Updated: Jan 1
I see a lot of post online telling you to quit your day job and pursue your dream career a a full time entrepreneur. They make it so enticing with the luxury travel, designer suits and all the promised riches to come.
They promote this wealthy self-made millionaire lifestyle where you can make your own work schedule and travel when you want because you're the BOSS! Sounds like a golden opportunity, RIGHT? Yeah its a lot of us who fall for the trap.
DON'T BELIEVE THE HYPE!
Most of the people telling you to quit your day job impulsively and become an entrepreneur overnight is either a newbie, or attempting to sell you one of their online courses/books, some may be lying, or simply not living the lifestyle they're promoting. THINK ABOUT IT! You want me to put in my letter of resignation, then immediately hit the streets hunting for new clients for my new business? That seems like a risky gamble and a recipe for failure.
Starting A Successful Business Takes Time
According to startups.com it takes at least 4 years to become recognized as a real business and 7-10 years to make your business a true success.You can quickly push out a logo, a few colors and call yourself a brand, but the time and consistency invested is what makes it a real business. Do you want to be a side hustle or big business?
Your first few years will be spent in the developmental phase, tackling tedious task such as:
Identifying your audience
Launching a website and brand kit
Creating strategic methods of reaching your audience
Building a consistent trustworthy relationship with your audience so they'll return
Learning and growing your product or brand
Spotting flaws and correcting errors
How Will I Fund My New Business?
This is the part they forget to warn you about. You will need some investment money to kick things in to full drive. How will you pay for licensing, equipment, a website, insurance, all those ads and miscellaneous expenses without going in the negative?
Now wouldn't tell you to stay a full time slave at a job you dread, but use it to your advantage. Pick up off of some of their positive attributes and operational procedures then incorporate them into your business strategy.
INVEST a portion of the income you earn from your day job into your business. Having a job or another stream of income will definitely make this building process a lot more seamless.
Avoid Making This Move
Don't put yourself in a position where you are solely relying on the income from your new business. This risky "all or nothing" lifestyle requires long stressful days and nights hustling and bustling.
When in this situation, You will find that most new entrepreneurs accept underpaid, undesirable gigs just to get a client to bite the bait. Unfortunately this is a huge mistake and delivers a message of inconsistency and possibly a lack of value to potential clients. It can also lead to working with questionable clients that may tarnish your brand name.
I know getting your first few clients may be exciting but put yourself in a position to be far more selective and not just chasing every dollar offered. I set myself back when I quit my job abruptly. With proper planning, I could have the funding in place to get all my new equipment, pay my bills, and still have money left over. Instead of being slow to the show and waiting for the next client to put food on the table.
Time Management Is Key
Become a better manager of your time this is extremely valuable to your growth. Set up a list of quarterly short term goals and budgets needed to establish your business and take care of your life responsibilities as well.
Be sure to calculate your time and distribute it wisely. If you dedicate 8 hours a day to your job you should dedicate 8+ hours to your business. Do not give more energy and time to your job than you do your business.
This means adjusting your sleep schedule and sacrificing some of those extracurricular activities that occupy your "Free time". Utilize your breaks to develop your business plan, take meetings, conduct research or create marketing content. This is something you have to be seriously dedicated to otherwise you will get sidetracked by the job, the kids, the life and lose track of the initial goals.
Have A Plan Or Chase Your Tail
Take out the time to build your business plan first this is a critical step that most tend to ignore. Like the great Benjamin Franklin quoted "If you fail to plan, you are planning to fail". We all want the Benjamins but you have to be strategic in your pursuit.
Your business plan is the blueprint of your business, it helps you see your business from a birds eye view, connect the dots, monitor growth, develop accountability, manage money and so much more. You can always refer back to your business plan to align your focus so that you stay on track.
Without a plan things will run in disorderly chaos. You may encounter more losses than gains. Imagine getting hired to work at a busy company with no training for the position but they throw you out in the field. This will slow down production and exhaust other busy employees.
Keep Your Day Job & Be An Entrepreneur Too
The answer is NO, do not quit your day job if you are not fully prepared and bringing in the revenue to keep you, your family and your business afloat. With the proper EXIT STRATEGY you will eventually be able to put in your letter of resignation.
YES becoming an entrepreneur has so many great benefits and YES you should start your business TODAY but create a plan, stay focused, avoid impulsive decisions (THINK THINGS THROUGH) and remember having stability comes first.
I am now a full time entrepreneur in my 7th year of business PROFESSIONALLY, and this is simply advice from my own personal experience. It has been over 6 years since I worked for any one and while it started off a rocky road I gained so much wisdom along the way that helped me grow personally.