It is the dream of many to own a successful business, but you have to pay the bills, and for many, that means having a day job. Most people that start their own businesses had to take chances and make decisions. Almost all entrepreneurs had a day job at one time. A job that was simply there to pay the bills while planning the dream. Some people work the day job and start doing their own thing on the side. But unless you give up on your dream, there will come a time when you must give up that day job and commit. So how can you tell when it’s time to leave that day job?
One simple way of knowing is if you can manage on the money you’ll be making without the day job. How much do you need to pay all your bills and still have a little left over? There will probably be some sacrifices, but you must be realistic. Take the time to work out the calculations, as your side business grows, you will know when you reach the point that you can give up the income from the day job.
Have you planned for emergencies if you’re on your own? Do you have enough savings to tide you over for a few months if things don’t go as well as you planned? These are the kinds of questions you need to ask yourself before walking out on a secure job. The good news is that you have that secure job which will buy you the time to plan and save for the day when you can finally sever the ties and go out on your own.
Being an entrepreneur or new business owner can be both exciting and terrifying at the same time. One thing that will take it more into the exciting and fun side is to do your planning well.