People are always advised that the best time to go looking for a job is when they are currently employed. There are several reasons for this. Not only is there comfort in knowing you have a Plan B to fall back on while searching for a new job, but it removes some of the financial burdens as well because you are still generating a regular income. The one time this is more of a gamble is when you decide to make the leap from being an employee to a small business owner. This opens up a whole new slew of challenges.
One good piece of advice is to begin your new endeavor as a part-time commitment while still preserving your current job. It’s always a good idea to maintain current health benefits as well as a salary for as long as possible. As you gradually begin to grow your business you can start to plan for the day you make the break into small business ownership.
Another way to branch out into this exciting new chapter of your life, but doing so in a wise way is to set aside any income earned from the new venture. Surveys show there are many reasons that startups can fail and the percentage of companies surviving past the honeymoon phase is very minor. Most startups fail, that’s just a fact. Putting money back into the business or into a savings account is the only long-term sustainable choice.
There are also cautionary dont’s when it comes to parting ways with a former employer. The world is a small place and you never want to burn any bridges. If you plan to start a company within the same industry as your former boss, then it’s all the more reason to keep things amicable. Even if you are planning on launching your own career outside of your current field, you never know when a possible collaboration might occur. This is also why you don’t want to violate any non-competitive clauses in your contract and why you always want to give the grace period of at least two weeks before leaving any job. The added bonus of leaving on good terms means you never have to worry about hurt feelings or negative reviews about your reputation.
As far as your time goes, keep in mind there will be very little time left for discretionary fun. You will be very busy trying to juggle both an existing job and a startup. Make sure you prioritize any downtime before you get worn out and unable to do anything at all.