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Are you looking for a way out of your life draining job? Tired of working day-to-day for employers who don’t have a clue how much you contribute to the business or just don’t care? Never getting recognition or being rewarded for going above and beyond in the things do?
I hear you…I’ve been there. In fact, I still am there. But guess what, I won’t be for much longer (happy dance). I have put a plan into action and am on my way to working from home full-time in less than 5 months!! I’m so excited (still dancing).
This is not something that I took lightly. Being the primary breadwinner in our home makes this really scary, my family depends on me. I can not and will not let them down. I have put a lot of thought into this and KNOW that I have covered all my bases.
So, if you are in this type of situation at work or are just craving for something better out of life then read on to learn how to prepare quit your job and work for yourself from home. I will share with you the steps I have taken and continue to take to make this possible.
Some background…
In this day and age, it has never been easier to earn money from the comfort of your own home. There are a ton of people out there doing just that and making a great living by doing so. I’m talking six-figure incomes.
You probably have read about some of these success stories and think to yourself that you do not have what it takes to do the same. I know many of these success stories may seem impossible to reach, but they truly aren’t. You could do the same with a lot of hard work and determination.
Creating a thriving home business is not a get rich quick scheme. It will take some time to build and at first you may get discouraged and think that you are never going to make it happen. This is the reason so many people fail.
They give up too soon or aren’t willing to do what it takes. If you truly want to be your own boss then you need to give it your all. This means doing whatever you need to do to make it happen.
The Breakdown…
Side hustle to get a feel of what’s possible
First of all, I would never recommend quitting your day job to follow your dreams without knowing if you can truly make it happen. Unless of course, you have nothing to lose by giving it a shot. But if you are that person, you probably wouldn’t be reading this post anyway. Right?
Why do you think so many people fail at starting a business? They think of the next great idea and “know” that they could make it happen without even testing the waters.
You really need to put your ideas for your business into play to see the potential. And you need to do this even before you considering quitting your job!! It’s going to take time, longer days and a lot of hard work.
I’d be lying to you if I told you otherwise. But it will be so worth it. You will know that what you are working so hard to build is truly sustainable business.
How To Quit Your Job To Work From Home
Setting goals and a plan for success
It’s no secret that goal setting is very powerful. If you have any doubt read this very eye-opening Harvard study on goal setting. You will think of goal setting in a whole new light after reading this article for sure.
Setting goals is a key component in being successful at whatever you do. So sit down and set your goals up for your new venture. Create short-term goals, mid-term goals and long-term goals for your new business.
Each of your shorter-term goals should lead you to reach your mid-term goals, then to your ultimate goal of quitting your job to work for yourself. In addition to setting these goals, you also need to create a timeline to keep yourself on track to achieve these goals.
Lastly, document what actionable steps that will lead you to reach each and every goal you have set for yourself and home business. How are you going to make it happen? This is very important, make these doable for your situation. If you don’t then you will just get discouraged and give up.
Budgeting for success
Another important step in creating a successful home business is to budget for success. When working from home, your living expenses will be different then they are now.
For instance, while working for an employer, you are probably getting free or at least a reduced-cost health insurance which won’t be the case when you work for yourself. Or you may be getting an employer match for your 401 K retirement plan, you will no longer have this once you quit your job.
On the other hand, there will be things that you can cut out of your current budget as well. Your family may no longer need two vehicles since you are working from home. You can sell one and save on a monthly car payment, gas, maintenance, and insurance.
Your income flow will also be different as well. Unlike the steady predictable paycheck that you have now, your income will most likely be more sporadic. There may be weeks or months that are better or worse than others.
My point is that things will change. You need to adjust your personal budget to fit into your new life as well. Create a budget that will work for you on your new journey.
Prepare a quit fund
You also need to prepare a quit fund while you still have a steady and predictable income. This is a must because there are more ups and downs when you are self-employed. There may be things that come up that you never expected or just didn’t think to work into your budget.
Things will come up while you are building and growing your business, you may not know exactly what, but you should expect the unexpected. Having a quit fund will help you get through these situations with less stress and keep your business on the right track.
Don’t put all your eggs in one basket
One thing that you must do when building a home-based business is to diversify your income streams, don’t put all your eggs in one basket, so to speak. Having multiple income streams is a way to protect yourself and business.
Not every idea you have will work out as well as you’d hoped. While others will be extremely successful. For instance, if you are planning to sell online, start off with a few items but keep adding to your inventory. What may be a great income generator now may not be in 6 months or a year from now.
If you only concentrate on that one product line, then where will you be if sales start to dwindle? While if you grow your product lines with a variety of products and one starts to go downhill, you will still be earning income from the rest of your products.
Don’t forget about taxes
You know how the saying goes, there are only two guarantees in life, death, and taxes. No one wants to think of either of these things. But you do need to prepare for them.
Make sure you do your homework. My best advice here would be to meet with a tax accountant in the early stages of building your business. Find out what your tax requirements will be and make sure you set a percentage of your earnings aside every week or month to meet these requirements.
You certainly do not want to wait until tax time rolls around to find out how much in taxes you owe and are totally unprepared to pay it.
Loans will be harder
Once you do quit your job to work for yourself full-time, a loan will definitely be harder to get. It won’t be as easy as showing up at the bank with a few pay stubs in hand and a simple credit check.
There will be much more paperwork involved for you to prove you have the ability to pay off the loan. And the interest you pay will be much higher since you are a greater credit risk.
If you know that you will need to take out a loan in the near future, do it while you are still employed.
Create a “No Trespassing” workspace
Working at home could be very distracting, especially if you have children. You need to set up a no trespassing workspace for yourself and set up some rules that when you are working, you are not to be disturbed.
Creating a home-based business is great with the flexibility you have to decide when you work. But when you are working, you need to act as if you are at a workplace with no distractions so you can get things done.
If you are looking to start a business from home but not sure what kind of business. Here are some articles I wrote to help you get those juices flowing…
34 Legit Ways To Make Money From Home
5 Businesses You Can Start for Under $200
Earn Passive Income on Pinterest
How to Start a Blog – Step by Step Guide
How to Rock at Affiliate Marketing and Earn Big Bucks
Start a Business With Almost No Money
Are you in the process of starting your own home-based business or have you already quit your job and taken the leap? I’d love to hear any tips that you have.
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Excellent post. Thanks for sharing.
I haven’t quit my career, but have shifted to two days a week working from home. What a difference in my life this has made! Absolutely amazing. I’m an independent contractor so it didn’t take much to make it happen, just the belief that I could do it.
The biggest suggestion I could make is the “No Trespassing Work Space.” The family knows that when I’m home on Mondays / Fridays it’s work time if the door is shut. That’s email / phone call time. If it’s open, I’m fair game.
I’m going to push forward and go for three days a week soon!
Congratulations!! Believing that you can make it happen is probably half the battle…Thank you for that tip!!
I agree, it can be difficult working from home, but you definitely need to set boundaries so you can actually get things done.
Good luck in your journey!!
In my last company I worked it nights and weekends for almost five years before I quite my full-time work. By that point I already had three other full-time people that the company was paying.
At that point I also made a decision that we would be a 100% remote workforce. Everyone worked from a home office. This was a couple dozen people across 7 states. It worked out GREAT! We found that people were even more productive (no more random office drop-bys) and they really enjoyed that workstyle (is that a word? like lifestyle for work).
Sold the company a few years ago but looking back, making that decision to have everyone remote was one of the best things about that business.
Wow Brad…Five years…that certainly takes a lot of dedication!! I agree with you about productivity. I am way more productive working from home. All the office drama, jealousy and silly gossip drives me crazy. I think that for me, that is the worst part about the corporate world.
Great info! I ended up quitting to work part-time (outside of the home). One day I’ll make the decision to stay st home full-time and find ways to generate an income!
Thanks Danielle!! How good would it feel to not have to depend on anyone but yourself for a paycheck?