Why And When Can An Entrepreneur Quit His Day Job To Start And Run A Business
People in employment who want to start a business of their own are often in a dilemma. Should they quit their stable day job before starting a business or should they start their business on a part time basis and quit their day job after the business has stabilized.
Quitting your job to start a business or quitting your job at a latter stage are all brave decisions you have to take if you wish to succeed as an entrepreneur. It is said that "nothing ventured nothing gained". Entrepreneurialism is just that-meeting challenges, taking risks and reaping the rewards while others are struggling to make both ends meet with a 9 to 5 job.
Making a decision as to when you can quit your job is indeed one of the most important decisions you will be making in your life. You have to weigh the pros and cons seriously before you make the decision.
Starting a business on a part time basis has several advantages especially if it is a home based business. This is explained in my article "Home Based Business - Why Starting Part-Time is the Smart Way to Success". When you start a small business-a brick and mortar business certain other considerations can be taken into account to run your business successfully.
Unlike in a home based business a small business needs capital investment. You may either invest your own money or secure a loan from a financial institution. In such a business your physical presence is extremely important. Hence it will be wise to quit your job and run your business.
These businesses do not run at a profit straight away. It could take anything between six months to about eighteen months to generate an income to meet all expenses such as rent, insurance, salary and other expenses. Hence you should have sufficient funds in reserve to tide over this period.
If your spouse is in a regular employment and if her insurance will cover you as a dependent then you can seriously think of quitting your job and devoting your full attention to your business.
The more time and effort you can devote to your business the more successful you are going to be in running your business. Your physical presence in the establishment right from the commencement of the business will give a fillip to the business. Customers love to build a rapport with the owner of the business which in turn will help build loyal customers.
Limited or fluctuating sales during the first year can create cash flow problems. Hence extravagant expenditure should be avoided at all costs during the first year. If need be you may have to curtail your living expenditure too during this critical period. This should not deter you from quitting your day job because your physical presence in the business outweighs all the sacrifices you have to make during the early months.
Ultimately as to when you wish to quit your day job is left to you. The choice is entirely yours. You physical presence in a business of this nature will make a world of a difference. If you do all the preparatory work before quitting your day job you are bound to succeed.
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