We all learn from each other. I am sharing a story of the CEO of 12 Masters Photography, Marvin Dungao. As he shares his heart on 5 things you need to consider before you resign.
Marvin had a great ordeal before jumping in and following his passion. In his first year of entrepreneurship he realized that passion is just one ingredient to make a business successful but there are many other things to consider before jumping and followng your passion. My goal for this article is to help you and empower you as you step into entreprenuership. I really want you to be financially free and if business is your way to achieve it, I do hope this article helps you.
I believe we all can learn from the experiences of others and from that experience we rise to the next level and walk in the business of our dreams. God bless you, know that you are meant for so much more!
Catch me in my live training events! (quick plug)
The heart of why I do this seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more on how you could time the market checkout the trainings below.
Stock Smarts Davao — October 20 – October 22, 2017
Stock Smarts Malaysia — November 4 – November 5, 2017
Stock Smarts Sydney, Australia — November 11 – November 12, 2017
Stock Smarts Qatar — November 16 – November 19, 2017
Stock Smarts Singapore — November 25 – November 26, 2017
Stock Smarts Manila — December 2, 3, 9, 10 & 16 , 2017
Stock Smarts Taiwan — December 21 – December 22, 2017
Stock Smarts Cagayan De Oro — January 13 – January 14, 2018
Stock Smarts London, United Kingdom — January 26 – 28, 2018
Have you resigned? What’s next?
A lot of employees particularly those who have a business/sideline/weekend job have one thing in common, they all want to resign from their day job and do what they love to do. Especially if they are already earning much from their “other job”. Employees try to plan well and even follow the 6 month rule (you need to have savings that can keep you alive for 6 months in case you will not earn from your business) before handling their resignation letter to their beloved companies
The problem is, sometimes we get blinded by our excitement to do a full time work on our business and miss a lot of things that are needed to be considered before resigning. No matter how much savings you have or how much you plan things.
Here are 5 things you need to consider before resigning:
1. Get a Health Card
If you are an employee one of most unnoticed benefit is the health cards especially if you are young. This is one of the most important items to consider when you resign. You can use these guide questions:, can you afford those hospital bills? For yourself and your family? Do you have a deep emergency fund that you can withdraw anytime in times of emergency? If you have a positive answer, read no 2.
2. Ability to get loans
When I was an employee different banks call me almost 2 or 3 times a month asking if I want to loan. With a 6 digit salary, I can even loan up to 4M pesos and won’t have difficulty paying it. What you don’t see when you resign is that, one of the major factors of the banks in giving you that loan is the Income Tax Returns and pay slip. Once you start a business all these wonderful offers will just disappear as your ITR will not be enough to prove that you can pay the loans since you are just starting (housing loans specially)
3. Less Leisure
Being Self employed means that your income is not fixed. It may be good today but how about 2 months from now? Are you ready to give up your weekly dates in a fancy restaurant? This is debatable though especially if your wife will know. Well you may be able to afford it initially but the question is given that you don’t have fixed income can you sustain it?
4. The feeling of being lazy
Believe it or not, with 10 years of being an employee, when I entered entrepreneurship, one of my struggles is that, everyday it feels like I was wasting my time at home even though I was doing marketing and blogging if we don’t have wedding shoots. It took me sometime before I was able to accept that I was actually being productive in a different way.
5. Working more hours
And just when you thought that resigning will actually give you more time? Think again, business requires more “personal hours” than your day job. You will likely need to work double and spend more effort especially if you are just starting with your business. Being new in entrepreneurship is not much different with being a new parent. This requires a 24/7 attention, love, care and an ocean of patience.
There are still a lot of things that you need to consider when jumping ship I just highlighted the things I think are the most real and pertinent to me. This is not to discourage you to pursue your dreams but more of to give you wisdowso that you journey to entrepreneurship will be smoother than mine.
As the saying goes: There are squillion mistakes in this lifetime and you can’t experience it all……. Learn from others….