5 Reasons to Quit Your Day Job and Start Your Own Business

Did you know that more than half the workers in America want to quit their jobs? It’s true. Research suggests that 69 percent of men and 58 percent of women would rather take the risk of self-employment than work for someone else. If you fall into this category, now is the time to make a move. You should start your own business.

If you’re still not sure, here are five reasons to quit your day job and start your own business.

Happy young entrepreneur starting up a business
photo credit: CollegeDegrees360 / Flickr

You’ll Feel Happier

Personal satisfaction is the most important aspect of life. When you work for someone else, you’ll always feel a lingering sense of dissatisfaction. You’re not in charge of your own destiny. You have no control over your job tasks. You do what you’re told to do. Even if you’re great at your job, you’ll always wonder how much of an impact you’ve made within your company.

Self-employment is different. You make all the decisions. When you succeed, you don’t have to share the credit with anyone else. You know that you’re the one who did it all. It’s the most empowering feeling imaginable. You’ll love it.

You’ll Work With People You Like

One of the dirty secrets of the business world is that it’s a frustrating work environment. Once you agree to work for someone, you surrender the ability to choose your social circle. The creepy guy who always hangs out in the break room, the dude who never learned basic hygiene, and the woman with the shrill laugh are all a part of the package at your office. You can’t do anything about them.

Similarly, you probably have a list of clients whom you’d rather not contact. Some of them are mean, some of them are needy, and others are time burglars. Your job requires you to deal with these people regularly, and you feel like you’re having your soul sucked out during each conversation.

When you’re self-employed, you don’t have to deal with people you dislike. On the contrary, you might be working from home, which means you don’t have any coworkers. You also get to pick and build your client list. If anyone’s a jerk to you, you’re the boss. You can fire the client and never interact with them again.

Conversely, you can offer better deals to the clients that you do like. You can give incentives to increase interactions with productive business associates. Also, when your business grows large enough, you can hire people to work for you. All of the friends and coworkers that you’ve known over the years become viable candidates to work with you in building your business. How great is that?

Self employed

You Can Make More Money

Historically, self-employment wasn’t a great way to make money. Yes, many people were successful enough to make the idea sound tempting. The statistics painted a grim picture, though. In 2010, self-employed workers earned an average of $43,003, less than the average salaried employee’s wage of $46,000 that year. The scary stat was that self-employment salaries had declined $3,721 from 2006. At that time, working from home was a bad idea from a financial perspective.

The gig economy has changed the situation. Freelancers are now popular hires, as companies love the idea of outsourcing work to independent contractors. A self-employed person who incorporates a business can make a fortune. Research indicates that you’ll earn 50 percent more than a salaried employee who works at a normal job.

How much more money can you earn? The average salary in 2014 was $53,719. A 50 percent raise above that amount is $80,578.50. How does that annual income compare to your current one? The answer is probably at least 50 percent better. Starting your own business comes with tremendous financial opportunity.

You Can Afford to Make the Change

Your biggest worry about quitting your job is probably whether you can afford it. Those early months of self-employment are when you’ll feel cash-strapped. You may not have enough in your savings account to afford the change. You’re giving up steady income in the short-term in exchange for better earning potential over the rest of your career.

You don’t need to worry about cash flow, though. As long as you have a great business plan in place to earn money over time, you can survive. All you need to do is open a line of credit. Companies will fund small businesses in exchange for a modest interest rate fee paid over time. You’ll have the cash that you need during those shaky early months. Then, you can pay back the money that you owe later on when you can more easily afford it.

A young self-employed woman is working with laptop
photo credit: Jeffrey Pott / Flickr

You’ll Set Your Own Hours

Self-employment comes with some challenges. You’re likely to work more hours each week than you ever have before. It’s a type of sweat equity, an investment in your future. While the effort required may seem daunting, it comes with a hidden advantage.

When you are your own boss, you get to decide your hours. Are you a morning person? You can start your workday at 4 a.m. if you’re so inclined. By the time most people are entering the office, you’ll have completed several productive hours already. The early morning is when you’re least likely to face the aggravations of emails and texts. You can work more efficiently at this time.

Self-employment is also fantastic for night owls. If you feel more creative after dark, you can set your schedule to maximize your skills. You’ll still want to have some availability during standard office hours, of course. That way, people who work regular shifts can get in contact with you. Once the sun goes down, your business becomes all about you. Work as deep into the night as you want. Nobody will bother you.

As you can see, self-employment is the superior option. These five reasons to quit your day job only hint at all the ways that you’ll feel happier and more fulfilled. Once you become your own boss, you won’t believe that you ever held a regular job. And you’ll definitely never want to go back.