MBA1069 How to Quit Your Job

Hey. Oh. Welcome to the $100 RBA Show. No interviews, no backstories, just practical business lessons you can use every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's episode, you will learn how to quit your job. You've been thinking about becoming an entrepreneur. You've been side hustling for some time and now you want to make that full time leap. You're putting all the chips on the table and betting on yourself and becoming a full time entrepreneur. Well, you might be thinking my first step is I got to quit my job, right? Well, let's talk about it in today's episode. I want to give you a strategy, an exit strategy so you quit your job the right way. You want to leave your company or position in a way that sets you up for success, for entrepreneurship. I'm going to share with you how I did it, how I transitioned out of my day job into full time entrepreneurship, what my plan was and how my plan helped me succeed in my business as well as make that transition not so hard. This is a huge change in your life. You want to make sure you have a soft landing. We'll also talk about communicating to your current boss your resignation, how you're going to resign. There's a lot to cover, so let's get into it. Let's get down to business. Today's episode of the $100 MBA show is supported by Mattress Firm. Mattress Firm takes the nightmares out of mattress shopping and gives you peace of mind when you buy because you could sleep on it for 120 nights to make sure it's perfect. Sleep influences our day to day and you got to be on top form if you want to build a business. So make sure you rest affordably and comfortably with Mattress Firm. Mattress Firm is giving listeners of the $100 MBA show 10% off when they use promo code podcast10. That's podcast10. Just go to mattressfirm.com podcast and use promo code podcast10. Let Mattress Firm find a mattress tailored specifically to your body all inside your budget. Shop now and sleep better tomorrow. Mattressfirm.com podcast how to quit your job. It's a big topic, but I got you covered in the next 10 minutes. Number one or step one is to have a game plan. You have to have a game plan. You can't just quit your job tomorrow. I knew a year before I Quit my job. I used to be an educator. I used to teach at a university. In fact, I was a middle manager. I was a head of department at the time, so I had a lot of responsibility. But I knew a year before I quit that I was quitting. I. I didn't walk into my manager's office then, but in my mind, in my schedule, and in my plan, I knew a year in advance. Why? Because I need a plan. I need to make sure I'm ready when I do leave. I actually gave my resignation six months before I left. Now, that was required because, hey, I was a teacher. You can't just leave in the middle of the year to be respectful. You got to leave in the, you know, between semesters so they can find a replacement for you. But essentially, I had a year to make sure of a few things. Number one, my business, which was sort of a side hustle at the time, was ready to transition to full time, that it's going to be good enough, it's going to be generating enough sales within a year to replace my income. If it's not going to replace your income, then you need to do something else, not another business. You need to lower your expenses. That's step two. You got to take a look at all your expenses that you currently have. You talk about your personal expenses, your rent or your mortgage, your car expenses, your food expenses. You should have a budget. You should have a list of all your expenses that you spend every month. If you don't have that, do that right now. Look at your credit cards, look your bank statements, Open up an Excel sheet and write everything down that you spend on every single month. Find that grand total. Is your side hustle right now making that money right now? If so, you're good to go. If not, how is it going to get there in a year? Well, one way to bridge the gap is to lower your expenses. What can you cut out? What can you change to make it easier on yourself? If your monthly expenses expenses are, say, $7,000, can you bring it closer to $4,000? You might be thinking, that's impossible. How am I going to do that? Well, I'll tell you how I did that. I sold my car. I didn't have a car when I was an entrepreneur. In fact, I didn't have a car for my first three years. That was an expense. I just scratched off my expense list. I moved to a city that had great mass transit. I stopped spending on clothes and personal stuff, on dining out. Basically, I sacrifice to lower my expenses so I can hit my goal sooner so I can actually quit my job in a year. You might be thinking, well, I have some set expenses like my mortgage or my rent. There's nothing wrong with moving city to a cheaper city. Now that you're going to become an entrepreneur, there's no reason for you to stay where you are. Of course, if you're married or have a partner in life, you have to consider them as well. But if they want to help you with achieving your dreams, then moving to a smaller apartment or a smaller house or a neighboring city or town or suburb, that's a little bit cheaper. It's going to help you big time in your regular expenses. So now that you kind of planned out and know your expenses, you got to have a plan month by month until that year is up. What you need to do in your business to get it up to speed so you're ready to move on full time. Now I get it. You're working full time right now on a job, so you really can't spend a lot of time on your business. And you're probably thinking yourself, wow, when I work full time on my business, I'm going to have plenty of time and the business is going to blow up. Not necessarily. Trust me, I was building businesses as a side hustle. And having success in building those businesses once I went full time didn't just automatically become this successful business. You need to plan what you're going to do with that time. If you're just going to say, I have all this time, what are you going to do in that time? If you're, if you don't have a plan, you're just going to sit and surf Facebook, you're going to start playing fomo, looking at other people's successes. You got to basically manage. You have to be a CEO and start assigning tasks to make believe you in the future. What are the things you need to do to grow this business, to take it to the next level? Who's going to do it? When are you going to do it? How are you going to do it? You got to go through all those motions so you have a plan of action before you're working full time in your business. All right, now it's time to hand in that resignation. What do you tell your boss? Number one, there's nothing wrong with keeping the door open. If you do this right and you're a good employee, there's no reason why you can't go back to the job. If you wish to do that in the future, there's no advantage. There's no real reason for you to burn your bridge. There's no reason to do that. Some people for some reason want to go out in flames and so that way they'll never go back to a job. No, keep everything intact. Keep your relationships intact. Relationships are everything. When you're doing business, people are going to look up your LinkedIn and look at what you worked at before, and it's just the right thing to do. So when you do resign, just let them know that you're looking for a new challenge in your life. You're looking to start your own business and you've been working on this for some time and you've been giving this some thought and you really enjoyed the journey and the experience you had at your job. But you want to give this a shot. You want to give it a go and just let them know, hey, if things for some reason don't work out or I change my mind, I'd love to come back and contribute to to this company. And there's nothing wrong with giving a month or two notice. There's no reason why you can't give that kind of notice. You're not moving on to another job, right? You're starting your own business. So give them as much notice as they need, be as honest and transparent and let them know, hey, I love my time here. If things change, if things don't work out, I'd love to come back. And if you're great at your job again, they will love to have you. And that's the best way to really end that chapter of your life. Make sure you give them everything you need and let them know, hey, I would love to train the next person that takes my place, help you in that transition and do the right thing so that way you get it back. I really believe you know you're going to get that karma back. Now, once you hand in that resignation and have that chat with your boss, the time is ticking. You have a certain amount of days, a certain amount of hours to get ready for full time entrepreneurship. Start working on your calendar as if you are full time. Now, what do you got to work on? How are you going to work on it? Remember, one of the biggest challenges for new entrepreneurs is managing themselves, creating themselves a to do list, putting that to do list in their calendar and following up and making sure they actually complete what they have to complete. Start looking at the finances of the business. How much money are you starting with? How much capital are you going to be using to start this business? What Are your first hires, are you going to bring on a business partner? The thing about going full time business is you're not playing business anymore. There's no safety net. This is the real deal. You know, if you fall off that trapeze, there's nothing to stop your fall, right? There's nothing to break your fall before you hit that floor. Luckily, in business, it's not death, it's just a learning experience. But you want to avoid it if you can. So plan as if you are right now in full time. Even though you are in the process of transitioning, you're still at your job. Now, when you leave your job, most companies do an exit interview, meaning that they want to get to know why you're leaving, what your experience was working there, and get some feedback from you in that interview. Or if they don't do the interview at all, have a conversation with your boss and ask them to honestly give you feedback about your strengths. What are my strengths? What am I good at? What did you learn about me in my time at this company? You want to take detailed notes because you want to see how you can use those strengths to better your company, to better your business, to focus on those strengths so you can really get the most out of yourself as a CEO of the company. Another tip is I want you to finish strong in this job. Finish strong, run through that finish line. Don't get lazy at the end and say, I'm out of here anyway. Why? Because when you do good work, you're on a high. You're on a professional high and you want to carry that on into your business. When you start full time, you want to be on the top of your game. One of the things I learned when I was playing basketball when I was younger is during practice, you have to practice as if it's the game. Because if you go into a game and you didn't practice like it's a game, you're not prepared. If you're running at 50% speed at practice and then come game time, you have to go 100%, you're gonna be huffing and puffing. So you don't want to be huffing and puffing in your business. You want to be at game speed at your job and you want to be game speed in your business. Guys, I got more on today's topic. But before that, let me give love to today's sponsor. Today's episode is supported by Emma. Here's some advice for anyone that sends emails to their customers. You deserve a better email marketing platform. One that actually is designed with your type of organization in mind. And unlike other email providers, Emma puts its customers first, offering powerful email marketing with a personal touch. With Emma, you'll have everything you need to connect your data, build your audience and do the most successful marketing ever because their easy to use platform makes advanced functionality accessible to everyone on your team. No technical skills required. You can even connect Emma with services you count on to run your business like Salesforce and Google Analytics. Not to mention, Emma's award winning team is ready to support you on your email marketing strategy, design list, migration and more. So put the power of email experts on behind your marketing request A customized demo of Emma's email marketing platform today@myemma.com Again, that's myemma.com I got one final tip. When it comes to quitting your job, I highly recommend that when you do break the news to your boss, you do it right and don't avoid the confrontation. It's okay to send an email to say hey, I'm putting in my resignation. Here are my reasons. But I would end that email with I would love to have a chat with you to let you know how I'd like to hand over my job and have a positive attitude about it. Let them know that you want to speak to them in person about this, that you're not trying to run away from them. Why? Why am I telling you to do this? Because if you are avoiding confrontation with quitting your job, then you're not ready to start a business. This is like exercise number one. You gotta deal with confrontation head on. Sometimes you will deal with in confrontation in your business. You're going to have to let people go, you're going to have to fire people. You're going to tell clients that you're not going to be able to work with them. You're going to have to deliver bad news or you're going to have to have difficult conversations. And that's just par for the course with being an entrepreneur. So you got to start thinking and acting like an entrepreneur. And that's the right way to do it, is to send them an email and then after that let them know in the email I want to have a conversation about the handover, how this is all going to work and answer any questions you may have about my resignation, get in front of it, be a professional about it and you'll be highly respected and you'll be ready to become an entrepreneur a full time one. Thank you so much for listening to the 100 Ombay Show. I hope you enjoyed today's lesson. If you did, let us know in an itunes rating and review. When you leave us an itunes rating and review, you also enter our weekly random draw we call free ride Friday. Every Friday, we give away a lifetime membership, one of our programs. This month, we're giving away Easy course, our 30 day course on how to build an online course in 30 days. It's a $500 course over at EasyCourse Co, but somebody wins it every single Friday. All you gotta do is leave us an itunes rating and review and you enter our weekly random draw every Friday until you win. Just tune in on Friday to see if you won. All right, that's it for me today, guys. But before I go, I want to leave you with this. I remember when I told my supervisor that I was resigning. It was a tough conversation, and it was tough for me because I gave my heart and soul to that job. And it was also hard for me to be positive about it and to be helpful. But I had to force myself because I knew it was the right thing to do and it was the right thing to do in this transition period. A lot of people ask me, how did you know it was time to quit? Well, simply, I just didn't feel fulfilled anymore. I didn't feel like I had a future that job. And I felt my future was in entrepreneurship. And I just felt like, hey, I'm wasting my time. I'm wasting every single day now that I know that I should be spending this time working on my business. So I knew at that point, it's time to move on. All right, I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care, Sam.