Don’t just quit, plan your exit

Covid-19 has shaken and rattled the job market, worsening uncertainty over job retention. Unfortunately, many people have been laid off to reserve some cash for business continuity.

An early retiree like Robert Kabushenga, currently engaged in farming believes as an individual, you owe it yourself to plan your life. You have got to expect that your end will come. He had been thinking about the end of his tenancy for the last seven years. How have you prepared for that sort of circumstance?

Kabushenga goes on to confirm how he worked fully at Vision Group as the chief executive Officer and did not part time anywhere. However, the benefits earned from working at the former job were translated into preparation for such a time when he would exit.

In brief, he insists, “Make sure you have a house and educate your children. You can do that or leave for a moment by spending luxuriously during the merry days”.

A trigger to plan your exit

An employee should start planning for his/her exit the day they join the organisation. Just as the sun rises and sets, an employee will have to leave the organisation one day through retirement, resignation, retrenchment, incapacitation or death, says Herbert Zake, a Human Resource Consultant and a Member of the Governing Council of Human Resource Manager’s Association of Uganda (HRMAU).

“The earlier you realise this and start planning, the better, to avoid panicking and being desperate at the last minute.”

With such a wave that has turned out to be the ‘new normal, companies want all your eggs in one basket, yet it is increasingly becoming harder to predict how secure your job is.  But Zake admits, with the onset of remote working, it is now easy to juggle many jobs if they do not require your physical presence at work as long as you deliver on your targets.

In addition, employees should have alternative sources of income and not solely rely on their salaries. Salaries are never enough. As an employee grows, the responsibilities and commitments increase. Businesses have the propensity to grow exponentially which is not the case with salaries. Passive income is preferred, where you don’t have to be physically present or closely supervise and monitor the business.

Timelines

Give yourself a timeline. An online publication, Workopolis notes, “Give yourself some milestones to completing what should now be a very high priority project for you. Giving yourself a timeline helps you begin to build buffer zones into your schedule so that you can take time out for off-site meetings, coffees, or phone calls with recruiters, or potential employers or future clients.”

You can also look ahead for time conflicts and plan around your work projects.

Get as clear as you can

There are many life questions you have got to clear out your mind before you tread down that road. Often, we leap straight into thinking about what a new business could look like. Before you go there, Megan Dalla-Camina, a management and human resource consultant, emphasizes, that you should get as clear as possible on one major thing: Your vision.

“What do you want your life to look like? I want you to be super clear before you start anything else. What does your ideal day look like? What are all the components and aspects that you want in your life (think well-being, spirituality, family, friends, community, work, creativity),”  Dalla-Camina says.

Start journaling or vision boarding what this life looks like for you so you know what you are trying to create.

Support system

Identify the support needed. Is there a network you need to tap into? What networks are available in your proposed area of interest? The consultant posed some reflections to ponder about. Are there sponsors you need to really enable you progress into the space you want to join? Are there mentors who can help you with the skills, expertise and the understanding of what it takes? Is there someone you know who has exited already and could be your mentor through that process? Do you need a coach to help you work through the process and guide you with a tested road map?  

Have strategic thoughts about the support, network, sponsors and mentors you can access that will ease the path for you to exit and speed the path to start up.

Emerging trends

The gig economy is a reality that companies have to learn to live with. Zaake informs that moonlighting will increasingly be common and an acceptable practice in this era of remote working. As long as the employee delivers, the organisation should be content with that. It is difficult to closely supervise or control an employee working remotely.

Alternatively, Kabushenga opines, companies have to think whether they want to be businesses of the future or businesses of now. To be the business of the future, you have to understand how the labour force of the future will behave.

“The labour force of the future wants things now. In short, they want their benefits immediately as opposed to waiting for the long term.”

Therefore, companies should remunerate or assist the new labour force to have a long term view to achieve a middle ground.

Quitting for business

Transitioning from employment to self-employment

If you are ready to take the leap, it is time to start thinking about transitioning from an employee position to becoming an entrepreneur. The more prepared you are, the higher your chance of success.

People tend to think that starting your own successful business is a spur-of-the-moment kind of thing. You just decide to clear your desk, toss the papers in the trashcan and walk out of your office, never to return.

The reality is different. Making such a drastic change might turn out to be a mistake. It is more advisable to start small and grow from there. Take time to prepare before you leave your day job. It will save you time, money and a great deal of stress.

Try building your business in stages. It will be less risky and it is likely to earn you more rewards.

EMPLOYMENT

Nairobi

The reality of quitting job for self-employment

The thought of being one’s own boss is inspiring. Many people dream of the day they will become business owners.

Most people focus on the flowery details such as job satisfaction and freedom, while overlooking the contingencies. Failure to plan for these can lead to failure.

Moving from employment to self-employment is not an easy transition. You should not take this decision lightly. Before you decide to quite your job, ask yourself these questions about starting your own business.

Why are you quitting your job to start a business? Do you have a business idea that you are really enthusiastic about? Or are you quitting your job because you hate it and you are hoping for a change?

If you are leaving your job because of boredom and the desire for change, becoming self-employed might not be your best bet. It would be much better for you to seek another opportunity in another company.

This is especially true for you if you are hoping that starting your own business will save you from stress, low pay and all the hard work you have been putting in in the eight-to-five job.

Starting a business will require you to put in hours of hard work, you will feel stressed and there might be little or no pay during start-up period.

Becoming your own boss demands a lot of perseverance and commitment.

If you are ready to take the leap, it is time to start thinking about transitioning from an employee position to becoming an entrepreneur. The more prepared you are, the higher your chance of success.

People tend to think that starting you own successful business is a spur-of-the-moment kind of thing. You just decide to clear your desk, toss the papers in the trashcan and walk out of your office, never to return.

The reality is different. Making such a drastic change might turn out to be a mistake. It is more advisable to start small and grow from there. Take time to prepare before you leave your day job. It will save you time, money and a great deal of stress.

Try building your business in stages. It will be less risky and it is likely to earn you more rewards.

DEVELOP YOUR IDEA

What kind of business will you start?

This question is not as easy to answer as you might think. You need to know exactly what you intend to do or sell.

The most successful business ideas are those that focus on offering solutions. Examine the market for holes and craft a product that fills this void in the society.

SOURCE: Business Daily