Have you been waiting for the perfect time to quit your job and work full-time on your side business? Have multiple years gone by since you decided you were going to quit? Do you feel caged in the corporate stronghold watching life go by out the small windows while desperately hoping/wishing/praying that you will successfully make your escape one day? That you will walk away triumphantly one last time from the torturously tiny cubicles, glaring fluorescent lights and micro-managing management and be free once and for all? (Trust me, when that day comes, it’s the most exhilarating walk to the parking lot that you will ever make.)
The truth is, though, that there is never a good time to quit your job. There—I said it and I’m going to say it again: There is never a good time to turn in your resignation and start working on your side business full-time. And hoping/wishing/praying will not get you there any faster.
And since there is no perfect time to quit, my guess is that you will always have moments of doubt, uncertainty and sometimes sheer and utter panic as you make the transition from employee to self-employed.
Don’t worry though. That’s normal. Even though there is never going to be a good time to quit your job, there is going to be the RIGHT time. How can you tell the difference? Well, here are a few ways to pinpoint if it’s the right time for you to take the plunge…
1st Indicator it’s the Right Time to Quit Your Job: You are miserable
Let’s be real here, you aren’t suppose to be miserable at your job. Many people think being unhappy at work is somehow normal (so they go along with it), but it’s not. You were not put on this planet to spend most of your life working a job that you dislike and that doesn’t bring you some level of fulfillment and satisfaction.
If you are miserable at your current job, it means it’s time to go. Honestly, this might just mean it’s time for you to get another job or it could mean it’s time for you to start working for yourself full-time. If you’ve been miserable at your last two or three jobs—let me tell you, it’s not the job that’s the problem, IT’S YOU. If that’s the case, it’s time to seriously consider handing in your resignation once and for all.
2nd Indicator it’s the Right Time to Quit Your Job: You have 6 months of money saved up
Even if you’re miserable, it’s not going to be the right time to quit your job if you don’t have enough money saved up. At the same time, money is the big factor that’s probably keeping you stuck at your current job. If you were independently wealthy, you would have already quit by now!
I recommend saving up enough money to pay for your bills and business expenses for 6 months to 1 year. Even though it will probably take about 2 to 3 years for your business to sustain a profit, don’t worry about saving up this much money.
When you have too much money in the bank, you’ll get too comfortable and your business decision will likely become more lax. This will negatively affect the success of your business in the long run. Instead, when you only have enough to pay your bills for less than a year, this is guaranteed to put a raging fire under your feet that will get you moving faster towards your goals.
3rd Indicator it’s the Right Time to Quit Your Job: Your side business is ready to make money immediately
Generally, it’s not going to be the right time to quit your job if you don’t have a way to make money with your side business starting immediately. When you quit your job, you want to have the ability to have cash coming in as soon as possible. Even if you haven’t made a dime from your side business yet, you at least want to be fully set up so that when you turn in your resignation, you can start working on money-making activities.
Certain businesses need more lead time before they can generate income. For example, if you are currently waiting for software to be developed, to find a retail store location, or to manufacture a product, it’s probably not going to be the best time to quit your job because there are specific things that have to fall into place before you can make money.
Once everything is in place for you to make money with your business, there’s no time like the present to say “adios!” to your boss and hello to self-employment.