While I quit my job and have been able to take care of my two sons as a single entrepreneur father, I still have challenges, which I am tackling. This is because I didn’t do some things I was supposed to before I exited the company I was working for. Often, people are excited when they render their job resignation letter; however, there are aspects that need to come first. These are the six things I wish I did before I quit my day job.
Saving more for business and retirement
I saved when I was working but that was not sufficient enough. When I left my day job, I needed to start a business but did not have sufficient funds. I had to seek for alternative funding for my startup. Although the startup is doing well, I am still struggling with the loan, which I borrowed to start the business. If I saved adequately, I wouldn’t have borrowed such an amount. I should have saved more by increasing my earnings and reducing spending. Taking extra part-time jobs could perhaps have helped me.
Setting up a business
Having an idea to start a business, I made the mistake of not setting it up before I quit my employment. I needed to take some time before I quit so that I test whether the business was going to work. Although it is running now after a couple of years struggling to get it on track, I had to spend more money, which I had saved. I even had to borrow extra to put into the business. The best thing I should have done is to start working on the business while still doing my day job until that time it was able to run smoothly and pay off.
Having contingency fund
A contingency fund could have saved me during the time I was surviving without a job after quitting. My business was faced with financial problems because I could not get many customers. During that time sales were dipping, I had to supplement it with other sources of cash. It would have been wise if I had a contingency fund. Today, I have established one so that it caters for future financial setbacks that my business may experience.
Building a network of helpful people
Networking is important if one is going to run a business. During the time I was working, I had only a few people to connect with. They were mainly colleagues at the workplace and a few friends. However, when I left the job and started thinking about setting up a business, I discovered I really needed even a bigger network of people who could act as my brand advocates and build a chain of reaction for my business.
Learning to conquer business fears
Fear is one thing which let me down, because I was worried that if I started the business and it failed, I would have thrown away my hard-earned cash. However, conquering fear is something possible and it can be done by identifying the risks and preparing for them. One way I could have done it is by establishing a contingency fund for my family and business.
Teaching my family to live frugally
Today, I have taught my family how to live frugally and the progress is good, although it has taken quite some time. Or else, it would have been achieved long time ago. My family isn’t big because it’s only my two sons and I. Being a single entrepreneur father, I know how challenging it is to survive without a job or business. However, my two sons know that we need to save money, spend less, make more through business, and live smartly while having fun with the little we have. This way, we will be able to clear the debts I have incurred when I was setting up my business.
I should have done these things before I exited by job. By doing so, I could have prepared myself and the family to transition well from the days of monthly paychecks to reliance on startup income.