How Do You Know When It’s The Right Time To Quit Your Day Job?
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Quitting your day job is a very scary decision to make because it is hard to reverse. Quitting your day job might burn bridges, your position might be filled, and you are not sure if you can ever get employment ever again. That is why you need to have a set of goals for quitting your day job, that way you have something to work towards, you know when it is time to quit, and you have a driving force pushing you to quit, and pull through on your self-made promise.
You should have goals for savings, career, income, and with legal issues. Savings might mean that you have a certain amount of money in the bank, just in case your business takes a turn and stops making money. Decide on how much money you need in the bank to support yourself for six months, at least. That is pretty easy to work towards, and to figure out. If you decide that you want $10,000 in the bank, then figure out how to save $500 or $1,000 every month, keep adding to that nest egg until you hit your goal.
Then, think about your career. It is going to look weird if there is a blank spot on your resume for 5 years or 10 years on the off chance that you have to go to a day job, or if a new job presents itself that you just can't pass up. Think about what it will look like on your resume and maybe if you need to stay with this job for another year or two just to have the experience, or even to have the proper training to then manage your own business.
Probably the most important and obvious goal is income or cash flow. How much money would you need to have every month, not just to be happy, and not just to equal your day job - but how much money would you need to have coming in every month to justify quitting that job? It is very difficult, because what if your day job makes you $5,000 per month and then you figure out how to make your home business make $5,000 per month. Now you are making $10,000 per month, and to quit your job at this point - you are going to be cutting your income in half. That is why you have to figure out what level of income you would be happy with even with the sudden drop of losing one of your incomes.
And probably the least important are the legal goals. What kind of things will you have to worry about that you did not have to worry about at a day job? Will you need to get your own car lease? Your own health insurance? Establish a business structure? Figure out what legal issues you need to have in place when you quit your day job and get these in place as soon as possible.
Quitting your day job can be an emotional and difficult choice, but if you split that huge, big, scary choice up into small pieces - you can attack them one at a time, have a goal to build up to, and be completely sure when exactly the right time is to quit your day job.
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