Is it time to quit your day job and run your small business full-time?

Is it time to quit your day job and run your small business full-time?

Leaving your job to pursue your own independent success can be scary. There are many things to consider before taking that leap. With proper timing, this can be the best decision you’ve ever made, but with bad timing, it could be one of the worst. Here are some pointers for helping you decide if it’s time to leave your day job and run your small business full-time.

Do a test run: If you can afford some time off of work, then a test run can help you determine if you’re ready to run your business full-time. With a few days to a week off from your regular job, you can focus on your business constantly and still have your job to go back to as you consider your options. This short test run isn’t enough alone to let you know if you can leave your job, but along with other information, it can help you decide. This is a helpful step to allow you to really see what it is like to run your business as your full-time job.

Swap: If you’re not ready to take a leap and quit your job, then perhaps you can swap the roles of your primary job and your business. Look into making your day job part time and your business full-time. This could be a good step toward making your business your only job. But it’s important to make sure you can handle this financially and that your boss is okay with the change.

Crunch the numbers: Before making any changes to your work schedule or quitting your job, you need to be sure you will have enough money to cover your bills. Crunching all the numbers is vital. You don’t want to move too fast and get into a bad financial situation. Carefully review all of the profits and what you need to get by before making this decision.

Cover what you lose: When deciding whether to leave your job, there is more to consider than just money. You need to list all of the benefits your job offers and figure out how you will cover them if you leave. Insurance and retirement are two very important things to think about before you make this decision. Make your list and come up with a plan to make sure you still have all the things you need in life.

Growth: Does your business have the growth potential it needs to make up all or more than you’re getting from your full-time job? You don’t need to take your business full-time if you think it’s at its peak. If your business is currently part time or even a hobby, it’s important to consider if it will grow with more time and devotion. Try to grow your business while keeping your regular job until it at least matches what you’re making now.