Coming to the point in your business where you can begin to think about quitting your full or part-time job is an exciting time! Don’t let the excitement cloud your judgment. Begin by thinking carefully about this next big step. Here are seven things you’ll want to consider when quitting your job becomes a possibility:
- Budget – You knew this one would be in here, right? It’s so important that you take the time to figure out exactly how much money you will need to work from home full time. There’s been many an entrepreneur who has skipped this step and succeeded but you don’t need to take that chance. Plan ahead to make sure you will make enough money to support yourself and your business.
- Time – Now this one is obvious, but you need time to run your business. For example, some parents get an idea in their head that they will be able to work around their kids (at naptime, after bed, etc) and still create a thriving business. This is not a realistic way to think. If you have young children, plan to have a child care provider take care of them while you focus on your business – you’ll get more work completed and be much less stressed this way.
- Set a Schedule – Before you get into the day to day of running your home business, set up a schedule of work hours that you and your family or roommates can respect and live with. Print out the schedule, have it laminated and post it in your fridge or another prominent place so everyone knows when you will be occupied with business. Family and friends can sometimes have a hard time with the fact that you are actually working, and they can’t stop anytime they feel like it for phone calls, outings, etc. Setting them straight from the start will help you get your work done efficiently.
- Leave that Door Open – When you let your work know that you’re leaving, do it properly. Make sure you give the appropriate amount of time to find a replacement and leave on a good note whenever possible. You never know when you might need your job back or a good reference, so always leave that door open.
- Money Saved – It’s always a good idea to have money in the bank but when you are quitting a job this becomes more important than ever. Tuck away two or three months worth of pay and you can be sure you’ll leave work with some peace of mind.
- Taxes – As a small business owner, you will be responsible for paying your own personal taxes at the end of the year. The best way to prepare for this is to put 25-30% of your income into a separate account for when the taxman comes knocking. The citizen’s advice bureau can also help with the ins and outs of this if you’re in need.
- Time to Enjoy – Where’s the fun in working from home if you don’t take the time to enjoy what you have created for yourself? Make sure that you don’t book yourself so solid that you have no time for anything but work. Working from home is about working smarter, not harder!
As you know, there are many things to consider on your journey towards working from home. The list above should give you some things to start thinking about. Whatever you do, make sure to set yourself up so you have the best possible start to working from home and you’ll be so glad you did. Best of luck on your new journey!