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What you should do before you quit your full time...

on Tue, 12/11/2012 - 13:55

"Entrepreneurship and Small Business" series #2, (#1 What needs to be prepared before you start your business; #3 Things to consider when you start your business; #4 How to manage your business; #5 How to pay yourself effectively; #6 The advantage of a business account; #7 Business budget made easy; #8 Last minute tax saving for corporations; #9 The federal disaster to small businesses and working class)

Can't stand your boss? Frustrating on the job you have now? Are you fed up of working for someone else? At the same time, you have found something inspiring, you have passion for? Maybe it is the time for you to make a leap and try to run your own show. 

Bear in mind, working for yourself is never easy. You have to remember that you will no longer get a pay cheque every so often and you will have to work VERY hard to make money. If you are already working very hard for your boss, then yes, it is better for you to make money for yourself than making money for someone else!

So, now that you have made up your mind, you want to leave your job and start your own business, have you done all the homework you need so that you know what you offer (whether is a product or a service) is something marketable? Check out our previous blog post - What needs to be prepared before you start your business

Now, you know you have got everything ready, you really want to start to work on your dream. There are some things you might want to do before you quit. Of course, you need to let your employer knows that you are leaving. Giving enough time as a notice leave your boss a good impression (I bet you still want a reference letter or an endorsement from your boss on LinkedIn?) That gives your boss enough time to search for a replacement of you.

If you are one of those lucky ones and have health coverage at work, take advantage of your dental and healthcare coverage before you lose them. Got to understand the healthcare expenses are very high in Canada, so make use of every dollar you are entitled to, and get coverage in place for yourself for the future.

When you know your pay cheque will not come as often and constant, make any necessary changes to your family's finances, fine tune your monthly expenses so that you can handle that drop in your income. This could mean you want to make sure you have your mortgage renewed or even get into an interest-offsetting mortgage solution so that you do not have a "fixed" mortgage payment. 

Update your estate planning to reflect your new situation. A lot of people "just do it", but seriously, you have to get you plans updated from time to time.

What next? Stay tune to the next step...

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