Bidding Your Job Farewell
Are you ready to leave the corporate world behind? Here are some things you should consider before you cut ties with your current employer.
Once your business is consistently earning enough income tocover your living and business expenses, you're ready to gofull time. But don't give notice before taking these steps:
1. Determine when any company benefit plans you have will vestor increase in value. It would be a shame to quit two weeks beforethe value of your retirement benefits increase from 40 to 60percent.
2. Find out when you'll receive benefit money. This couldhelp you plan your financing.
3. Before leaving--while you're still covered by corporateinsurance--get all annual health exams and routine procedures done.Check out whether your group coverage can be converted to anindividual policy at favorable rates or if other health coverageoptions are open to you.
4. Take out a home equity line of credit before leaving yourjob. Having a line of credit to draw upon is invaluable during thefirst two years you're in business, although you probablywon't qualify for one once you leave your job until yourbusiness has been successful for more than two years.
5. Pay off or pay down the balance on your credit cards whileyou're still generating a steady income. This helps your creditrating and enables you to finance various start-up costs.