3 of 21

Write now Article Tools

If you are seriously considering giving up your day job, there are many things you need to consider.

The first is why - are you unsatisfied with your role or conditions at work? Do you have skills which you could market successfully to earn more income?

If you are not happy in your day job the first thing is to see your manager. Tell them your concenrs and ask if there is a way in which you can work together to improve things. Tell them clearly where you feel your strengths are and how they might be better used and see what they come up with. In our company, this has worked well and staff know they can discuss their role with me because I would rather have happy staff than lose them (and all our investment in their training) to another firm or for them to set up in competition with us.

If you believe you have skills which could successfully be used so you can work for yourself, then take the time to see if it will really work before giving up your day job. Your day job is security, it gives you regular income and these are difficult times so any self-start business idea needs to have firm credentials before you go ahead.

I lecture in horticulture and garden design and itis amazing how many students think they will finish the course and go out and support themselves in a business designing or maintaining other peoples' gardens. For some, it works but for others it can be a huge mistake.

First, see if your area can support another service like yours. See the other companies which offer similar services and whether there is room for you as well. Customers are far more likely to stick with someone they know so you must make sure that those who say they will use your services will actually do so when the time comes.

Check the service you will offer - if it is counselling or consultancy work, make sure you are qualified and can actually offer sound advice, backed up by professional recognition.

How much will it cost you to set up your own business? Start up costs include office space, computers, printers,paper, pens and everything else you need from day to day.You will also need to engage the services of a good accountant and see about insurance whether this is public liability, premises or business insurance.

Can you actually make enough money to pay yourself the same or more than you earned in your day job after you have taken your costs into account? Working for yourself you can no longer claim expenses to travel, eat or heat your office space so you must be sure the new venture will pay enough.

How long will it be before you actually see returns on your business? Most custoemrs pay after at least one month so how will you support yourself between giving up your day job and getting some decent income to pay your suppliers, bills and other costs?

Do you have support? Are your family aware of your decision to give up the day job and do they support this? Can they cope with you at home, is it feasible to work from home or do you need other premises and equipment that goes with it?

Giving up your day job is a serious and long-term decision. There will be no going back, so make sure you investigate all possibilities and potential problem areas before you actually do the deed and give in your notice.

Learn more about this author, Sammy Stein.
Click here to send this author comments or questions.

Add your voice

Know something about Questions you should ask before quitting your day job?
We want to hear your view. Write now!