When Is The Right Time To Make The Leap From Your Day Job To Your Own Business?
By Ryan Velez
Juggling a formal job and a business of your own can seem to swallow your schedule up, leaving no time between your two occupations. However, the financial peace of mind this approach provides can be worth what you are putting yourself through—for a time. The ultimate goal of many people who balance their lives this way is to build their business up to the point where they can work on it full time. However, it can be scary to make that leap. A recent Black Enterprise article covers the signs that you may be finally ready to call it quits at that day job.
For one thing, sometimes your levels of success or growth will dictate when it is time to put your full focus on your business, and one of the major ways that this applies is having a commercial space. Real estate is a massive investment that you are now responsible for paying the bills for as well as maintaining. In addition, you are likely needed in said space for most of the week if not every day. If you are ready to have a commercial space, your business just became a full-time job, even if you don’t realize it.
The same applies to employees. While having employees is a great indicator that you’re bringing in enough revenue to grow, you have to realize that if you’re not able to work in your business for what you are paying other people, perhaps there’s something wrong with your approach to business ownership. Employees are valuable parts of their business, but they can’t run things for you—you need to be present in order to steer the ship and delegate responsibilities.
People will tell you all the time about the value of networking in business, not just to generate new clients or leads, but to build partnerships with other business people in and outside of your field. You never know when you may be able to make use of someone’s help or expertise, and this is why the best business people are always looking to grow their circle. However, a day job can put a hamper on this. Many of the best networking opportunities, like conventions, luncheons, mixers, and more, come with time commitment, but if you can’t make time for them, it may be time to get back full autonomy over your schedule.