If you’re a startup entrepreneur and you’re wondering, “When should I quit my job to focus on my business?” then you’re in the right place. As a business coach, I work with a lot of startups. Many of these entrepreneurs have a full time job and are running their business on the side. But the question remains as to when they should make the switch and go full time in their business. In this post, I’ll show you 2 school of thoughts when it comes to this question (and my personal recommendation). Are you ready? Let’s dive straight in!
[VIDEO] When Should I Quit My Job To Focus On My Business?
The 1st School Of Thought
The first way people can look at it is they will quit their job. They think this will throw them out of their comfort zone and put them in a ‘do or die’ situation. They feel this motivation is just the thing they need to take their business seriously and get the job done. The risk however, is that if it doesn’t work out then you’re screwed. With this being such a high-risk move, I don’t feel this is the right way to go for most entrepreneurs. Which brings us to our second school of thought…
The 2nd School Of Thought
Don’t quit your job until you have 3-6 months’ worth of expenses in the bank that has come from your business. Once your business have generated enough money to cover you for 3-6 months, then I recommend you quit your job. Business is tough. You can go without an income for a while. Therefore having a safety net of about 3-6 months income is a safer way to go. The beauty about this is that you will have proved your business works. If you can generate 3-6 months’ worth of income, then you have proved your business model.
Everyone is different. At the end of the day, the decision you make will come down to your level of comfort with risk. The risk-takers will prefer to go all-in and quit their job. If you are more risk-averse then option 2 is going to be the best for you. Whichever one you take, I wish you the best of luck in your startup!