I'm submitting my two weeks notice to my employer tomorrow, and must admit I'm slighty nervous as this will be the only time in my life to leave a job without another in place. (I've worked four jobs throughout my life.) I'm looking forward to starting a non profit organization, but in the meantime I plan to contract services I learned in school. Has anyone ever left a job without another in place? How did you feel? What were your overall results, and what did you go through to get there?
Etsy has a lot of articles on this very topic from other people that have done this and their advice to you... here are some links that may help you. They range from creating structure through your day, managing the slow times to health insurance and taxes:
http://www.etsy.com/storque/search/tags/quit-your-day-job/
I didn't QUIT my job, the company I worked for was downsizing and I LOST my job. Since I'd only been there for a few short months, I wasn't able to collect unemployment compensation. I had 3 little girls at home--older age 4 and 7 month old twins. Also, let me mention we just closed on our home 3 DAYS prior to. My mom, who was my babysitter, had just been diagnosed with terminal cancer and she passed a year later from it. I was able to help my sister take care of her instead of placing her in a nursing home for her final days. Life was just a whirlwind then.
All I can say is I thank God every single day for the Mary Kay business I was given the opportunity for since it supplemented my income several times over. They also now offer health insurance as well, so even though we're covered under my hubby right now, I don't ever have to worry about finding something should he lose his job. I got to raise my girls for the last 5 years and didn't have to worry about sending them to a daycare or sitter. I always knew what was going on with them and where they were and what they were into. When we wanted to take a vaction, I didn't have to submit my request to do so 6 months prior to, we planned and left that day if we wanted. We've been to Disney World 4 years in a row for 10+ days each time. We've been able to purchase timeshares in absolutely gorgeous places. The perks for us have totally outweighed the cons. It was a rollercoaster ride to say the least, but all in all, it was the best thing for my family.
Make sure you have a solid business plan. You have a good support network, CPA, legal counsel, etc.
Have enough money saved to live on for at least 6 months, preferebly longer because in the beginning all profits go back into the business.
Prepare for a few tough months as well as some great ones.
Stay positive.
