Are you contemplating quitting your day job while you start or grow your business? If so, there are several points you might want to consider before making a decision. Depending on the type of business you're starting, below are some tips on why I believe it’s a good idea to build a business on the side of your day job.
Tip #1: You are Building under your own terms & time frame
You can use this time to your advantage to pay off debt and save money until you are ready to quit. Use this time to set financial goals and an action plan that you will be comfortable with and can work towards. Set a date to when you will meet these goals and set a date of when to quit your job if that’s your end goal. You will feel more at ease while building if you have income coming in from your day job and have a detailed plan with a time frame on when you will achieve those goals and be able to quit your job.
Tip #2:You can take your time and test out your ideas, products & services.
By allowing yourself some time to test out your products & services, you will be able to see how profitable your business idea is and will give you time to change and tweak things around as needed. You can also use this time to your advantage to get testimonials and grow your social proof. You’ll be able to see what’s working or not, what resonates with your clients/customers and make changes accordingly.
Tip # 3: You’re earning an income that can help you start and sustain your business while it grows.
Your day job income can help you start and sustain your business as well as yourself. Having a steady paycheck will help you to not be stressed out about money or selling from a place of scarcity. It will allow you to focus on helping others and gaining customer satisfaction rather than focusing on making sales because your life and family depend on it. When you’re too focused on just making sales, your energy projects into your clients/customers and TRUST me, they can feel it! Which as a result, can turn them off from working with you. Having a steady income can also help fund your dream business while it grows and eliminate or reduce the number of business loans you may need to borrow in order to start or grow your business. As exciting as starting and growing a business can be, it's also an overwhelming process; so the last thing you want is add financial stress to it. Instead, you’ll want to channel your energy in growing your business and developing that customer/client trust and satisfaction until you’re in a financial place where you feel comfortable making that transition.
Tip # 4: Additional income to fund goals
If you’re starting a business because you want a side hustle to help pay for certain goals, this one's for you. We all may have different reasons for starting a business or side hustle, some of us may want to eventually quit our day jobs and dedicate ourselves full time to our business; while others may want additional income. On the other hand, you may not know what the goal of your business is yet and could still testing the waters. Either way, the profit you start earning for your business, can help fund certain goals you may have such as buying a home, paying for vacations, paying off debt or treating yourself/family to nice things. The additional income you make from your business can also be invested back into your business in order to grow it.
At the end of the day, this is a decision that only you can make when you’re ready and if you know it’s the best decision to move your business forward. It’s okay to take your time and do things at your own pace until you figure out the direction you want to take your business or until you're in a financial place of security where you’ll be comfortable making that transition. For some of you, it may happen right away, for others it may take months or years and that’s okay , just keep taking action and moving forward.
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