I tried, through my previous posts, to adequately cover the reasoning, and process, of quitting my job. One thing that I didn’t cover, however, was the mistakes I made along the way. I think that, partially, I couldn’t because I hadn’t had enough time to ruminate on them. I also think that I couldn’t because I didn’t want to expose my weaknesses. Now, I’ve had time to think about it, and I think I can easily identify the things that I would do differently should I have the opportunity to try again. Maybe they aren’t all mistakes (I don’t count some of them that way).
Quitting Your Job The Right Way
One of the biggest changes I would likely have made would have been to quit the right way. The decision I made, while necessary, was made quickly (over two days), and without much fore-planning. Part of the motivation was that I had wanted out of the job for quite some time. How much I wanted out wasn’t really clear until after I was out. In hindsight, I should have started making moves well before I did. Unfortunately, I was mired in the comfort of a position that I had held for over seven years. Lesson learned: comfort is nice, but freedom is nicer.
Have a Full Plan B
Because of the hastiness of my departure from my position, I didn’t have a full plan B. I had no idea where the money was coming from to even partially replace my income. What income I had wasn’t dependable. In a way, I was smart enough to at least get a part-time job. But, without a full plan B, I think it was likely doomed to fail.
Get After IT
This is probably the biggest mistake I made through the whole ordeal. I quit my job, without a plan B, and then didn’t get after it nearly as much as I could have. I wanted to focus entirely on my blogs and websites and grow them to at least a part-time income. I severely underestimated the time it would take to do so, and should have spread my roots a bit and taken on other small projects to fill in dead time, and especially, fill in dead income spots. Towards the end of this round of self-employment, I started to realize that I needed to pick up my game, but by then it was too little, too late.
Have an Exit Plan
Nobody likes to think that they are going to fail. Just like nobody likes to think that they are going to get into a car accident or die, but we still buy car insurance and life insurance anyways. While you can’t just go out and buy entrepreneurial failure insurance, you can have an exit plan so that you not only know when it’s time to move on to the next thing, but you also have a plan on how to get there. I had none of that. As a consequence, I probably waited several weeks too long to even begin looking for a new full-time job, and risked not getting something in time to fill in the income I needed when our savings was depleted. I got lucky. My first paycheck at my new position came only a few days after the last transfer from the savings account happened. Even so, we’re still struggling to keep up without that cushion that we had grown accustomed to.
I Would Do It All Over Again
Despite all those mistakes I made, I would still do it all over again. I know the mistakes I made, and am better able to prepare myself to not make them again. I’m not afraid of failing. At least not to such a degree that it prevents me from trying. It’s a little bit like riding a bike. You’re going to fall off. It’s going to hurt. But, you’re going to get back on the bike because you like riding your bike. I like riding the entrepreneurial bike!
img credit : Crystl, on Flickr
I started this blog to share what I know and what I was learning about personal finance. Along the way I’ve met and found many blogging friends. Please feel free to connect with me on the Beating Broke accounts: Twitter and Facebook.
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There are a lot of important takeaways, but the last one to me is the biggest. Mistakes are part of life, but learning from them is what really makes us grow. Sometimes it’s even the failures that teach us the most valuable lessons which give us exactly the insight needed to succeed on the very next attempt.
Great points shane. It seemed like you knew what you wanted to do on a big-picture level, but didnt really have a task list of what needed to be done to get there – I totally know the feeling, and it’s the worst when things take longer than you think that they will. The best part about this is that you were able to learn from your situation and if you ever find yourself pining to quit your job again, you’ll be ready this time.
It takes a strong person to admit their mistakes. I definitely would have a game plan if I were going to quit but sometimes you forget this when emotion takes over. I started looking for a job as soon as I realized it wasn’t going to work out long term and didn’t leave until I had secured a new one.
Great words of wisdom for the cubicle-shackled, unsatisfied 9-5ers who dream of the day when we can do the same 🙂
It’s tough to face up to our mistakes, but the important point is to id where we went wrong and how to improve. Very solid lessons.
I think our stories are similar. I’ve been a free agent since November and focused on writing. I didn’t have a solid plan, have eaten up much of our savings. Things have stabilized now with other income sources, but I’m so glad I quit my old J.O.B. There is no price you can put on freedom and time with your family.
There’s a lot to be learned here! Thanks for the great tips. I couldn’t think of quitting without a plan B. But then again every situation is different. I hope you can find something different soon.
thank you for writing this i just quit my job after 15 years it was so hard but i am so happy i did i am dead broke and i am sad about this. but with them for 5 years harassing me and bothering me so much i had a dam nervous break down, hospitalizes 6 times. i could not handle it any longer my family was nearly in tears seeing me cry all the time i wanted to kill my self. but now i am thinking on what to do.
This is such an awesome article! I finally decided to quit my job (i’m currently a senior in college) and peruse my entrepreneurial dreams. It’s hard to work for someone else when you believe that you can be your own boss, and acquire financial freedom!!