When to Quit Your Job

Starting a new business is scary. You believe in it (and yourself). You don’t want it to fail, so you are willing to put in the work to get it going. That being said, most people continue to work their full-time job while starting a business.

However, most people can't wait until they are able to quit their regular job so that they can focus all of their energy on their business.

So, how do you know if you are ready to quit your regular job and just work on your business? Here are some things that you should consider.

You need to be caught up on your bills. Everyone has monthly bills, and that won't change whether you keep your job or quit it. However, you really shouldn't be behind on bills or stuck with a huge credit card bill or car loan.

If you do, quitting your job is riskier because you won't have the steady income to help you pay them off. It might be better to continue to work, plus work on your business on the side to try to get your debt down before you decide to quit. If you don't have many bills, you will need less money each month, which makes it easier to quit your full-time job!

You need to have some money in your savings account. It may take months or even years to work up to your full-time income. If you have enough savings, you may be able to quit that job so that you can only work on your business.

So, how much money should you have in your bank account? Most people recommend that you should have enough money in your savings to support you for at least three months. Six or more months of income is ideal, especially if it will take time for you to build up your business. The more money that you have saved up, the less stressful it will be. You will have money to fall back on when your business is just growing.

You need support. If your spouse is not behind your business, he or she will definitely not understand when you quit your job. Your spouse needs to be on board and ready to help out, however he or she can. Is your spouse ready to help you with the children, house, and income while you realize your dream?

While it is not important to everyone, some people prefer to have steady work before quitting their full-time job. While having steady work today does not mean that you will have that much work in a month or two, many people want to know that their business can be a success before focusing primarily on that! It may help to have a client or two that you can count on before you decide to leave your regular employment. If you can get a few clients, you know that you can get some more of them!

I have two part-time jobs, plus I am working on my business. While I am planning on staying at my one job, I look forward to the day that I can quit the other one.

To do this, I need to prove to my husband that my business will be profitable. He does not think a business is a real job. We also do not have a big savings account, and we have credit card debt. I am using what little money that my business brings in to help pay off the bills.

Also, I want to have at least some steady work before quitting. I am slowly working towards my goal of quitting one of my jobs so that I can work more on my business.

Previously published on Medium.