💡 Don't Quit Your Job (Issue 145)
Market conditions matter
I don’t want you to quit your job.
That’s not something I will recommend (in most cases). It is definitely a riskier decision than usual in the current market conditions. The decision is 100% yours to make, so you should never feel pressured to do so.
However, I do want you to be prepared with a financial backup plan! What will you do if…
Your boss suddenly fires you?
You end up on a layoff list (a growing trend now)?
You’re burned out in a toxic environment, and you need to escape quickly?
Flipping the switch on an income-generating backup plan is a lot easier if you’ve been working on the business ideas for several months or years. That gives you time to test and refine the model as well.
Things rarely go as planned once you start testing things with real customers. It’s better to learn and evolve your business backup plan while you’re still receiving a paycheck. Less stress = Calmer, better decisions.
I know many folks feel like they can fall back on their savings or apply for unemployment benefits. But, I know some people who have been searching for a new job for years! Those savings and the basic benefits won’t carry you very far.
If you’ve already been working on a financial backup plan, great! If not, you can design a lifestyle business relatively quickly and with minimal investment. You may never decide to launch it. But it will be ready if you need it. Always better safe than sorry!
Would you like to brainstorm some ideas with me? You can schedule a complimentary call.
Larry Cornett is a business coach who works with ambitious professionals to help them reclaim their power, become more invincible, and create better opportunities for their work and lives. Do more of what you love and less of what you hate! Check out his new Invincible Solopreneurs Daily Journal!
