Today I want to share with you some lessons you need to know before you quit your 9am to 5pm job into self employment.
This are just a few highlights about self employment and being employed. The next question that follows is should one quit their 9am to 5pm job and dive into self employment?
Well, my take is that never copy anyone and never believe the quitting stories in totally there might be something that you wouldn't be told. People leave their employment for many reasons, for example redundancy, fired for misconduct, end of contract, company collapsed, low pay, lack of job satisfaction, toxic work environment, greener pastures, self employment ventures, pandemic era etc.
As a self employed person you will have to learn and unlearn many things which includes the time you work or generally how you handle your To-do list. In some cases you will have to work 24/7 to make it happen, mind you there are many untold stories about quitting or transiting from being employed by someone (including companies and organizations) into self employment.
On the flip side being employed isn't either a bad idea and it can also be rewarding towards your desired vision, but first before you quit employment into self employment you need to draft your transitions towards your ideal world of work.
There are many myths around being your own boss that young people need to know before kick-starting their own journeys of self employment.
On top of the list many believe that self employment pays than being employed, I would say before settlings into this thinking you need to weigh in many factors because being employed can also be rewarding and can pay well than some self employment ventures.
Let us look at some pros and cons without following any preference;
Self Employment
- You determine what to do (the boss factor).
- You do nothing you get nothing.
- You can go for a long period without a pay, especially when you're starting.
- You're many things in one.
- You report to nobody.
- You absorb all the risks.
- Open to new learning and innovations
- You need more than money, social capital is key to sustain your ventures.
- Cash flow might be in a fluctuating mode
- You can be fired untimely
- Steady monthly pay, offers job security and planning schedule.
- Contractual and if you're lucky attracts good packs.
- 'Permanent' and pensionable especially in the government sector.
- You report to some hierarchy
- You might need to specialize on one or two things.
- Shared risk and mostly the employers are the one responsible for high level decisions.
- Might be restrictive in terms of innovation because of hierarchy and decision making levels which depends with the organization culture.
- It offers the best experience before diving into self employment.
""Never waste time at your youth, it only comes once and no matter at what age you would want to feel like a youth, there are somethings that you will have to stop. Practice self-awareness, identify what you are good at, choose your circles carefully, learn a new skill and aspire for something to do in real life that will better your life and that of others than being obsessed with unrealistic dreams" - Wilson Masaka, youth Advocate / Social Entrepreneur
Below are top four things to consider before quitting your employment job;-
- At an early stage of employment visualize your transitions within the company and later out of the company, always give yourself timelines.
- Think of what you would do with self employment you as the main driver of the venture.
- Start a venture that you can run parallel to you being employed else where. You can always employ someone and make sure it isn't in conflict with your employment contract. 4. Save, save and save.
- More importantly invest into some activities that will grow your money. "Saving is a culture that doesn't start immediately when you start to earn good money, but it rather something that is nurtured in you even when you don't have the money." - Wilson Masaka Youth Advocate / Social Entrepreneur
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