Are You Going to Be Part of the Great Resignation and Strike out on Your Own?
You're not alone
So the pandemic has made you realize your job isn’t all you thought it was cracked up to be, eh?
You’re certainly not alone - the Great Resignation is upon us and with it, 41% of the ENTIRE GLOBAL WORKFORCE are considering quitting their job this year.
And many are going it alone. A record 4.4 million new businesses were established in 2020, a 24% increase from 2019. And that number is set to significantly rise in 2021.
Perhaps you’re one of them. Perhaps you’ve bossed your side hustle during the pandemic and it’s making enough money for you to consider quitting your job. Or perhaps you’re dog tired from corporate bullshit and are ready just to pursue something different. You know it’s an overused, cliched phrase but life really is too short to waste it on #cubiclelife.
But giving up a life we’re all taught from childhood is the Way You Do Things means going against the grain. Let’s be honest; crafting a life different from everyone around you can keep you up at night with worry. Are you doing the right thing?
I want to give you a gentle little push because quitting the corporate world to open a wine store - and later becoming a writer - was the best career decision I ever made.
You might find the same.
Think about giving up the bad and gaining the good.
I gave up so much by quitting:
I gave up sexist, racist, homophobic bosses who would sell their grandma to make a buck.
I gave up 50-hour working weeks for a $17,000 salary.
I gave up working through my lunch hours, weekends, and vacations.
I gave up the unhealthy version of me, languishing behind a desk, McDonald’s lunch in hand 3 times a week.
In my new life as a wine store and bar owner and later as a writer, I gained so much:
I gained knowledge that I never thought I was smart enough to acquire. About how to write, how to run a successful business, about wine.
After years of being beaten down in the corporate world, I gained confidence I never even knew I had.
I wrestled with my finances (and won).
I gained control over my employment status. Because when you’re the boss, you’re the last one to get the chop.
And, most importantly, I gained the freedom I thought adulthood was supposed to give you.
And if you’re worried about the money…
Who says you’ll make less money?
I recently read a fantastic story by fellow Medium writer Shani Silver, talking about the weirdness that comes with telling other people you write for a living.
“The assumption is that if you’re a writer, you’re a struggling one.”
She’s right. It’s what everyone thinks. It’s why my father asked me this summer if I think I’ll ever make enough as a freelancer to pay the bills. He never thought to ask if I’m already making enough to pay the bills.
But who says it has to be this way? Entrepreneurship does not have to be a one-way ticket to bankruptcy, far from it.
Besides, it’s not like anyone ever said:
“Mate, I made fat stacks of cash from my middle management role this year.”
Yes working for yourself can be risky but, unlike in the corporate world you have the control to mitigate those risks. And there is one, glaringly obvious and easily controllable way to do this:
Turn simple living into a security blanket for your new life
The lower your own costs, the more likely you are to get through those (possibly) tricky first few years of working for yourself.
I was stupid. I didn’t think to simplify my life until after I became an entrepreneur.
It made for a difficult first year where I was overspending on big expenditures like rent and racking up credit card debt. If I could go back and give my naive 28-year-old self one piece of advice, it would be this.
FOR THE LOVE OF GOD, STOP OVERSPENDING ON CRAP YOU DON’T NEED
Once I wised up, I reduced my costs and gave my new business a fighting chance of survival. Here’s what I did:
I moved to a less salubrious part of town which cut my rent by half. This had an added benefit that it was a waaay more fun place to live because I no longer had to put up with the stuck-up, image crafting bollocks that defined my previous neighborhood.
My car was old and didn’t cost much to run, so I kept it. In fact, I owned it for 15 years.
I learned how to think and cook like a chef, eliminating almost all my food wastage.
I embraced the best piece of advice I’ve ever been given - the quickest way to give yourself a pay raise is to stop spending on stuff you don’t need.
I became an intentional spender, giving thought to every penny that left my wallet. Unlike in the corporate world, money no longer appears in your bank account whether you work hard for it or not. You only get paid if you do the work which means you appreciate every dollar. So why would you want to waste them on meaningless stuff?
Unlike in traditional employment, in entrepreneurship your business and your personal life are intrinsically linked; one directly affects the other.
Simplify your personal life = require less salary = more money for your business to establish itself.
The equation is as simple as that.
Simple living isn’t just for those looking to strike out on their own
Think about what you could do if you had more time, more money, and less stress:
You could quit a job you hate for one you love, even if it pays less.
You could go part-time at work, giving you more time to spend on more meaningful pursuits.
You could spend more money on the parts of your life that bring you joy and contentment.
You could save for your future.
You can do you.
Because the benefits of simple living are for everyone.
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