Is it time to start your own business and become your own boss? Here’s 10 reasons to help you decide if working for yourself is worth pursuing.
Know when it’s time to go
When it comes to your income, the cliche that “quitters never win” doesn’t always hold water. Leaving your job may help you change your career, earn a fatter paycheck or escape an unhealthy environment. Here’s how to determine when it’s time to make your exit.
1 – Work stress is harming your health
If the thought of heading to work each day is taking a toll on your mental and physical well-being, it may be time to call it quits. Warning signs may include weight gain, trouble sleeping and nausea before you start your week.
2 – You’d hate to have your boss’s job
If your boss’s job sounds like a soul-crushing, mind-numbing express ticket to Sellout-ville, then you may be at the wrong company – or even in the wrong industry. It’s time to re-examine what you want out of your career and consider moving to your own home-based business working for yourself.
3 – Your boss is a bully
A boss who teases you about characteristics you can’t change, aggressively manages you or doesn’t give you the credit you deserve is a bully. Talking to your manager or human resources about the problem may remedy it. If that’s not an option, or it doesn’t work, it may be time to get serious about your exit plan on becoming your own boss.
4 – You have a game plan
If you have another job lined up, or sufficient savings to get through a period of unemployment, it could be the right time to exit an unhappy work situation. Quitting a job without a plan can be risky for your finances and your career (in case you need to re-enter the workforce later).
5 – You’re woefully underpaid.
If you’re making peanuts – and struggling to get substantial raises – heading out on your own may give you a chance for more income.
6. You’re thinking rationally
Don’t quit to “show them” or because you had a bad month. Take a few weeks, at the very least, to think about the long-term effects and challenges of starting your home-based business. Then, make a rational decision that works best for you.
7. There aren’t quick fixes to your work problems
Sometimes an honest talk with your boss or the human resources department will remedy a bad situation. For example, if you’re overwhelmed, a chat with your manager may result in getting a few tasks moved off your plate. But when discussing the problem won’t help, it could be time to head for an exit.
8. Your job is at risk
If it looks like you’re about to become another casualty in a company-wide layoff, looking to go out on your own is crucial. Same goes if you suspect that you might be fired for other reasons, like poor performance. No one can fire you if you start your own business.