With a little prep and patience, you can quit your day job without sweating it!
When starting out as an entrepreneur, most of us don’t have the luxury of working on our business full-time. While we dream of leaving our day jobs behind, figuring out how to actually make that happen can seem so complicated that it’s hard to know where to begin.
Juggling the demands of your day job while building your own business can be stressful, and it’s often hard to find a balance.
However, that doesn’t mean that all is lost. With a little patience and a lot of tenacity (plus a hearty dose of caffeine), anything is possible. Here are four ways to make the leap into full-time business ownership a little less scary.
You Don’t Have to Quit Your Day Job Immediately
Once you’ve officially launched your business, it’s to be expected that your enthusiasm at your day job may wane. But, remember: Your day job is actually a gift.
Sure, you’d love to hand in your resignation right away, but it takes time to grow any business. Along the way, you likely will need to supplement your income while you build up your list of clients. Your day job could be perfect for this!
Rather than losing a steady, reliable income, talk to your boss about scaling down your position to part-time. Not only will this give your employer time to prepare for your inevitable exit, you’ll also have more time to grow your business in preparation of your full leap.
Do the Math
Before you can even think about when it’s time to quit your day job, you have to consider the big financial picture. So, let’s do the math. Once you’ve moved past your initial start-up costs, you’ll be able to calculate everything from your cost of goods to your profit margins.
Taking a hard look at the numbers will help you make a plan that works for you in real life, not hypothetically.
Creating an accurate financial forecast will help keep you on track and give you the clarity you need to make an informed decision about when it’s time to take the leap. After all, the success of your business depends on your savvy decisions when it comes to your finances.
Decide When It’s Time to Quit
With all the careful planning that goes into starting your own business, it seems counter-intuitive to ever think about walking away from it, but hear us out… When you’re making the transition into a full-time entrepreneur, knowing your quitting point is exactly what you need to do.
Figuring out all the hypothetical circumstances that would cause you to close up shop will give you a clear sense of what potential pitfalls to avoid as your business grows. While it might seem like doom and gloom, this process will only strengthen your position for success.
If this exercise has you feeling down, just remind yourself that this is less about being pessimistic and more about gaining knowledge. You can’t steer around an obstacle if you don’t know it exists.
Take a Breath
Setting out on your entrepreneurial journey is exhilarating, and when you dream of going at it full time, it often feels like a race to the finish line. And, this is especially true when you look around and feel like others are able to make it happen faster than you.
This is exactly when you need to step back and take a deep breath (or two). Relax! There’s no need to be in such a hurry. Everyone’s entrepreneurial journey is different, and you truly have all the control when it comes to your personal success.
When you feel yourself growing impatient to quit your day job, pause for a moment and make a list of 3 things you’re grateful for – you’ll likely find that your outlook has improved.
Achieving the dream of full-time business ownership is something that we can all make a reality. While getting there can absolutely seem overwhelming and even scary, with a little patience and careful planning you can make the transition much easier.
As you embark on your entrepreneurial adventure, discouragement is inevitable, but remember: This is your path to success! The most important thing is that you always keep your eyes on the prize.
About Emily D. Tisdale, Founder & CEO
Meet the brains — and heart — behind LEAP for Women. Emily is LEAP’s guiding force, committed to supporting women entrepreneurs at every stage in their journey.
She loves LEAP because:
A resident of Indiana, Emily prides herself on being a transplanted Hoosier and enjoys watching Colts football and spending time with her husband and their two children.