A nine-to-five job is the bread and butter of the modern economy. It combines both risk-takers who create these jobs and the average Joe, who wants a predictable source of income. However, with priorities and job trends changing, it doesn’t hold true for a growing section of people.
A report published in the Harvard Business Review notes that many workers don’t feel like the 9-to-5 life is a safe bet anymore. Having multiple sources of income and working on your own terms is becoming more popular, and it’s expected that people look to their passions when they consider the idea of quitting and working independently.
In this article, we will look at three aspects you should know before you embark on this journey. Let’s jump right in.
1. Freedom and Excitement Can be Overshadowed by Slow Growth
Once you leave your job, things don’t seem too bad. You have your freedom, and the initial moments can seem quite promising. You decide to start a website for your own business, and that’s easy as well.
With AI dominating as much as it is, it shouldn’t come as a surprise that you can make full-fledged websites by answering a few questions, notes Hocoos. This technology has enabled countless entrepreneurs the chance to do just that. So, while you definitely don’t have to worry too much about setting up a website, there are other factors to think about.
For instance, even if you have a stunning new website that you make overnight, how will you get people to visit it? That requires a combination of good marketing, time, and a healthy dose of luck. Let’s be real, there are a ton of great entrepreneurs out there with awesome products but who still struggle with low sales.
If you just quit your job and are running on your savings, it can be depressing and demoralizing to see sales staying slow. Honestly, surviving as an entrepreneur has a lot to do with being able to push through these moments. It’s very easy to fold quickly, but you took a risk, and now it’s time to follow through.
2. You May Earn a Lot More…or…
9-to-5 jobs exist for a reason. For all the hate that they get, they represent a stable source of income for the majority of people. You have the advantage of taking zero risk upon yourself in exchange for your income to be limited by multiple factors. Yes, you can climb the ladder and earn more with upskilling and experience, but it’s mostly a linear path.
On the other hand, quitting a job to do your own thing involves quite a bit of risk. This can be both a good and bad thing. On the good side, the fact that you are the one taking risks means that you reap all the rewards. You would be surprised to see how even a little bit of risk gives you returns far greater than what you might be earning at an office job.
It can be amazing to see yourself landing in tax brackets you never dreamed of. You wonder, Why isn’t everyone else doing this? But, just as risk allows for great rewards, it also has the potential to go against you. As Bernard Schroeder, Sr. Lecturer at SDSU, states, everything is calculated risk, and nothing is guaranteed in life.
That means, just as things can go very well, they can also go very badly too. You will have to try your best to minimize risk as much as possible.
3. Sometimes, It’s Best to Not Turn Hobbies into Jobs
This is a realization that a lot of people have after it’s too late. You see, hobbies and passions are enjoyable for a reason. They give you a break from what might otherwise be a boring and bland occupation. However, when you start trying to capitalize on your passions, it may not go as well as you hope.
Say your passion is traveling and you love exploring small villages and towns and vlogging or writing about them. Well, suppose you manage to start something and can now earn an income from it. Sounds great, right? However, many who have gone through this find out that what you enjoy isn’t always what others enjoy.
You might start to notice that the content you make for the places you like to visit doesn’t do that well. After a while, brand sponsors start giving you guidelines and instructions that go against what you want to do. Soon, you realize that you aren’t finding travel that fun anymore, and it’s now a job like any other. Thus, avoid this mistake of turning your passion into a job.
All things considered, it is very much possible to quit your job and be successful. Plenty of people are doing it all the time around the world. If you feel like you have what it takes and a clear fire and passion about what you want from life, this is certainly a great route to take.
Just remember to factor in the points we discussed above so that you don’t have to deal with unexpected surprises later.