3 Things You Should Consider Before Leaving Your Full Time Job
When you're about to start your own business, you need to make sure you can support yourself before going full time with it. Whether you've worked hard to get investment, or you've been working freelance or building your business plan in the evening and weekends whilst working full time, there comes a point where you'll have to ask yourself "Should I leave my full-time job?"
Leaving your job is a big, life changing action which will have consequences if you haven't thought it through properly - but once you get there, it's the most rewarding thing in the world being your own boss.
Here are a few things to consider before making the big leap.
1. Can I support myself without a steady income?
If you're young and still living at home, then I hope the answer is that your parents can help keep a roof over your head for a few months as mine kindly did. However, if this isn't an option you'll need to plan your finances and save up enough money to support yourself for at least 6 months. This means the basics like rent, food and travel.
If you've written a business plan then you'll probably have a good idea of what you expect to make within 6 months to a year so you can better plan your personal finances.
I was lucky enough to set up a business that works on a retainer basis - my clients commit to a certain amount each month which means I have a certain peace of mind when it comes to income. However, many other businesses do not run like this - especially if you're freelance.
Freelancers should consider finding a couple of days per week with another businesses which means you can guarantee a certain amount per month. This is exactly how I started Sassy Digital, and lead me to where I am today.
2. "What if I fail?" "Oh, but my darling, what if you fly?"
Being realistic with yourself is another key tip. Your business is destined for success, but what steps do you need to take in order to make that happen?
Maybe you're planning to leave your job but you're too worried about failure. The truth here is that yes, you might fail. But what if you don't? What if leaving your job and starting on your own was the best thing to ever happen to you?
You'll never know until you try. And if you fail, it's not the end of the world - you had the guts and the strength to try it which is one of the things people find hardest about leaving their job. They don't have the guts!
3. Does it feel right?
Leaving the comfort of a well paid job to start your own venture is always a scary thing to do. But ask yourself this: Is it the right time and does it feel right?
When I worked for someone else, I would come home everyday for six months and go "I'm quitting my job tomorrow I hate it there!" But I knew I wouldn't, and the reason was because in my head I knew it wasn't the right time. I wasn't able to support myself, and I didn't have anything else to do. So I made a plan and took small steps to find clients on the side. When I had two clients I knew it was the right thing to do.
My head was saying "You only have two clients!!" but my gut was telling me everything would work out the way I wanted it to. I believed that everything would be alright.
...And it was!
Have you left your full time job? What was the scariest thing for you?
If you're thinking of leaving your full time job comment below with what you're finding scariest!