Thursday, February 4, 2010

When to Quit the Day Job

Many people start small businesses on the side while keeping their day jobs. Then quit the day job because pursuing their business full time becomes more attractive than a regular paycheck from someone else.

Here are 5 things to consider before quitting your day job to run your business full time.

One - Can you pay your bills? Will the business be able to cover your personal expenses or is there other household income available until your business is able to do so.
Two - What about benefits? Consider the implications of losing your employers health insurance and retirement benefits.
Three - Be sure you’re willing to work more hours for yourself than when you worked for someone else. Weekends, holidays, vacation and sick leave are harder to take when you work for yourself!
Four - Are you able to work independently? When you work for yourself there is no one managing you but you! Be sure you’re a true self - starter and self - motivator.
Five - Consider the social impact of giving up your job. You may be trading in the camaraderie of co-workers for potentially feeling isolated working for yourself.
The decision to quit your day job to run your business full time can be one of the best decisions you will ever make. Just be sure to consider all the pros and cons before you take that leap!

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