Why is Everyone Quitting?
For those of you who have been following our email series, we’ve been talking about dream jobs. How to get it (if you are applying), and how to provide it (if you are hiring). It’s been a fun series as we learn about what specific questions to ask to offer special insight to yourself, how to hire someone that understands and shares the company values and culture, and finally, how to share information about yourself as a candidate to stand out and shine!
But technically, there is another path to your dream job that doesn’t involve interviewing at all. In fact, the first step might be the exact opposite direction:
In recent years, there has actually been a record high number of people not seeking employment but quitting their jobs.
In 2021, the US Bureau of Labor reported an average of over 3.98 million workers quitting their jobs every month. That’s just crazy! Never before have so many Americans left work and guess what? In 2022, almost 4.4 million more people quit. The trend is continuing. Why?
The biggest single predictor for companies losing workers by such a large margin was a toxic work culture. In fact, a toxic culture is 10 times more important than compensation in predicting turnover. Check out the study here.
For all those millions of workers who quit their jobs…what are they doing? As their means start to run out, they’ll have to return to the job market, but interestingly enough, many have chosen to do so by starting their own business. In fact, new business applications rose 23% in 2021 compared to 2020. The pandemic gave people a taste of entrepreneurial life, and many of them wanted to keep working from home and maintain more control over their time and work schedule.
1. Develop a powerful message
This is the question we always come back to the most important question you need to answer as a business: What problem are you solving for customers? This will drive whatever you do.
2. Understand your target market
Get specific: Who are you solving this problem for? Do some research on your potential customer base and understand their buying habits.
3. Start small
If possible, self-fund your business idea at the beginning and then go for funding when you can create a growth story. This might cause you to break up your product/service offering into smaller pieces so you can fund the early stages and get some traction and experience.
4. Build around your own strengths, skills, and time available
You can’t do it all. Look for partners with complimentary gifts (this may include an accountant, a lawyer, an insurance agent, a marketing specialist, a web page designer, etc)
5. Who are your advisors?
This is another one of my favorite questions in business. Being a smart entrepreneur doesn’t mean you have all the answers – it’s about surrounding yourself with the right advisors.
6. Get a mentor
You don’t just have to learn it the hard way. Mentors are wise because they’ve already made those mistakes themselves. It’s huge to have their skills and experiences in your corner.
7. Write a business plan
Starting a business is difficult; it’s easy to spend all your time and resources on it. Having a written plan with your projected results and personal goals is the best way to stay on track.
8. Know your numbers
Have a good grasp on the numbers that tell you how your business is doing and what you can expect. “What gets measured gets managed.”
9. Know that it won’t be easy
Being a small business owner is one of the hardest jobs around. But it’s also worth it – 84% of small business owners say they would do it all over again.
10. Do it with passion
When it gets tough, remember why you started your business and let that passion drive you every step of the way.
And remember, I’m here for whatever you need. Let’s do this!