So for the past few months/years you’ve busting your chops at your 9-5, then from 5 until god knows what hour, you head home and work on your dream job. The job so dreamy, you dared to turn it into a reality and have put every ounce of energy, free time and funds in the hope that one day you can indeed, quit your day job. But how do we know when it’s safe to take the leap? Some of us thrive on the idea of have no safety net but if you’ve got bills to pay, children (or dogs) to feed then here are a few things you should consider:
Your side biz can be a harsh mistress. She will have her good days and her bad, and the bad days are the ones that will really test your commitment. So are we ready to make things official? Next time you hit a speed bump, ask yourself, am I in this for the long haul? If you can already see a beautiful future together (house, kids, the whole package) then this is the real deal, but if you’re on and off, hot and cold, then it might be time to slow it down and think about what you really want.
Much like the wise words of Destiny’s child, can you pay your bills? We need to consider our cost of living (and happiness) – can we actually afford to quit our day job? This is really important if you’re generating very little income from your new business as you might need to consider keeping your day job but cutting down your hours as you grow (and if your employer agrees).
Write a list of your non-negotiables that you need to pay every month, like rent, mortgage, phone, insurance, electricity, food and shoes (whatever it is you spend your dollars on). This will give you an indication of if it is feasible for you to quit your day job, and still have enough money and resources to run your own business, full time.
If you are seriously considering the world of entrepreneurship then it’s important to look at your immediate and not so immediate support network. Do you have family and friends you can rely on for support, not just financial but emotional. The ups and downs of running your own business can take it’s toll and make you feel like throwing in the towel but a proper support network will be your biggest fan, your right-hand man, your therapist and your visionary (sometimes we can’t see the forest through the trees).
If you feel like you don’t have anyone close to you that can support you during trying times, there a million and one groups online for like-minded, go-getters like yourself.
When you turn your side biz into a fulltime gig, be prepared to werk. That may mean missing the occasional coffee date, pulling an all-nighter, or missing the Friday night drinks because your business needs you. Coming to terms with the reality that you are the driving force that decides the success or failure of your business, can be enough to turn you off the whole idea!
That old and tired excuse of your 9-5 getting in the way is no longer there, so it’s time to get real with yourself and decide if you are all in.