Perhaps you’ve had a nagging feeling for some time that this career path just isn’t it for you.
At the same time, you might feel attached to your image as an outstanding employee at your company. I know I was nervous to even think about who I would be without my job, benefits, holidays, and bonuses that came along with my position before I left to start my own business.
I knew I wanted to be just as “professional” working in my business as I was in my job and create a brand I could be really proud of…but would I be able to pull it off?
If you’ve wondered if leaping from the corporate ladder is the right move for your career, here are 5 signs it’s time to be coming up with another plan.
Your Income Is Flat With No Signs of Changing
Many of us who work in a day job have a mental limit on how much we think we can make because we are used to getting paid a salary that’s stuck within set parameters. So even if you wish you earned double your current income, you can’t imagine a scenario in which that would be possible.
However, when you work for yourself, your income can vary widely based on the hours that you put in, the business model you choose, and your expertise and industry. I’ve seen countless people strike out on their own and earn far more than they did in their corporate jobs. Once they hit that level of success, they wonder what took them so long to make the career change.
I’ve seen countless people strike out on their own and earn far more than they did in their corporate jobs. Once they hit that level of success, they wonder what took them so long to make the career change.
Now is the time to do the math of figuring out how much need to make to quit your job and how you can make that happen.
What would your business model look like? You can’t get too detailed here. How many clients would you need to take on and at what rate in order to live comfortably? Or how many products would you need to sell in what timeframe to start earning a profit?
Your Life Goals Don’t Mesh With Your Current Career
Do you wish you could fit more travel into your schedule than corporate time off allows? Do you eventually want flexibility over your schedule so you can raise a family?
One of the top reasons people leave their corporate careers for entrepreneurship is flexibility.
However, keep in mind that running your own business, especially as a startup, is endlessly demanding and time-consuming. I recommend you invest the time in starting your own business now, before you book any trips around the world, start a family, or even quit your day job.
I’ve been able to grow my business while traveling six months out of the year, but it first took setting the foundations, and then continuing to work hard even as I’ve traveled.
You Are Comfortable Taking Risks
Although entrepreneurs succeed most often when risks are careful and calculated, an ability to take risks is one hallmark that separates people who work better in the corporate environment and those who do better on their own.
Many entrepreneurs complain that the corporate environment was too risk averse for their work styles.
If you’re not open to risk, perhaps you should look within traditional employment for a different job. Just because you aren’t happy with your current job doesn’t mean the corporate life isn’t right for you.
You Have More Than Just Good Ideas
Many people think coming up with new, creative business ideas is key to striking out on your own, but the truth is, ideas are only the beginning.
Unless you can act on your ideas and fully execute plans, you can have all the ideas in the world and they won’t get you very far.
On the contrary, if you have what it takes to implement each step of a plan on the way to achieving your ideas, then you have the makings of a great entrepreneur.
Likewise, you probably find yourself frustrated as one cog in the corporate wheel. If you wish you could manage projects from conception to completion, leaping from the corporate ladder could be ideal for you.
You Don’t Feel Connected to Your Work
Some people are completely fine with clocking their hours and taking home a paycheck.
If that’s not you – either you’ve always felt drawn to work that has greater meaning or the lack of a greater purpose is a chief concern in your career – going into business for yourself might bring with it greater meaning than you realize.
While many turn to the nonprofit world to find greater purpose in their careers, starting a venture that helps others can be just as rewarding. And because you’re doing the bulk of the work at first, it comes with a strong connection to the people you’re helping.
Do you think it’s your time to leave corporate?
Leave a comment below and let me know!