When Is the Right Time to Leave Your Job?

Life will oftentimes throw curves at you when you least expect them.

As an example, say you are doing a great job at your company position and then you get the call. You know that call, the one where the boss or your immediate manager asks you to come into their office for a ‘chat’ that will just be a minute or two.

In some instances, that ‘chat’ can be a good thing, perhaps a raise. In many other cases, however, that ‘chat’ can mean a pink slip. Chances are most people reading this piece have been down that road at one time or another. As most will tell you, it isn’t a road they want to travel all that often.

While you may get that call to ‘chat’ with your manager or the company owner, there are some cases where you can initiate the discussion, not being put in the situation where the bad news is delivered to you.

As more and more Americans have found out in recent years, a sluggish economy has led to many workers having to undergo that trip to the boss’ office. Oftentimes, the dreaded news they were expecting is in fact delivered.

According to a 2012 report from the U.S. Chamber of Commerce, millions of Americans were taking on the challenge of running their own small companies, via independent contracting or direct selling. A Gallup poll noted that 61 percent of Americans had indicated that they lean towards the preference of being their own bosses. Much of that comes from a decreased lack of job security in many different industries.

 

Know Your Game Plan Before Initiating a Move

So, what if 2013 is the year that you initiate the discussion by leaving your current job and opening your own business? Yes, scary as that may sound, the opportunities could be endless.

Before you go initiate that ‘chat’ with your boss, consider these factors:

* Always have a game plan – You may have wanted to open your own business for a number of years now, but are you financially prepared to? Keep in mind that you will need to not only replace your steady workplace income, but also account for expenses to get your business rolling, including money for advertising and marketing, supplies, potential office space, and maybe even an employee or two. In many cases, it is best financially to start your small business part-time while maintaining your full-time income under someone else. If you have a good health insurance package with someone, also consider how losing that could impact you financially;

* Expect your life to change – In the event you are leaving your full-time job to start your own small business, expect some changes to come your way. While some people think it is nice to get out of the 9 to 5 routine, working for yourself will likely mean more hours and more work. The bottom line is all the decisions that need to be made rest with you, something by itself that can overwhelm some individuals. If you have a family, they will need to adjust also to your new hours. There will be some days where you will think it will never end, that being meeting customer orders, doing your own financial paperwork, promoting your company in a variety of ways. This is another reason why it is sometimes better to start your business on a part-time business so that you can ease into it, not be thrust full throttle into it;

* Plan to succeed, be prepared for failure – Statistics don’t lie; many have come across data showing that more than half of all American small businesses go out of business in the first five years (Small Business Administration). With that being the case, what is your Plan B? While you may not be in love with your current job, and while you may have always wanted to hang an ‘open’ sign out in front of your very own business, you still need enough money coming in to support you and/or a family. Make sure you have a ‘rainy day’ fund set aside so that you can withstand a dry spell or two if your small business hits a rut or does not take off right away. If you don’t, you may end up regretting having left your full-time job in the first place.

Maybe 2013 is the year that you take those dreams of opening up your very own business to fruition.

If it is, make sure you know the game plan before you begin to play.

Photo credit: learndirect.co.uk

About the author: With 23 years of experience as a writer, Dave Thomas covers a wide array of business topics, including business VoIP service.

What makes @shersteve come back to #SOBCon over and over?

Phil Gerbyshak & Steve SherlockThis episode brings you one of my favorite people, and one of the most interesting SOBCon testimonials yet, Steve Sherlock. Steve isn’t your traditional businessperson attending this conference. He’s got a much more varied background – and will show you the diverse audience we have at SOBCon each year. Enjoy!

Phil Gerbyshak: Who are you – and what is your business focus?

Steve Sherlock: My name is Steve Sherlock. I am frequently seen with a tri-corner hat. I reside in Franklin, MA which is the first town to have been named for Ben Franklin. I first wore the tri-corner at the Welcome/Registration Desk for PodCamp Boston 2 and it has become part of my brand since then. I volunteer on many organizing committees for unconferences in New England; PodCampWesternMass, PodCamp Connecticut, NewBCamp, WhereCamp, and JobSearchJamSessions to name a few of them.

My focus is to use social media for social good. I started as a citizen journalist for Franklin Matters and have evolved to assume the title of “Community Information Director”. In that role, I do full and live reporting from as many Town Council and other Franklin meetings and events as I can to share the information about our budget and the business of Franklin to create an informed voter. I have helped some of the local non-profits set up their websites, blogs, etc. while training some of their folks to carry on their communications. I am currently leading the Board of Directors for the Franklin Food Pantry as we re-brand ourselves to be “a community resource for food and more.”

I am fully employed in an IT Security role and all that I do on the social media front is in the off hours to give back to my community.

PG: When did you attend your first SOBCon – why did you sign up – and what did you expect to get out of it?

SS: Phil, you and I have talked frequently about “taking the blog off the blog.” SOBCon is room full of great folks to meet and learn from. Having missed the first one in 2007, I came to the second SOBCon in 2008 and have been fortunate to make every event since then. To meet in real life, folks who had been participating in online conversations over the years bring everlasting value.

SOBCon 2008 - Joyful Jubilant Learning Reunion

For example; you, Terry, and I had been active in the Joyful Jubilant Learning community, we got to meet Joanna Patterson, who had come all the way from the UK for SOBCon 2008.

PG: Did you get what you expected (or more or less or just different) from your first SOBCon?

SS: Yes, the learning opportunities within the mastermind table setup is worth it. I have made some lasting friendships and connections from actively participating around these tables.

PG: How many additional SOBCon events have you been to?

SS: As mentioned earlier, I have been fortunate to have only missed the first one. As long as I can, I do plan on returning. The business around social media is continuing to evolve. You can come and find enough information and knowledge to go your own way, or if you are fortunate enough to have this as part of your personal learning network (which is what I do), I return each year to learn the latest from the best.

PG: What keeps you coming back for more SOBCon?

SS: You can’t stand pat. You need to be learning all the time or you will fall behind. Life is continuing to evolve and each year when I come here, I have had a slightly different focus. My citizen journalism for Franklin Matters is still going strong. I still am finding non-profits in Franklin who want to learn and put social media to use to help themselves. The Franklin Food Pantry is really putting social media to social good as we go through our re-branding and strategic planning effort. Where else can you in a couple of days learn as much in a meaningful way as at SOBCon?

PG: What advice would you give someone thinking of attending SOBCon for the first time?

SS: Come with a problem statement in mind and use that to help focus your discussions during the mastermind sessions. Having such focus will enable the meaningful discussions and internalization of the ideas and concepts from the speakers into what you need to take away to accomplish what you need to do. You can adjust it slightly while here, or even after you leave. The knowledge may just provide enough insight to realize that you would be more successful doing what you need to in a different way.

PG: What advice would you give someone thinking of attending SOBCon for a second (or more) time?

SS: I’d use the same focus as for the first timers, but then look to connect with those you had at your mastermind sessions for at least one of the two days and then switch. There are so many good folks in the room, after you get a lay of the land day one, adjusting your tablemates for day 2 is okay and likely will be beneficial.

PG: Anything else you’d like to share about the event or anything else?

SS: On the one hand, don’t be bashful, yet on the other, don’t be overwhelmed by the star quality of the room. We all come to SOBCon to learn and share with each other. The serendipity of the connections is open for those who are ready to take advantage.

PG: Thanks Steve. You’re a star, and I can’t to see you again VERY soon!