If so-what are you waiting for? It’s all on you, and now might be the perfect time to quit your day job and pursue your dreams.īut wait, back up-that isn’t you? That’s understandable realistically, it’s a fairly uncommon position to be in. Maybe you’re a single person with plenty of savings, and you’re really only beholden to yourself. Am I willing to do whatever it takes to make this happen?ĭo I have people relying on my ability to bring in a certain income?.Do I have the kind of personality who likes to “hustle”?.Am I good at self-imposed deadlines and schedules?.The important thing to note here is whether or not you are the type of person who is motivated by that spark, or if the prospect of make-or-break will be completely overwhelming to you. Quitting your job to start a business certainly has the potential to light a fire underneath you. See Also: Bplans Funding Guide Do I have the motivation to make things happen quickly? If you’re seeking a loan, check out the Bplans Loan Finder, and if you’re bootstrapping your business, our list of alternative funding options is a must-read. Depending on the type of business you’re starting, the types of funding available to you will vary greatly. Next, spend some time familiarizing yourself with your funding options. Also, starting a business is going to take longer than you think, so padding this number is pretty important. Unforeseen expenses always creep up, and you don’t want to find yourself in a position where you can’t cover an unexpected bill or emergency expense. Use that number (along with your calculation of your necessary living expenses) to determine how much additional cash you need saved up to sustain yourself while you’re not bringing in income. How long will it take you to break even? Is it 12 months after you open? Maybe 24, or more? It’ll be necessary here to do some type of financial forecast, or perhaps a business plan (we recommend a Lean Plan). Once you have a sense of the first two points, compare them against the last point on that list.

How much money you currently need to, you know, keep living.

How long until you’re able to break even and actually make money.

How much startup capital you need to open your doors (whether real or virtual) and begin selling your product or offering your services.

You’ll need money to keep the lights on-not just in your new business, but at home, too.īefore you proceed, get as realistic a sense as possible of these three things:

It’s not just about making sure you have enough money to start your business. So, the obvious question-what’s your financial situation? So, if you think this is the right choice for you, let’s look at some of the questions you should be asking yourself: Do I have any savings? What about investments? Can I get a loan? Plus, unless you have a substantial financial cushion to fall back on, you’ll likely have a bit of urgency to spur you toward success. You’ll also be doing what you love, and that alone is an important consideration. You’ll have the luxury of time and energy, and you’ll be able to throw yourself wholeheartedly into your new venture. That being said, there are huge advantages to quitting your day job and starting your new business right away. That’s all great-but, the reality is that quitting your day job cold turkey to start a new business is definitely the riskiest path available. You have a plan, a passion, and you’re ready to do whatever it takes to make it happen. See Also: Bplans Quiz: Are You Entrepreneur Material? So, you want to… …quit your job and start your new business right away:

Should i quit my job