16 Crucial Things To Think About Before Quitting Your 9-to-5 Job
If you work a traditional 9-to-5 job, you’ve probably daydreamed about starting your own business and becoming your own boss. While this path comes with plenty of benefits, it also has its fair share of challenges that are often overlooked. Think about waving goodbye to steady paychecks, paid time off, and employer-provided insurance! That’s why it’s crucial to carefully evaluate several key factors before leaving the stability of a 9-to-5 job to pursue entrepreneurship. Here are some important considerations to help you determine if this leap is the right move for you.
You Need Money
Let’s start with the most obvious reason not to quit a job: staying alive is a very hard thing to do without money. Jobs provide money. In some cases, they even provide enough to raise a family. Even if your job isn’t your primary source of income, it’s hard to ignore how much money a decent job can give you. Do you really want to let that go and embrace financial insecurity?
Potential Promotions
Not all companies promote or train from within. If you have a company that does, take that as a good thing. It means there’s room for growth. The longer you stay in a company that offers you free training (or, better, free schooling!), the more you can actually reap the rewards.
It’s a perk that’s often understated and underappreciated. Besides, you might get a promotion sooner rather than later.
Stability
Do you have a job that remains relatively stable? As in, does the job keep people who work there regardless of how crazy the market gets? You definitely want to keep that job as long as you can. Job stability is, for most of us, a thing of the past. If you still have a job that you can rely on comfortably, that’s a major plus. Just imagine how stressful it would be not knowing whether you will get new clients as a freelancer!
Pensions
Though very rare these days, certain professions still traditionally offer pensions if you stay in them for a long time. When you retire, your pension can carry you in ways that a 401(k) won’t. In many cases, pensions don’t even have to be paid into. That’s a sweet deal, as long as you can tough it out long enough to cash out.
When you think of quitting, think of that sweet pension money.
Tough Job Market
If you’re a professional, then you probably remember how hard it was to get your current job. You may have pushed out hundreds of resumes, trawled job boards until the days turned to night, and networked your butt off to do it. Today’s job market is worse by a long shot. It’s even worse than it was during the Great Resignation.
People who usually had jobs handed to them now struggle to find anything in their fields. Do you really want to go back into that jungle?
A Regular Routine
Not for nothing, but most jobs also come with another perk: routine. Having a regular routine can help your mental health and your physical health. A job is a great way to ground yourself in routine. After all, if you have to wake up every day at the same time to get to work, it’s easy to stick to your routine.
If you work well with habits, think twice before you quit your job.
Independence
If you’re about to get married, you might be tempted to live as a stay-at-home mom. However, this isn’t always the best idea. Being totally dependent on another person can put you at risk of infidelity, abuse, and poverty if he leaves.
Even if you are totally sure of him now, you never know what could happen in the future. Your job is a lifeline and a way to stay independent.
Something To Do
Did you ever have to deal with long-term unemployment? If so, you will probably remember how absolutely boring it can be. Jobs provide a lot of intellectual stimulation. They give you something to do, even if it’s just thinking about how to rearrange store shelves.
You shouldn’t underestimate how important that can be to your mental health. It helps a lot and can even prevent you from spending money you don’t have.
Better Resume
While this is not as true as it was in the past, recruiters still closely examine your resume. This is especially true when it comes to job length. Job hopping tends to raise alarm bells with employers, particularly those who want to hire for a high-end position.
If you are considering quitting soon, wait at least six months before you hop to your next job. It can help your job search.
Doing A Good Thing
Some jobs are not just jobs. They’re roles where you can make the world a better place. Whether you’re a doctor, an EMT, a social worker, or a teacher, you always know that your efforts are appreciated. Your work makes you a hero even if it doesn’t always feel like it. While this may also be true for other non-nine-to-five jobs, if this is your case right now, you may want to reconsider your decision to leave.
Easier Taxes
A 9 to 5 job has one major perk that few people think about. It’s easier taxes. Filing your own taxes can be brutal. It’s easy to end up behind on payments if you’re not used to it. The same can be said of trying to plan your own retirement, get your own health insurance, and also get paid by clients in time for tax day.
More than one person gave up on owning a business after they saw all the financial work they had to deal with. Besides, you also get to avoid self-employment taxes if you stick to a regular job.
Easier Loans
Were you hoping to buy a home soon? If so, you might want to keep your 9-to-5 for a little bit longer. While things have gotten easier for self-employed people in this realm, many lenders turn down self-employed borrowers.
Getting a loan can be much harder if you don’t have a regular job. While it’s not what everyone thinks about, it’s still a thing to consider when thinking about your long-term dealings.
More Socializing
Believe it or not, we live in a society that makes it hard to find friends or socialize. For many of us, the bulk of our interactions happen while we’re on the job or in the office. Think about your social life and how often you network for your job.
Sometimes, what makes a person stay at a job isn’t the paycheck but the people they meet there. If you’re in a job like that, think twice before you quit.
No Extra Hours
We often criticize nine-to-five jobs because we believe spending eight hours daily in the office is too much. No one tells you that entrepreneurs spend much more hours working on their businesses. While some people certainly manage to work only four hours per day, many freelancers work more, while those working nine-to-five still get most of their late afternoon for themselves.
Learning Opportunity
Working a nine-to-five job often means being in contact with people who ‘made it.’ People who have successfully climbed the ladder of success and who can give you valuable advice on improving your career, adopting a healthy life-work balance, and other fundamental aspects of life. When you work alone, you have nobody to ask for advice and will have to figure out all these things by yourself.
Paid Vacations
While federal law still does not require paid vacations, several employers now offer them. Of course, these days are only a fraction compared to those given by other countries, such as Western European ones, yet if you leave your 9-5 job, you won’t get any paid vacation whatsoever. If you decide to launch your own business, be ready to save money every month for a few days of holiday every year.
