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Business - December 7, 2021

How to know when to quit your job and start a business

There is no such thing as a perfect time to quit your job. All you have to do is assess the circumstance and make the best decision possible.

One defining moment for most people is knowing when to quit their job and start their own business. It is one crucial moment because you may run out of funds if you leave too soon, especially when things get tougher with the new business, as it always does. And if you quit too late, you will miss out on opportunities.

Interestingly, there is no such thing as a perfect time to quit your job. All you have to do is assess the circumstance and make the best decision possible. A recommendable choice is to leave when your business is ready to pay you a salary (possibly an amount equivalent to what you earn at your current job). This means that you would have to run the business alongside your day job. 

Many people have established a business while working full-time, despite it being difficult. This project can be time-consuming. This option, however, offers the lowest danger if done appropriately. Unfortunately, this choice isn’t appropriate in some situations as some businesses require you to work full-time before generating any money.

However, there is undoubtedly a lot that you can do to start and maintain a successful business while you are still employed. But there comes a moment when enough is enough. You would like to leave. You are in the mood to bust a move.

Here are five signs that it’s time to quit your day job to run your own show.

You are ready to scale, but you don’t have the time to do it.

It’s excellent if you work full-time and devote your nights and weekends to your business. However, it isn’t easy to do the labour required to keep a profitable enterprise and ensure long-term sustainability and growth with simply your evenings and weekends. Hiring, training, and being a responsive leader is also difficult.

You can make money at any time, but time is the only finite resource we have. And eventually, you will miss out on the opportunity to scale up because you don’t have the time.

If you have reached the stage where you don’t have enough time to do everything you want for your business, you’re probably at least somewhat prepared for the next phase. 

You have enough money to support yourself

While your business aims to make a profit, you must ensure that you have enough money to live on until it truly takes off. That’s why it’s crucial to figure out how much money you will need to survive and how long you estimate it will take you to get enough money to pay yourself a livable wage.

While you don’t need to know how much you spend on cereal or toilet paper, it is essential to know your overall monthly spending and how it breaks down into broad categories like transportation, food, and leisure. It would help if you also thought about how you want or need to adjust your lifestyle to make your dream a reality.   

Your business is making profits

The revenues you make in your business should be sufficient to meet your compensation. If the firm can pay you enough to cover your living expenses, you should consider it the right time to quit your job and start a business.

It’s fine if it can just cover a portion of your previous compensation. Part-time pay is excellent. At the absolute least, it will provide you with more freedom and allow you to work with a lesser drive.

Your dedication to success is at 111%

Success is a decision, and the number one thing that will assure you get there is your unwavering devotion to your goal. It may take longer and have more bumps in the road than you anticipated, but it is doable if you are dedicated and always learning and adjusting.

It is up to you to decide when it’s time

It’s always a difficult decision to dive into the unknown. Despite our dreams of carving our paths, few of us are concerned about the prospect of a variable cash flow or paying other bills. However, if you have a heavy feeling that you want to start a business, now is the moment to overcome the obstacles and make it happen.  

READ MORE: 4 Businesses you can Start in Nigeria Without Money

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