The world reacted in shock when the United Kingdom chose to leave the European Union. Polls clearly showed an intent for voters to remain but the opposite choice won. In the end, the people of the U.K. decided to break away from the E.U. Now, the question becomes, “are you ready to follow the Brexit vote?” In other words, are you ready to leave your job and go into business for yourself? It’s a very common desire but a relative few actually follow through and become entrepreneurs. You might start a business from a novel idea or you might buy an existing business already earning a profit. Regardless, you are seriously considering starting your own company.
Are You Ready to Follow the Brexit Vote?
There are a number of reasons Brexit was a successful campaign. The original intent of the European Union was to prevent more wars and to establish a sizeable trade bloc. It became a big success but now, its very stability is in question. Many changes through the years lead to the U.K. voting to leave. The same phenomenon happens all the time to career professionals. They join a company, bringing their proven skill set and are happy. Over time, things change and they begin looking elsewhere for a better situation.
While the global economy is still struggling, a lot of workers are interested in jumping ship in order to start their own businesses. They want freedom and flexibility, and feel like they can do things better than their company. They want to make an impact on their own terms. Years ago, it was routine to stay at a single company for life, but today it’s rare to find someone who follows that path. Now, more than ever before, entrepreneurship is viewed as a viable career path for many who either can’t find work or are fed up with their current job. —Fox Business
During this time, they begin to dream about being their own boss; but, make a number of insubstantial excuses which ultimately hold them back from opening a business of their own. These notions are quite common, such as not being ready, having too little experience, and of course, not believing in their qualifications. What’s most interesting is these beliefs are just fear of the unknown, but the same uncertainty did not stop them from accepting their current job. In other words, these feelings apply equally, in reality.
How to Leave Your Job to Start a Business
Another common obstacle is the fear of not being able to generate enough business. But there’s a big secret everyone who wants to start their own business and leave their job should know: it’s all about perspective. Worrying about getting clients to make a business successful is normal. There’s an illusion about job security most entrepreneurs see: when you work for someone else, you have just one client. If your only client becomes dissatisfied, the illusion of job security is revealed as being more fragile and precarious than being self-employed. Here are some suggestions for how to leave your job to start a business:
- Know your true motivation. Most people leave their jobs to earn more money or follow a dream. These are legitimate reasons but are probably not their true motivation. Do some deep self introspection. Get down to the real motivation causing you to want to go into business for yourself. If you don’t, you are missing a key component that would otherwise help you as things progress.
- Measure the opportunity. Market research is an obvious necessity but the sad fact is too many career professionals simply forego it, believing they can carve out a niche with little to no competition. Unfortunately, this isn’t true and huge regret is avoidable by simply taking time to learn about the industry and the opportunity it presents. Even if you are staying in the same field, you are going to transition away from an established organization.
- Get a lot of input from others. Don’t make the mistake of protecting your novel idea. While it is perfectly understandable you want to keep it to yourself, you are missing out on input from others you trust. Get as much feedback as you can and be willing to listen earnestly. Be sure to jot down notes to review later — you will highly value these opinions when you make the ultimate decision to leave your job.
- Understand the impact on loved ones. Your life won’t be the only one affected. Your decision will have an impact on loved ones and you need to be open and upfront with them. Take their thoughts and feelings into account and do not be dismissive. You need to understand how leaving your job impacts loved ones’ feelings because these are the people who you will ultimately rely on day-after-day.
If you have made the leap from being employed to being self-employed, please join the discussion and share your suggestions. What steps or strategies did you use that were most helpful? Did you make any mistakes others should know about? How is your life different as a result?