Is there ever a good time to quit your job and go out on your own?
There. I said it. There is never a good time.
Here’s the number one problem I noticed that people run into while debating when to quit their job: Not enough money in the bank.
When you don’t have enough money saved up in the bank, it’s not going to feel like you’re ready to quit. This is an uncomfortable place to be and typically the time when the dreaded “worst-case scenarios” start knocking at your door…
What if I can’t get my business in the black fast enough?
What if I can’t make enough to pay my bills?
What if I can’t support my family during my job transition?
How am I going to afford to eat?
Scary, right? These are all valid questions and ones that you should think long and hard about before you take the plunge. On the other hand, even if you have the best business plan in the world, financial backers, and family support, there are still no guarantees that your business will flourish. In other words, these questions are probably going to haunt you no matter what.
If you’ve already started your small business on the side of your nine-to-five job, you probably have another dilemma. You might feel like you’ll be ready to quit when your new business reaches a certain income level, but at the same time, you know it will not get to that level anytime soon while you’re still working a full-time job. Catch 22.
On the other hand, maybe you think you’ll feel ready to quit when you work “x” more years at your current job and save up enough to pay the bills for “x” number of months after you quit. This might seem like a reasonable approach, but in this scenario, instead of spending those “x” number of valuable years growing your business (because it will take time to get established), you’re still at your existing job which isn’t helping your future dream at all.
Even if you don’t have proper funds in the bank, that doesn’t make it a bad time to quit your job. People who go out into the small business world with very little money tend to make smarter business decisions because the little they have has to go a very long way. Also, when you are low on cash, I guarantee you this will put a burning hot fire underneath your ass which will motivate the hell out of you to do whatever it takes to become successful. I know I still feel the embers of that fire every day.
In all likelihood, you will never feel ready to quit your job. Don’t expect to. Weigh out all your options and make the best decision you can with the information you have at hand. Worse comes to worse, you can always go back to a job, but I promise you that you won’t want to and most likely, you won’t need to. Happy quitting!