Coming soon!
I will share my story of how I chose to exit my corporate job. A job I liked but knew I would eventually want to move on.
Thinking About Your Corporate Exit?
Did you just read 4-Hour Workweek
Do you work in a genuinely toxic environment with an abusive boss or co-workers who seem to drain the life out of you and you aren’t sure how much more you can take?
Did you follow a clear career path — and made it to your desired destination, but don’t find the view as appealing as you thought it would be?
You are not alone. A recent statistic notes that over 70% of workers are looking for a new job. Many of them are probably looking to break out on their own – but don’t know how.
Before I discuss exiting your corporate job I want to offer a disclaimer:
I do not hate corporations or corporate culture as a rule.
You won’t find me bad-mouthing the large, stable businesses that keep entire communities financially strong, or the much more ubiquitous small corporations all over the world that are the engine of the middle class and global prosperity.
Did you know that only 38% of people are employed by the conglomerates that get all the press (good or bad), while the majority of employees (53%) work for small businesses? Small businesses just like the one YOU are hoping to start?
…large businesses only employ about 38 percent of the private sector workforce while small businesses employ 53 percent of the workforce. In fact, over 99 percent of employing organizations are small businesses and more than 95 percent of these businesses have fewer than 10 employees. (emphasis mine) The reality is that most Americans are employed by a very small business that has little in common with the tiny sliver of the business demographic represented by corporate America.
I looooove corporations and that is why I am so excited to provide advice on how to start one on this blog, how to be part of that 95%! When you frame it that way, it seems so much more doable, right? In my mind, a corporation is a corporation, no matter how small. Any small business owner should aim for a goal of growth and welcome the ability to provide jobs and stability to others if and when it comes their way.
Branching out on your own
Entrepreneurship is easier than ever, with the ability to work remotely in almost any field of work that doesn’t require you to physically interact with a client, customer, or location. Even hiring employees who work remotely is simple with the ability to easily outsource and get a whole host of tasks off your plate. I personally use Upwork for tasks ranging from basic research, to web design and assistance writing HTML, formatting equations for another site I run.
There are hundreds of thousands of people who both seem to tout, as well as espouse, the “lifestyle design” movement popularized by Tim Ferriss – how to outsource your life and earn thousands per week and live the life you have always dreamed of. It sounds great! So many people look at these lives and think, “I can do that too! I hate my job! There has to be something better…” And take the leap. Maybe you have been wooed by an MLM that promises huge returns on an intial investment, maybe you just figured, “I’ll quit and figure something out.”
I don’t recommend that approach. As a financial professional I have to warn you about the laws of the world – and one important Law is the Risk-Reward Trade-off.
One side of this concept states that the larger the risks you take, the larger the potential reward. It is this one-sided result you are generally hearing so much about in books, blogs, online webinars, and such.
“I quit my job and now I’m a millionaire!”
“I will teach you to be rich!”
“Make a six-figure income in one month!”
I don’t doubt these people are out there and that they landed on long tail of the bell curve – but realize their experience is exceptional and if they leave you with the impression your odds are as good as theirs, quite frankly they should not be trusted.
Now, that bell curve has a big, good chunk of people who land in the middle. This is the most likely place you will land, and I think a good place to aim for. You may not strike it filthy rich, but it is possible to make a good living and possibly even better than you currently have, in terms of lifestyle and income. I am not promising you any specific figures, because I don’t believe I can say with any level of certainty unless I knew the details of your actual business plan. That is another reason I take everything the gurus say with a grain of salt. I mine their content for value and dump the hype they use to sell their products.
The other side of the risk-reward trade-off is that the greater the risk, the greater the potential loss. Many who market programs and webinars and product lines for sale to those trying to exit their stable corporate job and become an entrepreneur are less likely to emphasize this point.
That is why while my advice may not be sexy, it is conservative and sound: make a plan, exit your job gracefully, do not burn bridges, do not demonize your former employer, and have a contingency plan. Feeling inspired yet? No? Good.
I don’t believe in riding the high of inspiration into a new business venture – that could mean you will lose steam when the going gets tough, and it will. You cannot build a business on energy and excitement alone. You need a solid plan. And don’t let those who succeeded without a solid plan tell you it’s going to be okay and if you leap the net will find you. Yes, that definitely works for some people, and because it’s an extraordinary story – you tend to hear about it more.
Okay – now that I have knocked all the inspiration out of you – go get to work!