Many people grow up with great aspirations. Their dreams are usually planned out with a perfect ending, where they are completely fulfilled in life and truly happy. But as much as we’ve the power to dream, we end up having to work with whatever life throws at us, which is usually completely different from what we envisaged.
Pursuing our dreams always seems a lot harder than perceived, especially when we’re caught up in a job that gives us little to no time to discover our true selfs and follow the path we’re meant to be on. The issue of financial security outside a job also sends cold chills running through our spines because, the possible outcome of whatever business or passion we set to pursue is never always guaranteed.
If you’re caught up in this trap and are looking for smart ways to make your transition to an entrepreneurial life a far-less regrettable one, here’s how to quit your job and follow your dreams without going broke:
See Also: 10 Businesses You Can Start & Grow Everyday After 5 P.M
1). Start A Business Before You Quit Your Job:
The first thing to do before quitting your job to start a business, is to run a pilot of the business on the side, while you’re still earning a decent monthly income. Running a side business first, helps you know if the venture is going to be worth quitting your job over, and what prospects it has for you on the long run.
When the business shows great promise on a small scale, you can then quit your job to use the power of the multiplier effect to grow your business as a full time entrepreneur.
2). Don’t Invest More Than 30% Of Your Savings:
When you quit your job to follow your dreams, it’s important that you have enough cash saved up to help you through your early months of trials. You have to ensure that a financial lack won’t keep you constantly worried and looking towards the comfort of another job.
The best way to handle this is to start the business before you quit your job, then invest not more than 30% of your savings after you have left the job. This ensures that you’re trying out something that has already proven itself and has some financial backing, without you going broke.
See Also: How To Pick The Right Bank For Your Small Business
3). Register A Company, Not Just An Enterprise:
One of the worst things an entrepreneur can experience is to allow a law suit have direct access to their personal finance, and not just their company’s. When your business is a registered company and not just an enterprise, it separates your personal liabilities from your company’s liabilities, and so, makes it extremely difficult for a law suit to get to your personal assets.
For example, if a business that’s worth $100,000 dollars gets sued for $250,000, the limitation of the liabilities end with the business. And even if the owner has a personal net worth outside of the business worth $300,000, his personal assets would not be affected; only that of the business would.
See also: How To Start A Business In Nigeria: Step By Step Guide
4). Get Insurance:
Getting insurance guarantees a certain degree of security for both you and your business, especially when you deal in commodities. By insuring your products, health, cars, properties, and more, you save yourself and your business a major cost if anything grave were to go wrong with them.
To follow your dreams is one thing, but to survive the process is another. If you want to scale through any hurdle that may spring up in the process of running a business, insurance is critical to your survival.
5). Remember Your Retirement:
Ensure you’re building up great retirement benefits by remitting a certain percentage of your monthly income to reputable pension bodies. This ensures that you’re not just trying to grow a successful business, but also securing your future in the event that anything goes wrong before or after you get old.
See Also: 5 Commitments Every Entrepreneur Must Make To Be Successful
What are your thoughts on this article on how to quit your job to follow your dreams without going broke? Let me know by leaving a comment below.
Image Source: www.developgoodhabits.com
WEll said very informative i also publish a post about how to get a job hen fired from work
Thank you for the comment Samuel.
Yeah. This is a great write up. I am having this challenges and I think your article just further strengthened my will to quite. God’s willing. Thanks
I’m glad you found value in the article Isaib.
Have a great time!
I have read many articles on net but not all are practicable. I read an article on how to source facility on start up business from commercial bank through cbn Intervention fund but the story was different from what I read. So, am afraid of approaching bank of agriculture for loan because of our system. I appreciate you for sharing your knowledge with us but still learn one or two things from your write up. God bless you.
I’m sorry about your experiences Kunle.
The system isn’t perfect, but gets better daily.
I’m glad you still learnt something from the article.
Thank you for the comment.
Hello Stan, Am Alex based in the US, i’ll like to start an Internet business site in Nigeria . I belive the dollar value will give me a leverage for funding. but i don’t know which sector is booming now. I have a good background in technical and computer science, i just don’t have solid direction. Can you give me your 2cents of advice? ideas
Hi Alex,
Most of the sectors are already saturated, and so unprofitable for many.
I’d advice you think up how to solve local problems online, then I can help you review it and tell you your chances of success.
Thank you for asking.
This is quite inspirational i work from monday to saturday and i’m fed up i need a change to pursue my fashion career. I needed encouragement and motivation to re-activate that zeal and you just gave me something to ponder about…keep it up.
I’m glad you found the article useful Bassey.
Have a wonderful time!
Wow that’s an impressive post. Some heavyweight insights :D. A very useful and informative post.
Thanks