I’m going behind the scenes of my journey and particularly my startup journey today! In this episode I’m explaining why I had to quit my job and jump straight into my business full-time, and if I would do it again… the answer might surprise you!
Watch on or read below…
This is going to be a great episode for you if you’ve got a job, and you’re still not sure whether to quit, or build your biz on the side first…
IMPORTANT: I acknowledge that my experience occurs through a lens of privilege. This privilege includes being a straight, cisgendered, white female, university educated, who was already working in a six figure salary before I started my business. I don’t take that privilege lightly. I know that a lot of people don’t have those advantages, and don’t have the safety nets that I did when I started my business.
When I first started my business
Let me give you some background of what happened when I first started my business. I earned a handsome six-figure salary, working in a management consulting firm. I was doing more and more CEO coaching and leadership coaching as part of my role, which I loved, but I wasn’t really happy with my job. I wasn’t particularly loving the work environment, and felt misunderstood and bullied by management.
I was starting to get curious about the possibility of having my own business, even though I’d been very resistant to having my own business for a long time. I had some family of origin stories around what it meant to start a business. I had a high need for financial security, safety and someone else telling me what to do and paying me for it. So, a lot of that needed to be unraveled before I even considered starting a business.
But once I started considering starting a business, I felt like it got momentum really quickly. It was hard for me to slow that train down. A couple of key things happened:
- The work that I was doing in management consulting was with oil and gas companies and large government organisations. I felt a lot of disconnect from helping rich companies get richer, and there was so much spending wastage in government. Not exactly exciting work that had me jumping out of bed each day, that’s for sure.
- I faced some issues of workplace bullying. I didn’t love the way that I was being treated in the organisation, and I was actively seeking something else, because it was impacting my wellbeing quite significantly.
I read the 4-hour work week, and one strategy in that book that I thought would fit me well, was to ask to go part time. I knew I could still achieve a lot for my organisation with less hours, but it would also give me the chance to do more of the work that I loved (mostly coaching), in my own business.
BUT – when I asked my boss if I could go part time, she said not for at least 2-3 years.
I felt like I was at an impasse. I needed to either find another job that was part time, or just jump straight into full-time business.
I had one chat with my partner David. He asked if I thought I could get back to my salary, I said yes. He asked how long, and I said 1-2 years. We agreed that I’d quit, start my business, and if in two years I hadn’t started earning six figures again, I would go back to working in consulting.
And I quit. Not only that, we had a European holiday planned and booked already – so I quit, we went to Europe for almost a month, and then I came back, and the next day, I sat at my desk, ready to start my business.
Would I do it again?
And the answer is actually, no, I wouldn’t quit my job to start a business this time around.
Here’s why not:
- I know how to get really clear on my strategy really quickly now. I know how to grow my business really fast with strategies that don’t take a lot of time. I actually teach this for my own clients as well. Because of what I now know about how to grow a business, how to grow an audience, and how to make money quickly in my business, I wouldn’t need to quit my job in order to be able to get started.
- I would use the first few months of building my business to prove that I had a sound value proposition, and start building an audience. This would give me extra income without needing to invest a lot of time, and once I had solid income from my business, I could quit my job.
- I have experience now in hiring assistants, and I would know how to very quickly up-skill and scale up the work that someone else could do to support me in my business.
So even though I felt like I had to when I first started, would I do it again? No. But that’s simply because I wouldn’t need to.
Is this the right move for you?
Here are four core questions that I would ask anyone who is considering this leap:
- What is the risk and the opportunity cost of going quitting your job to go straight into business?
- What is the risk and opportunity cost of not quitting, and building on the side instead?
- What is your backup plan?
- How confident are you in your strategy?
Questions? Comments? Lightbulb moments? Want to make YOUR declaration of when you’ll quit?
Come and post in our Facebook group and share using #podcastaha, and noting the episode number (187).
I look forward to continuing the conversation, and I cannot WAIT to see you SHINE.
Hi, I’m Tash. And I am so excited that you’re here. As you may have noticed I’m a total business and marketing strategy geek and I absolutely love helping women to create online businesses and courses that are perfectly aligned with THEIR zone of genius, AND that have a super-specific and strong value proposition for their ideal clients. Connect with on social media (links below) and come join the #ladyposse on Facebook.