So you’ve started a small business and it’s been growing. You’re still juggling your main job and it’s starting to get a bit much. You really want to walk into your manager’s office and quit on the spot. On the other hand, you’re worried with this uncertain economy it may backfire on you down the road.
What do you do?
Don’t Make the Jump Too Soon with Work
It can be tempting to tell your employer that you’re quitting as soon as you start making some income on the side. However, you have to understand that there is a certain amount of unpredictability with entrepreneurship. Save face by making you can support yourself for awhile in case certain contracts and assignments fall through.
How much is enough? That depends on your personality and circumstances.
- How stable is your business? If you’re still establishing yourself, sock away some money while you build your client list.
- How many customers have a contract with you? Does your business depend on one or two regular clients or do you have several?
- Do you have a family to support? If you’re by yourself, then you may get by with a smaller fund, but if you have a spouse and/or kids to look after, you’ll probably want to be more conservative.
Until you have your freedom fund ready, keep your income diversified and stay with your employer.
How to Resign from Your Job
It’s not extremely hard to resign from a job. If you plan on keeping your contacts from your old job, however; you need to make sure you are tactful with your exit.
- Give your employer the proper notice. Be professional and give the typical notice needed for your employer to find a replacement.
- Keep it simple. When asked why you’re leaving; just point out that it’s purely professional and you’re just looking to expand.
- Keep it positive. Don’t complain about what’s wrong with the company.
Aside from that I wouldn’t get to much into details with coworkers and supervisors. They don’t need to know how long you’ve been working on the side or what your income is right now.
Thoughts on Managing Your Career
I’d love to hear from you and your transition to a full time entrepreneur. How do you balance juggling two jobs? When did you make the leap?
Don’t forget to check out the rest of the job series to help figure out your next move.
- Signs That You Should Quit Your Job
- Job Freedom Fund: How Much Do You Need
- How to Make a Plan to Quit Your Job
- Is Entrepreneurship For Everyone? The Answer is…No