Lesson 1: Before You Start
Fed up with your job - start your own business
Jobs are less attractive than they used to be.. The money is usually good but, over and over, surveys have shown that it's not the money that makes people want to stay in a job, it's more insubstantial things. These are factors like feeling that you belong to a community, that you're building something, that your work is appreciated and that your loyalty is reciprocated.
Today's jobs don't do well with these factors. Basically, the fact or possibility that anyone might lose their job through no fault of their own, by takeovers, mergers, consolidation etc., has made the employer/employee relationship much less satisfying for the employee. Add to that an overworked management level, reduced clerical support and high short term performance pressures and it's a wonder there are still people willing to be employees.
But, if you're already fed up with your job, you know all that. Add the odd obnoxious boss and anyone would be ready to leave. Here are some things to think about before you do:
1. Do you enjoy your work? If yes, can you start a small business working in the field you're in now? One of my colleagues left to become a distributor for products he was managing and the company even gave him especially favourable terms to start him off.
2. Even if you're not going to be active in the same field as your current company, you know lots of people through your job. Identify the ones who you would feel comfortable contacting after you leave to help you with your new venture and make sure you keep their contact information.
3. Through your job, you probably have access to people you wouldn't normally be able to meet, both suppliers and potential customers for your future business. Try to meet as many of these people as you can so that you can call them later, if appropriate.
4. While you're still an employee, try to learn more about how your company works. Your present company has systems in place for filing, billing, contact management etc. Learn as much as you can before you go.
While you're deciding, make sure you feel comfortable that you're not behaving unethically as an employee. You should make sure that your actions never damage your current employer. The above activities will be useful no matter what you decide. Expanding your contacts, keeping good records and learning more about your company will make you a better employee, should you decide to stay and make you a better small business owner if you leave.
Once you have decided to leave, here's some more points to consider:
1. Try to leave in the fall - you'll get most of your income taxes back the following year because you'll have a low income that year due to start-up costs. Run this by a local tax adviser to make sure this works in your jurisdiction.
2. Leave graciously and don't slam the door. Help your former company as much as possible. Resist the "Take your job and shove it" urge. Anyone at your former company may become your future customer or they may refer you to potential customers.
3. Arrange for additional credit with your bank. You'll get better rates and better conditions as an employee.
4. Plan your leaving before you go and give the right amount of notice. Offer to continue to act as a consultant for your old job part time. One of my customers left with a one-year job as a part-time consultant for his former company and that really helped his transition.
Then go. But before you do, look at the remaining sections in this "Before You Start" lesson.
