m going to take a step and another step and another step and another step. It’s thinking big and acting small. Most people think big and act zero, do nothing. So find a way to start today, immediately. Every single day you’re spending time on your business to move your idea forward.
#7: Hit Your Survival Number
And then number seven is hit your survival number. This is last step. Once you hit that survival number and you know here’s what I need to live and I’ve hit it it’s having the courage to say, “I’m ready to go.”
You know, maybe taking a pay-cut I’m not making as much as I am now with my combined salaries from my businesses and the job I have but this business is the thing that you wanted to build. You’ve hit your survival number.
“Once you hit that survival number and you know here’s what I need to live and I’ve hit it it’s having the courage to say, ‘I’m ready to go.'” – Evan Carmichael
It’s having the courage to leave that job take all the time you spent there and pour it into your company and really build something you can be proud of. So once you’ve hit that survival number you got to have the courage to act, to do it. To take the leap, to jump. And to have the confidence that your thing is going to work out.
So that’s my take on the seven things that you need to do before quitting your job. I’d love to know, what did you guys think? Which rule was your favorite?
Do you have an eight, nine, ten that you’d like to add to the list? Leave it down in the comments below and I’m going to join in the discussion.
I also wanted to thank Matthew from Trident Lion for his point number four as well Matthew picked up a copy of my book Your One Word, and made an awesome book review on his channel as well.
So thank you Matthew for the love. I really, really appreciate it and I’m glad that you enjoyed the book as well.
Matthew: Now I would like to express some gratitude to Evan Carmichael. Thank you for having me on this video and being featured on your channel. Also, thank you for your book, Your One Word. Creating the summary and review on it was so fun to do. And it certainly has helped myself and my brand level up.
So thank you guys so much for watching. I believe in you, I hope you continue to believe in yourself and whatever your one word is, much love. I’ll see you soon.
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