HUMAN BEINGS are not objects. Although they’re often treated like it. Far too many people work hard in a 9 to 5, only to make their boss rich and risk their well-being and the quality of their personal relationships.
If you are asking why you’re still stuck in your full-time job, chances are that you have reached a tipping point and are fed up with your work. It’s time to reflect on your current situation and focus on your vision: Where do you want to be in the future? Are you going to get there if you stick with your current role?
This article will help you create a 9-5 exit strategy to help you in escaping your job. It will inspire you to make new memories and experience new things.
Leaving your Job Is Not a Simple Decision to Make
Before you quit your job, you must plan for your future. The reality of the situation is that you must have enough money to survive on your own.
We’ve all heard stories of Mark Zuckerberg, founder of Facebook (now Meta), dropping out of Harvard and building an empire practically overnight. Although Zuckerberg was talented and confident that the timing of his startup was right, he likely did have a plan for what he would do should things go wrong. This plan certainly involved money and how he could stay afloat financially.
This information is not meant to discourage you; It aims to bring across a point: Leaving your 9 to 5 job is a serious decision, and you must be aware of all the challenges you may face.
If you’ve been thinking about making a decision, then you’re in the right place. This article will bring much clarity to you and encourage you to make a firm decision on your future.
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Want to Create a 9 to 5 Exit Strategy? Create an Income Model
Before you bring your cardboard box to your office and pack everything up, you should first come up with a model for how you’re going to make money.
An income model is an elaborate plan that details how much money you need to make to sustain a lifestyle that you enjoy. It outlines the different revenue sources you’re going to have and what plan you can fall back on should things not work out.
Making an income plan is easier if you align your plan with your passion. If you know what you’re passionate about, you can think more clearly about your future goals and identify financial opportunities. How do you know you are passionate about something? Check out our article on the topic.
Mark Zuckerberg put it best, “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.”
Related: Dealing With an Identity Crisis? How to Stop Trying to Be Something You’re Not (7 min. read)
Generate a Model for Making Money
You can’t just leave your job and sit around at home doing nothing. You must establish a model for generating income, while at the same time, fueling your dreams and goals.
Your income sources might look like this:
- Building a blog that generates money through ad revenue
- Working part time on the weekends as a waiter
- Coaching a local kids soccer team three times per week
- Flipping random items, you buy at yard sales
The great thing about designing an income model is that you create a backup plan. If you want to become a blogger and it’s not earning you money as quickly as you expected, you can still fall back on your other income sources: waiting on tables, coaching a team, and flipping items.
Related: “Why Even Try?” Might Be One of the Most Important Question in Life (5 min. read)
It’s an Income Model, Not a Business Model
Note that the word used is Income Model and not Business Model. This is because, if you have a model for generating income, you’re not solely dependent on your business to help you make a living. You will have multiple streams of income.
When you first start a business, the reality of the situation is that profits roll in much slower than you anticipate. Starting out, you think of all the money you’re going to make, the clients you’re going to satisfy, when in reality, it might be many months or years before you can sustain your operations.
So, besides knowing where your money will come from (revenue sources), you will need to know your financial goals:
- How much profit do you want to make?
- Are there any investments you’d like to make to grow your business?
How much in expenses can you afford to have?
When do you need to pay your bills?
Producing an income model, of course, should be more elaborate than answering these 4 questions, but you get the idea; You need to have goals in mind and establish a plan for how you’re going to achieve them.
Related: 3 Reasons Why You Should Manage Your Life Like a Business (4 min. read)
Some Great Books on Finding Your Purpose
This section contains affiliate links. If you choose to purchase after clicking a link, I may receive a commission at no extra cost to you.
The 4-Hour Workweek
by Tim Ferris
The $100 Startup
by Chris Guillebeleau
9-5 Exit Strategy and Setting Goals
If you want to make a successful transition from the 9-5 workforce to being a full-time entrepreneur, you must get smart about your money. Set some financial goals (i.e., how much money you want to make) and lifestyle goals (i.e., how you want to live) and write them down.
My research on the world’s most successful entrepreneurs has shown—over and over again—that people are more likely to achieve their dreams when they focus on one goal at a time. That said, what are some goals you can set for yourself before committing to your exit strategy?
1. How Much Money You Want to Save?
Small changes, big results. That is basic investment wisdom you hear most wealthy people advocate for.
The best way to secure your financial future is by taking advantage of compound interest. When you set aside a small portion of your paycheck and invest it in a low-risk investment opportunity, the market will work in your favor in the long run.
If you plan on quitting immediately without savings, you might succumb to the financial pressure that comes with running a business. On the other hand, if you have some savings set aside, you can continue focusing on growing your business without having to worry about money.
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2. What Routines Would You Like to Implement?
Your 9-5 job falls into a routine. You likely get up at the same time every morning and follow the same set up habits to help you get ready for the day. At work, you likely follow other patterns—ways of being that you have adopted over the years to get the job done.
There lies tremendous power in habits. A good routine will help you grow your business with ease; It’ll help you in doing what’s essential with little effort or thought. As James Clear, author of Atomic Habits, writes, “All big things come from small beginnings. The seed of every habit is a single, tiny decision. But as that decision is repeated, a habit sprouts and grows stronger. Roots entrench themselves and branches grow. The task of breaking a bad habit is like uprooting a powerful oak within us. And the task of building a good habit is like cultivating a delicate flower one day at a time.”
Learn how to commit to something before leaving your job: What actions will grow your business? How can you benefit from automation?
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3. Set a 9-5 Exit Deadline
Once you have sorted out the details, it’s time to set a date to make it all happen. If you believe you can make an exit in 3 months, add a couple of months to give yourself a safety cushion. You never know what unforeseen circumstances could arise; Perhaps you’ll need more money than expected or you make some goal setting mistakes.
There are many benefits of goal setting, so you want to make sure that you set at least 2 to 3 goals that you can achieve before leaving your fulltime job. One of those goals should be to design an income model: How are you going to make money and what plan do you have in place?
The better your plan, the more committed you will be, and the more determination in entrepreneurship you will have. As Sun Tzu said, “Plan for what it is difficult while it is easy, do what is great while it is small.”