Q: I’m one of those people you addressed in last week’s column. I have a full time job that –over the last 15 years- I’ve grown to hate. On the bright side, the job does have flexible hours and has afforded me the opportunity to start my own business. The business –which I love and started 10 years ago- has grown to the point where I think I can quit my day job and live my dream of being a full time business owner. Do you have any advice on this life transition?
A: First, some kudos for being pro-active, pursuing something you love and growing it to the point that it can sustain you financially. And kudos for being patient and taking the time to lay the groundwork before taking the leap. Many people rush this step, become overly optimistic and quit the day job too soon.
Although it certainly seems like you have been cautious in your decision making, these types of transitions (as you call it), bear inherent risk. And although I can’t advise you on the business risk aspect of what you plan to do, I can offer some ideas on how to manage leaving your day job:
- Plan and execute your departure from your employer in a way that keeps your relationship friendly and future options open.
For instance, be considerate of their needs. I assume they know you’ve had a side business for 10 years and expected you to leave some day, but still give them plenty of notice. Offer to train your replacement.
Would it make sense to go part-time and gradually lower your hours? Or to offer your services as a freelancer?
These courtesies may sound like common sense, but I have seen employees burn bridges as they rush out to pursue their entrepreneurial dreams, not realizing they’ll need those bridges if things don’t work out and they need to rejoin the workforce.
- Don’t underestimate the cost of health insurance. Employees sometimes aren’t aware of how much the employer contribution helps with insurance costs. Even with Obamacare-options which are available in the marketplace you might still get sticker shock.
After working in a less-than-dream-job for 15 years and growing your business for 10 of that, I think you are poised to make the jump. Best of luck.
©Copyright Eva Del Rio
Eva Del Rio is creator of HR Box™ – tools for small businesses and startups. Send questions to Eva@evadelrio.com
