While working for a corporate job where we have to cater to others is not the first or the best choice that any of us would make for our career, corporate jobs do serve a very important purpose in our lives. Unless you’re born in a wealthy household, or with financial security, it can be difficult to get a business take off from the ground up.
Corporate jobs provide financial security, even if it is for the time being, so you can have the option to pursue other interests in your free time. If you wish to quit your corporate job and embarked upon your own business venture, we need to consider the following factors before making a decision:
- Do you currently have any debts to pay off?
If you are currently under debt, it’s probably not the right time for you to incur more. Apart from essentials such as insurance, groceries, and utilities, if you are paying other expenses for instance insurance towards the loan, credit card bills, etc. It is not the perfect time to quit your corporate job.
Take some time to overcome this period of owing before you cut off your steady income.
- How good are you with money?
Consider your relationship with money do you always tend to end up with no money or do you invest in yourself and your future when you earn a little extra cash?
If it is the former, you do not have a healthy relationship with money. You need to learn how to rein in your expenses before you can afford to quit your corporate job. If, on the other hand, you tend to invest yourself in lucrative and risky funds, including stocks, mutual funds, and other financial options, take a hard look and evaluate your investments and whether or not you can actually afford to lose out on your regular income.
- Do you have an alternative method of income?
Ideally, if you’re prepared to quit your corporate job, you must have an alternative source of income. Whether it is a remarkable business plan or some people live off of the interest that you earn from low yield bonds, funds, stocks, etc. You need an alternative method of income.
If you are inclined towards establishing your own brand and business plan, consider attaining investments based on your business plan before you quit your corporate job. Establish your alternate business plan or considerable profits and savings from investments, and financial instruments so that it does not wreck your personal finances when you put your job.
- Have you enough savings to sustain the upcoming draught?
Make sure that you have enough money in your savings and liquid funds to help you survive during the period of unemployment.
Even if you intend to survive on establishing your business or earning interests, ensure that you have an alternate means of income to support yourself and your loved ones when you lose your study source of income. Don’t leave things to chance.
