Should You Quit Your Day Job and Become an Entrepreneur?

dreamstime_xs_57497446Contributed article in our business series. Enjoy! – Kimberly

If you’re absolutely tired of your day job and it’s no longer fulfilling you, you may be tempted to quit and start on a brand new track towards entrepreneurship. But is this really a wise decision? Should you really quit your job to become your own boss and run your own company? Continue reading for a few helpful insights that will steer you in the right direction.

Are You Ready to Lead a Company?

Being an entrepreneur means more than just having a good idea; it also means actually putting that idea into action and making decisions as a leader of an organisation.

Whether you’re starting off as a sole proprietor or you plan on diving in and hiring employees to make your dreams a reality, you need to be assured in yourself and confident enough to make choices, from financial decisions to managerial ones and even choosing the right hosting for your website. These decisions should ultimately encourage a positive attitude from your workers who will want to get things done for you.

Do You Have Enough Money to Support Yourself?

Until your new business really takes off and starts earning profits (that could take up to two years), you need to have a means by which you and your family can survive and pay the bills. Therefore, you need to have an idea of what your monthly expenses are, and you need to have enough money saved up, or a spouse who can support you with his or her income, in the meantime. In order to grow your business, you may need to hire extra employees, an account, and a digital marketing agency like Click Intelligence. If you don’t have the right amount of money to comfortably live until your company is a success, you should hold off on quitting your day job.

Are You Ready to Grow an Existing Side Business?

If you have been operating a small business on the side of your full-time job, such as during your free nights and weekends, and you really love what you do, it may be time to focus 100 per cent of your energy on your venture. But you need to be sure that there is an opportunity to grow. Can you really make your part-time business a full-time, successful career? If you answered yes, and the only thing you really need is time to get things done and hire employees, then you should probably take the major step of quitting your day job and focusing solely on your business. After all, your side business will remain just that if you don’t have adequate amounts of time to dedicate to its evolution and expansion.

As you can see, there are many things that you need to consider before you decide to quit your day job for good and pursue your entrepreneurial aspirations full-time. Make sure you have enough money saved and that there are opportunities for growth if you have an existing company. Being your own boss can be really fun, but also a real challenge, so weigh your pros and cons. When the time feels right, take the leap.

 

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