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What’s The Right Time to Kick Your Day Job and Run Your Business Fulltime?

You wake up in the morning in two minds, confused whether you should go to work or stay at home. Reluctantly, you step out of bed, thinking all this time to yourself that work is work and somebody has to earn their living.
But let’s be honest. Chances are you’re reading this piece in office because you’re thinking of getting more out of life. You realize that the 9-to-5 routine makes for some serious skullduggery. Most people go to work because they don’t see any other alternative but to do the things they hate. They justify it as the price to pay for sitting useless and wasting their productivity.

This is the story of millions, no, billions of people who are employees of firms, big and small, clamoring for that paycheck which comes at the month week. It’s a stable routine people opine. The work is not that worrisome and then there’s lunchtime and co-workers and other perks. It’s not a lot of responsibility. And then there’s a healthcare package too. Why mess with an arrangement that just plain works?

But internally, most of them are dissatisfied with the ‘slaving away for the paycheck’ routine. They want to take matters in their hands, finding a way to be masters of their destiny instead of wasting the best of their skills, talents and years for an employer. The question is – are you one of them? Are you ready to start your own swashbuckling business? If yes, then this piece is for you.

Before planning to quit your day job and opting for uncharted waters, it is important to remember what you are signing up for. A salaried job is, relatively speaking, more secure and certain than starting your own business. It’s no mere 9-to-5 job to you now but rather it’s your baby which needs attending to 24/7. You have a lot riding on this and for the first few months you will even find yourself living without a paycheck and blowing some of your savings into making this thing work. The work is super demanding and to top it all, starting your own business is a gamble.

Still reading this? Good. That means you’re ready to give this whole business thing a determined stab. And since your mind is already made up for the next big phase of your life, here are some tips which can help you make the most of your decision.

Start With a Plan

The Bill Gates’ and Steve Jobs’ and Mark Zuckerbergs’ of the world started with one thing – a plan. And those were as eccentric as they come. Take out some time to come up with a solid actionable plan that contains information about what do you want to achieve with the business. It’s like construction. An architect has to make a floor plan for a house. It’s like a meal too. There are ingredients and recipes before the food comes to the dinner table. So, a plan is pretty much integral to starting your business.

Plan Done, Now For the Routine

Getting your business up and running is a pretty demanding task. And then there are the other things that are part and parcel of your daily life. So many things, yet, so little time. This is where planning your day is essential, leaving time for both errands and business responsibilities side by side. The need to stay organized is important, one that adequate planning beforehand can help you with. That’s how people with the weight of the world on their shoulders manage to stay so focused.

Your routine should include a few things:

1. The time you wake up or go to bed everyday.

2. Set the amount of time spent on communications (ie email).

3. Weekly accounting (you want to be sure you’re actually making a profit don’t you?).

4. Weekly marketing, requests for referrals, and customer prospecting.

Can’t Afford To Leave The Day Job? Then Don’t.

Business requires planning for sure. But it also requires a lot of capital to get the wheels running. Before going to make your mark on the business world, it’s important to save up for your new idea. Many people also have families to take care of so leaving your day job outright can be a rather unwise move if the circumstances are not conductive. The key here is to split your time between your job and the new business idea.

Repeat After Us – Time Is Money.

You keep hearing this because it’s true. Wasting your time is like wasting your business potential. Sure, you may have a routine but every now or then you can break from it and pursue something that can prove to be lucrative for your new business in the long run. Sometimes, our ideas pop up at the most ‘inopportune’ times. So, drop your errands, take out that notepad and be sure to jot down those ideas and work on them as they come. Chores can wait.

Speaking of time and money, how long would your savings take you if the business started losing money?  It is vitally important that you have your financial ducks in a row in order to avoid any unnecessary stress.  You know when you are in a good position to leave your job if you have personal AND business savings.  Making sure you are financially ready to leap will alleviate some worry so you can focus on growing your business.

Keep Trying and Learn From Failure

Starting a business is fraught with risk. And most often than not, people make mistakes that help them learn the rules of the trade. It is important to note that no business hits the ground running. There’s so much prep involved. So many different variables to figure out and tweak as the business comes into being. And the golden rule is there’s no failure in business. Learn from the experience and move on.

Never Surrender

As that Bryan Adams and Chicane viral dance hit goes, ‘don’t give up!’ Even when the tide is high and things look bleak, the most important thing to know is that what doesn’t kill you makes you stronger. Steve Jobs was booted off the company he founded, only to return years later and make Apple the largest and biggest company in the world.

Research and Expand Your Knowledge

The business world prides itself on changing with the times, adopting new innovations and trends to deliver better products and services to consumers. You need to know what the customers are saying about your wares and stop resting on your laurels. As a business startup, perhaps you are better poised to identify what the consumer wants and be the first in the market with that product or service.

Starting your own business is a daunting and challenging undertaking. But it can also prove to be the most rewarding thing for individuals who want to do more with their lives. With these tips, you can adopt the right entrepreneurial mindset and get one step closer to achieving your dreams.

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Contributor: Lance McHenry is a writer, tea snob, entrepreneur, lover of #tech and #startups. His idea of triathlon is developing an idea, creating a prototype, and validating. He has been involved in the growth of several startups and now shares his ideas on business and tech. Follow him on Twitter @Lanceexpress

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Entrepreneurial Lifestyle · Grow Your Business · Marketing
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Contributor: Lance McHenry is a writer, tea snob, entrepreneur, lover of #tech and #startups. His idea of triathlon is developing an idea, creating a prototype, and validating. He has been involved in the growth of several startups and now shares his ideas on business and tech. Follow him on Twitter @Lanceexpress

Comments

  • As I said in my retweet this is something that I have lived through recently. During the initial phases of launching the business I continued to work in order to put myself in a position to forgo salary for as long as I could for the benefit of the business. As of now I work full time for my business but have not yet started to draw a salary. All of the extra time I put in at my old job sure feels like a great idea at this point as we try to get the wheels spinning metaphorically speaking.

    Win Warfield February 27, 2017 9:21 am Reply

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