You might have had the notion of quitting your day job after all, who wants to continue working for others for the rest of their lives. But even that aside, the fact that you are trading in our time for money can be stressful in itself because you get to sacrifice everything you love doing just to satisfy your boss in order to get paid at the end of the month.
It’s usually advised by experts to diversify your portfolio in order to be financially secured or at least, own a side business which you can grow to some stage and then quit your job for.
The reality is that growing a side business demands you work almost around the clock which translate to leaving your 9 to 5 job and then going home just to start working again on your own dream. That is a pretty interesting thing but it can be overwhelming which is why dedication is needed.
Depending on what type of side business you’re trying to dive into, that is what will determine the amount of energy you’ll need to put in to make it work out for you.
As frustrating as this might sound, it’s not therefore advisable to suddenly quit your job just for your side hustle. The main reason for this includes some factors that you must first consider before taking the big step.
Asking yourself the question “Am I skilled enough to make this work out” might just be the best way to go about it. And as research has it, majority of people who quit their jobs to start their own businesses usually do that based on the industry they’re very much experienced in but that also doesn’t you’re caged into one box without any diversification or dimension.
I’ve seen a former colleague quit his sales representative job to work in the entertainment industry because that’s what he was passionate about hence, what you know you’re best at doing should be the way to go. Without any further ado, here are my top 5 reasons why you shouldn’t quit your 9 to 5 job just hyet.
Can the side business take care of monthly expenses – twice?
I included “Twice” because that is the extra or double. If the side business is able to take care of your monthly expenses while maintaining your current lifestyle then still able to have enough left for the following month, then you can consider quitting.
Although as an entrepreneur, you’ve most likely being told to live below your needs and cut unnecessary expenses as much as you possibly can but that’s not really the best ways to go about in life if you think about it.
Everyone wants to live a comfortable life whereby they’ll be able to support their family financially and any other way possible and that is one of the main reasons why your side business should be able to take care of this.
If you reside with your parents and you have little to no bills to pay, you might be on the good side to experiment with things and basically just take the risk but if you’re married with kids and you have other bills filed in front you such as student loan, mortgage, insurance bills and other peripheral obligations you have to oblige to every single month, then you might want to devise a better plan first before you send that resignation letter to the HR.
Are you skilled enough to make the side business work?
There is nothing you want to do in life that doesn’t require you work hard before you get it but then there are skills required to also make you distinct from all others in your space. Considering the fact that different markets nowadays are much saturated, the need to stand out is required and that is part of what can determine your success.
Speaking of quitting your job, do you think you have what it takes to make your side business your main business? One thing you need to understand about working for somebody else is that unlike schools, where you pay to learn, as an employee, you’re being paid to learn which is a big advantage and that is why you need to utilize that opportunity t the max.
By so doing, teach yourself everything you can possibly learn about that industry in full details and become an expert in it. This will tell in your output and that is what will make people chose you over others in the market.
So take every professional courses you possibly can and teach yourself to become the best in the trade you’re venturing into. One thing is that your ability can never deny you even when you lose your job. The fact that you’re an expert in your field will be your guide to landing another opportunity or furthering your own side business until it becomes a big phenomenon.
You need an emergency fund that can last for 6 months
I mentioned earlier that if you have the advantage to reside with your parents and you have little to no bills at all to be paid, you’re lucky but that can be a different thing if you live alone or have a family that needs to be supported and that is why you need an emergency fund that can last you for 6 months.
The reason for this type of fund is just in case things go south, you can have enough to fall back on and that can be your stepping stone until you’re able to kick back.
According to researches, most people are just months away from becoming homeless if they lose their jobs and that’s very true in some cases. So you want to ensure your emergency fund is there for you whenever you need it while you focus more on your side business.
Another reason why this is obligatory is the fact that innovation especially the type that can make you a millionaire or even a billionaire doesn’t always come when you’re in the state of distress because you’re constantly thinking about what to eat or how to support your family.
In order to be in the right state to think out good innovations, you need to take away things that’ll possibly cause you mental distress and one of such is your finances. The fact that you have at least 6 months worth of funds that can take care of your expenses conveniently for such a long period can help you put your brainpower to important things rather the constant fear of being evicted from your home.
Are disciplined enough to work for longer hours
You might have heard the saying that Tesla CEO Elon Musk works tirelessly every single day and yes that’s the kind of discipline and dedication I’m talking about. If you love what you’re doing and you trust it enough to become a success, you wouldn’t mind spending enough time building it up to the height you wish it should be.
If you eventually quit your job to work on your side business, chances are you’ll be working at home for some times but the big question is are you disciplined enough to stay focused and spend the necessary times to do the job.
Unless you’ve got some pile of cash on ground, you’ll likely be bootstrapping at first doing everything almost by yourself. And since you have no boss to check you when you’re sleeping at work, understanding that every moment counts is one of the good mindset that can help you grow farther in your work as an entrepreneur and this can set you up for success.
Are you determined to make it work out
Determination goes a long way in life and that is why its very needed to succeed as a business owner. Starting a business is easy as they said but maintaining it is daunting. The fact that you’re working for yourself with nobody to monitor your progress as well as nobody to hang on your shoulder to ask you “What are you working on” can make you relax and therefore losing focus needed to succeed.
But with the determination to succeed, the discipline required to stay focused as well as putting in all the time required to ensure things can be at a stable state are things you need to consider and if this is a skill you lasck, then it’s time you need to go back to your drawing board and learn everhtying needed to ensure that your business works out.
That way if you quit your 9 to 5 job, you’ll have what it takes to survive in whatever overtly competitive industry you might find yourself.
As you can see, being an entrepreneur isn’t just about the claim of being labelled one but also the skills required to make thing work out for you. The drive and the hunger that is needed to see that the problem s you’re tackling can be resolved is what will determine the success of your venture and that is why you should put in all that it take to ensure that your side business can become your main career but without all that it take, you should stick around with your 9 to 5 job until you can perfect the skills required to survive knowing you have little to fall back on in case thing fail.