When to Quit the Day Job
1. Will you have time to focus on both your job and your startup?
If the answer is yes than stop reading now!! However if your instincts are saying 'No' than your instincts are probably correct. Trying to tackle a full-time Job and a startup business diminishes your chances of doing either very well. More importantly, if there is a requirement of external financial assistance to grow the business then prospective Investors will require you to devote more than full time to your business venture.
It is highly unlikely that they will invest in a part time business. Ultimately, if you don't have the self-belief in your idea to take it full time what's in it for the Investor?
2. How strong is your Business Plan?
A business plan is a good way of determining the strength of your idea. By definition a business plan is a formal statement of a set of business goals and how best to attain those goals. A robust business plan will make you define the pros and cons whilst also confronting issues that may exist into converting your idea into a financially growing business. To this end, this will be a good indicator and aid to making an informed decision over whether to go Full Time.
3. Are you willing to make sacrifices in your personal life?
Personal relationships are difficult to maintain during the stressful-startup phase, so it’s important to take time and consider what kind of impact they can withstand. For example, it’s critical that your husband, wife or partner be supportive of the risk, long hours, stress, financial pressure and uncertainly that come with starting a business. Any of these factors can have a strong impact on any union, and in some instances you’ll be wrestling with more than one of them all at once!
Both you and your partner need to go into this venture with your eyes open and the understanding that starting and operating a company may cause stress and tension. I could not have taken these brave steps without the support of my wife.
4. Plan ahead
Work out your finances to the penny and if possible try and put some aside regularly and very early on for when you do make the final decision to quit. It will take the pressure of you for the first few months and help you to focus solely on growing the business.
5. Take the brave pill
But do not overdoes on it. You need to be aware of the risks, yet be prepared for a huge sigh of relief when you finally leave the corporate world and start to work on your passion. Always remember to have fun and enjoy the ride!
For me personally, I was at the point where going full time on my business was the only option. The business needed my undivided time and attention and concurrently I needed to give it my time and attention- ideas on how to grow it were not coming to fruition due to lack of time and opportunities were potentially being missed. I have never looked back and wish you the very best of luck if and when you decide to take that step.
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