Ever since London-based management professor Anthony Klotz coined the term “Great Resignation,” smug bosses and clueless C-suiters have predicted its eventual demise and a return to the days of groveling job seekers.
They’re still waiting.
But workers are undoubtedly unsatisfied. In a recent LinkedIn study, almost 70% of Gen Z and millennial Americans stated they planned to leave their jobs in 2023. And with unemployment at a low 3.4% with many jobs left over, all signs seem to point to this fact: American workers have had enough. Worker dissatisfaction is only part of the story, as inflation has outpaced salaries nationwide. So what’s the boss to do?
Maybe there’s nothing they can do, as younger generations are choosing to ditch the whole boss thing altogether — not just in America but worldwide. In a September 2022 Microsoft report that covered 11 countries, about 76% of Gen Z and millennials stated that they plan to run their own shop. Gen X and older cohorts weren’t far behind at 63%.
If Gen Z and Millennials are demanding more from their work, there’s a good reason: They’re the most educated Americans in history. Some 63% of millennials have a college degree, while 57% of Gen Zs 17 and older are working on one.
Yet waving goodbye to your supervisor doesn’t have to equate to leaving work behind altogether. Freelancing is in; entrepreneurial paths are clearer cut than in generations past. If this sounds like an aspiration worth your perspiration, here are three tips to achieve it in 2023.
Save before you brave it
If you plan to quit and strike out on your own, you must have an emergency fund. Estimates vary, but experts say anywhere from three to six months of wages in a savings account or highly liquid, safe investment marks a smart starting point.
There are several reasons to do this. First off, even if you have an informational website and/or several gigs in the can, there will be financial bumps along the way. Count on it. Clients won’t pay on time — though your “pay now” bills will arrive without fail. Steady work can go on standby, or get cut without notice.
And did you remember those estimated quarterly tax payments? Forget those, even by a few days, and you’ll incur a penalty and perhaps have to scramble for the needed funds.
About the worst thing you can do is start out by [incurring high-interest, unsecured debt](. That’s a recipe for financial disaster as high balances will leave you treading water, with minimum payments barely covering interest rates.
What’s more, you’ll need to think long and hard about health insurance, a perk of full-time work. This can be incredibly costly, though packages exist for self-employed individuals like this one from Blue Cross. Take care of yourself before you take the big leap.
Read more: UBS says 61% of millionaire collectors allocate up to 30% of their overall portfolio to this exclusive asset class
Monetize your passion
Want to be your own boss? Great. Want to avoid the drudgery of a dull day job? Yes, it absolutely can be done. Ideas to create cash flow can easily stem from your latest passion project.
Among aspiring writers, the options include starting a subscription newsletter, ghostwriting, or recording an audio book: one area of publishing that’s showing healthy growth. Get this: Audiobook revenue in the United States hit $1.6 billion in 2021, up more than 23% from the previous year.
If hustling’s your thing, consider dropshipping, where you purchase items in bulk for a low cost and sell them online through e-commerce sites such as Etsy, Reverb, Shopify or Amazon. Couple this with a social media strategy and you’ve got yourself a business; teach others how to do social media and you’ve got another business.
Some do see riches quickly; stories of TikTok and Twitter influencers abound. For the rest of us, patience is a rock-solid virtue. Take time to find a project that fits the lifestyle you want. (You did quit in part for quality of life reasons, right?) Luckily, there are tons of resources available.
Dare to move beyond one thing
Is striking out on your own risky? No doubt. But so is depending on a 9-to-5 job to provide everlasting security. Stories of those who log 20 or more years at a company are becoming increasingly rare — while news of layoffs, job cuts and the shenanigans of petty bosses are sadly here to stay.
Multiple income streams can create far more security than one job ever could. This explains why more Gen Zs and millennials are seeking opportunities to work less, but make more.
So how do you diversify? Creating passive income sources represents a fantastic portal. If you create a niche podcast, landing three sponsors as opposed to one doesn’t triple the amount of work you do — though it could triple your revenue.
Some choose to re-create a full-time job by cobbling together several part-time gigs they love. Also consider building on your core competencies. If you know basic audio engineering, that puts you one short step from recording interviews live — otherwise known as “tape syncing.” Many outlets will pay you $100 an hour or more to record the interview and deliver it quickly via Dropbox or WeTransfer.
You could also have ready-made income sitting just outside your apartment by renting out a parking spot, or collecting finder’s fees for referring business to a real estate agent or local merchant.
Find your niche, find your pace — and most of all, find the time to make it happen. Who would’ve thought quitting meant getting to work? Well, maybe you did — or anyone smart enough to leave behind dead ends for positive possibilities.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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