Having a self-owned business can assure freedom, independence and full control of scalability. Many entrepreneurs dream of making it big in their chosen venture but are often dissuaded by the risk involved. Some also get deranged in the name of the job and financial security. It is imperative to understand that scaling a business needs time and financial investment along with a lot of hard work. But it is equally important to know the right time to quit your job to completely devote your focus to the business at hand.
However, here are some important points to consider before you quit your job.
1. Financial stability
A business may not be sufficiently profitable at the beginning and it is imperative to have enough money secured. In order to keep things afloat when building a business or during the initial stages, substantial finances are important. This becomes even more important if there is a family to support or other responsibilities. Take this into account before you quit your job.
Money becomes a major hurdle as we need money even for the basic amenities including food and transportation. When the business is not profitable to a major extent, quitting your job is not the best option.
2. An unwavering commitment
Setting up a business requires a lot of hard work and persistence. During the initial days of business set-up, an endless number of roadblocks are encountered. These roadblocks can only be overcome with unwavering commitment and persistence. It is most essential to ensure the level of commitment you have for your idea and towards your end goal before you decide to quit your job. An unyielding commitment to your goals can take you miles but a flicker of doubt can lead to extreme frustration.
3. Time is requisite
It will be most prudent to quit your job when the scalability of your business is dependent on time. To make your business sustainable and reach the next milestone, time is a huge investment. When time is the only ingredient left to be devoted to scalability, then it is advisable to quit your job.
By entirely devoting your focus and energy towards your business, it can be turned into a successful venture.
4. Enhancing your skill set
If you need to expand your skills before you can further expand your business, do it with your job. Learning a skill with a job at hand or maybe learning the skill within the office is always more beneficial.
Quit your job once you are extremely thorough in the skills that you need for your business. Learning always helps in making a venture successful.
5. Having a team
Having a team with you to run your business can be very beneficial to overcome loneliness. After you quit your job, it becomes extremely lonely at first as you work all alone. This particularly happens because most jobs incorporate teamwork or working with a staff. This may not be the case in your business, especially, during the initial stages.
Moreover, a team helps in keeping you motivated to keep working for the end goals and also for profitability. Two minds are better than one for more solutions to be on board.
Also read: 6 reasons why money can make you happy
6. Differentiation between reckless and accountable risks
Quit your job once you understand the difference between taking reckless risks and accountable risks. Once you quit the job, the stakes are much higher and it is important to become responsible. Your biggest source of income becomes the business at hand to fulfill your responsibilities. A keen and shrewd judgment plays an important role in such cases.
The importance of deep insight and thorough understanding of the business and goals is unparalleled. Thus, quit your job once you have developed enough knowledge and armed yourself with the necessary tools to handle the pressures of risks.
Having a business of your own is indeed fulfilling. But a business needs sufficient time to become profitable enough to be as financially satisfactory as your job. Many entrepreneurs lose vision in the wake of job security. Some end up leading their businesses to failure by quitting their job too early.
The right time to quit your job depends on you as well as the stage at which your business is. While there are certain points to consider, circumstances also determine the right time to quit your job.
To know more such tips, check: Starting A Business? 13 Critical Things To Do Before You Quit Your Day Job