Dear God! This parachute is a knapsack!
But man! Do I feel free!
If you’re a Seinfeld fan, you no doubt remember this sequence when George quits his job and then almost instantly regrets it.
Now, a lot of things went wrong for George in this scenario, including the fact that he let his emotions get the better of him which resulted in a knee-jerk reaction the consequences of which he hadn’t properly considered.
Fun fact…
Behind the scenes, actor Jason Alexander (who played George) found this story line completely unbelievable. So he walked up to co-creator Larry David and said, “Larry, no one would ever do this.” To which Larry replied, “What do you mean? I did it.” The premise for that episode was inspired by a real-life moment in David’s career when he impulsively quit his job as a writer on SNL, only to show up the following Monday pretending it never happened.
I thought a lot about this particular Seinfeld episode as I reflected on a similar experience when I quit a job I just couldn’t take anymore. Although my supervisors were ready to give me additional responsibilities with increased pay, I knew I had to get out. I had been in the role for almost three years, but it was very far removed from video production and it had led me away from my passion.
So, I knew two things for certain at that particular moment in my life and career:
Get out of the current situation.
Get back into video production.
Like George Costanza, my decision was emotionally based and my post-resignation plan wasn’t as comprehensive as it should have been. Unlike George, however, I knew what I wanted to do. Getting there was the challenge.
I had continued freelancing during my two-and-a-half run at this other job. I took what money I could and reinvested it back into gear, software, hardware, marketing, etc. in order to both build up a client list and also improve my offerings and skills. By the time I quit my day job I was ready to make a go of it as a full-time freelancer.
“But wait, wasn’t that what you were doing before you took that job you hated?”
And that’s a fair question. The difference is this: Earlier I was freelancing strictly as a Production Assistant, not as a camera operator or DP. And I had been unsuccessful up to that point of landing a full time job at an agency or production house (which I now know was the result of my unwillingness at the time to cast my net wider). So, I felt like my only option for getting back into the industry I loved was to freelance full time and work toward building my own business. And to do that I would need my own gear, a list of connections, and a much better demo reel.
But here are the lessons I wish I knew back then…
Be patient and wait for a repeat client.
I had several wedding video clients lined up when I struck out on my own, but only two corporate clients. And those two corporate clients only had one job each. Nothing beyond that was guaranteed. But I thought I could use my wedding video business as a stop-gap between the bigger corporate and agency clients I wanted to land. And that was true… for a while. As you may know, wedding business is seasonal, so when my bookings dipped, my stress levels grew.
Had I been more patient and less emotional, I would have waited to land a client that I knew would feed me project after project on a continuing basis (at least for the first year). Then I could have done a much better job of forecasting my cash flow.
Talk to someone who has done it before.
At the time I thought I was being thorough. I talked to a CPA (who just happens to be my dad). He gave me some great advice. He set up an S-Corporation. He talked to me about cash flow (i.e. what I would need month-to-month, what would go back into the business, what would go to me, etc.). We had an attorney write up a set of contracts for my clients. But the one thing I didn’t do, and the one thing I wish I had done is actually sit down and talk with someone in video production who had already done exactly what I was setting out to do. I knew several people at the time who I could have consulted. It seems so obvious, but for some reason I didn’t do it. Call it faith, bravado, arrogance, stupidity, whatever you want, but to this day I don’t know why I neglected this important step.
Business plans are important.
Having a thorough business plan that’s written down will not only help you get your thoughts organized, but it will also help communicate your vision to others. And this will be invaluable if you’re pursuing investors or seeking a business loan. For me, my business plan was all in my head. I knew what I wanted. I understood my goals. Why write up a business plan? Oh boy.
Today as I look back on my younger self I think about all the things I could have avoided had I researched and written a solid business plan. But my faith, confidence, and my desire not to “overthink” things resulted in a lot of creative highs, but a tremendous amount of crushing anxiety that to this day has filtered into my every day life.
A man who chooses to jump out of an airplane without a parachute will feel incredibly free, but the choice not to bring that parachute will soon catch up with him. Yes, striking out on your own after leaving a toxic work culture can be a freeing experience. Just be sure you pack your parachute ahead of time.