Maybe You Should Keep Your Day Job

Over the last year I’ve seen several women entrepreneurs quit their full-time jobs in order to work on their businesses full-time.  Some of themLetter of Resignation had great success while others really struggled and ended up burning themselves out, put their businesses on hold, and headed back to a j.o.b.

The main difference that I noticed between the two groups was a lack of planning on the part of the entrepreneurs who struggled. The one’s who dove in head-first without checking out the water had a rude awakening when they hit bottom. The biggest challenge they had was that they had quit their jobs prematurely. One day, they just decided that it was finally time to grow their own business so they gave their 2 weeks’ notice and quit their job.

I know you have heard phrases like, “start before you’re ready” or “take the first step and the next step will appear,” well you also need to look both ways before crossing the street. There is a big difference between taking a risk and being reckless. A little planning and forethought goes a long way.

Here are the top 5 things you should do before you quit your day job:

1) Know how you are going to pay the bills.

Many of the successful entrepreneurs you see today were working at some type of job when they first started out in their business.  Sure, some of them were homeless and living out of their car or sleeping on their best friend’s couch, but is that really what you want for yourself? Their struggle doesn’t have to be your struggle. Not everyone thrives under desperation.

Before quitting your job, you need to make sure you have money to live on plus money to grow your business.  There is nothing wrong with using your current job as a business loan while you invest in and grow your business.

2) Build a solid foundation for your business.

Before quitting your job, make sure you have the basic framework you need to run your business. Hire an attorney and an accountant to help you create the right business entity and start running your business like a business from the start. Make sure you are fully aware of what it is going to take to get your business up and running.

3) Get your business model straight.

Before jumping ship at your current job, you need to know how you are going to make money. Who are you going to serve? What are you going to sell? How are you going to deliver products or services? If you can’t answer these questions in great detail, you should keep your day job until you can.

4) Develop your marketing and sales strategies.

You need to know exactly how you plan to get new customers and clients. If you haven’t figured out your marketing and sales yet, you won’t see consistent income until you do.

5) Get clients.

This may sound oversimplified but if you don’t have paying clients or customers, you don’t have a business. Stick with your day job until you have a study flow of clients and are making some money.

There are no hard and fast rules on when you should or shouldn’t quit your job to focus on your business. Obviously, everyone’s situation is different. If you aren’t under pressure to earn an income right away, then quitting your job and going full-time with your business ASAP could be a smart move. However, if you and/or your family depends on you bringing in an income, be wise and plan for success.

I would love to hear your thoughts on how to make the leap from employee to full-time business owner. Please feel free to comment below.

 

 

About Tiffany deSilva

Tiffany deSilva is the founder, CEO, and visionary leader of BrightFire Women’s Business Network, LLC.

BrightFire Women’s Business Network is the premiere sales training and coaching resource for service-based women entrepreneurs who want to increase their sales, serve more people, and change more lives.

Feedback & Comments:

  1. Ha! I had to laugh out loud when I read your tips. I tell people all the time to start from the first with a solid business – ACT LIKE you are in business with an attorney and an accountant or at the least a bookkeeping. Not to mention a coach. Agree with you, Tiffany, don’t jump into the deep water unless you can float a while.

  2. Such important points you raise here – I see this myself all too often where people are inspired and believe they will grow their wings but have no idea how! “There is a big difference between taking a risk and being reckless.” is definitely a tweetable – I’ll be sharing this with clients. I know for myself I had been investing in property for 10 years before leaving my day job to start a business so I had a solid foundation to allow me to get up to speed – financial stress only creates more hassles that a new business owner doesnt have the capacity to deal with!

  3. I had two greenlight groups going before I quit my job. I was already covering my salary with them, so I knew I could more on since my boss refused to give me a raise after 7 years!!! He didn’t think I would leave.. he was WRONG! But I thank him for it everyday, because I’ve loved being an entrepreneur ever since!

  4. All excellent advice Tiffany. I also think people need to be warned that as an entrepreneur you will work harder than you ever did in any other job!

  5. Really good advice. There’s a balancing act to going from being an employee to being an entrepreneur and you need to have a plan to be successful. I plan to share this with a couple of people who are contemplating the shift.

  6. Your advice is solid. The words utilized are
    entrepreneur and business. Not magic.
    Everyone single one of your tips are critical
    for anyone to consider before leaving their job.

  7. Great advice. I did both for a few years – worked part-time in my day job and slowly but surely built up my business at the same time. So when I did jump (and quit my day job) it wasn’t such a big splash!

    Trudy

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