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4 Reasons I Quit My Job To Start My Own Business
GUEST POST WRITTEN BYJulia Burns
I'm a marketer and journalist who has just set up her first business at the age of 32.
Much of the research into millennials suggests we don’t stay with the same company – or even in the same career – for long. Apparently, we are more likely than people in other workplace generations to want to start our own business and we want flexible hours, more work/life integration and to make a social difference.
In reality, many of my peers in their late twenties and early thirties are still employed at the first place they secured a full-time job after college or university. They often complain about work and fantasise about handing in their notice to freelance, work for themselves or retrain. But, like their parents (and their parents), they have commitments which make change complicated, such as mortgages, rent, loans and children. In fact, 70% of millennials prefer being in full-time employment with their reasons most often being that it offers security and a fixed income.
So why on earth did I quit a job I actually liked to start my own business?
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Reason 1. “Every adventure requires a first step”
They are clichés for a reason: we do only live once and life is short. I’ll likely work for 40 years – half my life – so I want to keep learning and trying new things, making the most of life rather than counting down to retirement or the weekend.
In five years at my previous job at a marketing agency I had soaked up an incredible amount of knowledge about using communication and content to grow businesses. But five years is a long time, and I needed to make a choice about what to aim for and train for now.
The obvious next step was to work towards a management position. That would have meant giving up creating copy and content and working with clients, which is what I enjoy (and have become skilled at). I could have moved to another marketing agency but there seemed little point when I knew where I was working was one of the best places I could be. Retraining didn’t make sense as I enjoy marketing.
The final option was to set up my own business using all the best parts of what I had learnt as a marketer over the last decade. I spoke to trusted business contacts and researched the opportunities (How many other companies do what I do, well?) and practicalities (Do I need an accountant? Where can I get legal contracts? How much is professional indemnity insurance?). Rather than alarming me, all this knowledge gave me certainty that I knew what I was getting into. I actually got a buzz from talking to an accountant because it clarified so many of the questions I had.
“Every adventure requires a first step”, or at least so says the Cheshire Cat in Alice in Wonderland. Handing in my notice in order to set up my own business was my first step on a much-wanted adventure. I wanted to do something that would challenge and excite me, and this was it.
Reason 2. I was ready to take the reins
At times it’s intimidating but I’ve reached the point in my career where I want responsibility and to have the final say. I’ve never wanted to be in charge before but over the last few years in my job that changed dramatically as I gained confidence in my own ability.
Having the authority to make the big decisions means I can constantly develop my skills and move my business quickly into new spaces. If someone wants me to help with naming a food brand even though that hasn’t been a part of my core business, I can train up or bring in a partner who can help. If a new technology launches and I think it could be an additional tactic for my clients, I can test it out and work out what it could be used for. I’m free to experiment and see what works, quickly.
Reason 3. I want flexibility, guilt-free
What if work was just another part of a more holistic life? What if there was no distinction between the two parts? A huge motivator for me (and other millennials who set up their own business) is that I want to continue to work hard but have genuine flexibility – working wherever and whenever, without it feeling like I could be letting my boss or my team down.
Real flexibility like this means that I view work in a completely different way. I can work for a charity for a few hours each week during office hours. I can go abroad for a month and still work on my projects from home. If my friend needs a lift to hospital, I can say ‘yes’ without hesitation because I can catch up on work in the evening or at the weekend. Work doesn’t feel like a chore but a part of living.
Reason 4. Dreams are only dreams
I always knew I wanted to set up a business at some point. If more than ten years of working in one field wasn’t long enough to build up the right skills and experience, I was never going to be ready. It was time to brace myself, and dive in.
So should you quit your job to set up by yourself? Back to children’s books, and Peter Pan’s question “Would you like an adventure? Or shall we have our tea first?”. Of course, it’s a risk, so if you’d rather have your tea, probably best not quit. But it’s a different story if you’ve got the experience and have found something you like to do so much that you’re happy for work and life to merge.
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