Nigeria Abroad
When I left my job in May, I was determined to hit the ground running as an entrepreneur and launch my financial coaching business. I expected there would be challenges and obstacles, but at the time I didn’t really know what to expect.
Looking back, if I were to make the decision over again, I absolutely would still quit my job, with the caveat that I’d need to know more about what I was getting into.
Here are five things I wish someone told me about starting a business before leaving my job.
1. Your newfound freedom can be a blessing or a curse
As an employee, there’s usually an automatic emphasis on time management. You clock in, organize your to-dos, prioritize tasks, and clock out to enjoy your evening.
As a solo-entrepreneur, it’s easy to get lost as your personal life and business intersect and operate on a shared timeline.
The first workday after leaving my job, I woke up and realized that I could get started and stop whenever I wanted. I enjoyed this freedom, but the lack of accountability also meant I could easily get lost in insignificant tasks or justify not doing any task at all.
For me, it helped to shift from digital planning via calendar apps that I could ignore to being intentional about planning my day with a physical planner and reserving time blocks for specific tasks.
2. Your mental health may be challenged
Leaving your 9-to-5 doesn’t automatically mean that your work-life balance and mental health will improve. As an entrepreneur, you have to weather the floods and droughts that come with starting a business. Launching my coaching services from scratch has led to good and bad months, both in terms of finances and mental health.
Leaving the structured security of an established organization can bring about imposter syndrome, anxiety, and loneliness, as well as time periods with no income. It can be difficult to maintain a positive outlook during those times, so finding ways to see the big picture and remember why you started is key.
For me, that means taking time to exercise, journaling, scheduling no screen time, and spending time talking to my support system of friends and family.
3. You’re on your own for medical expenses
It’s easy to take for granted the benefit of having health insurance and dental coverage through your employer. Since leaving my job, I’ve had to find independent coverage, which has been more costly.
If you’re considering leaving your job to pursue entrepreneurship, make sure you look into health plans beforehand to see what your options are and calculate the costs into your monthly expenses.
