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“Should I Quit My Job?” Must Read This Before You Do

It seems if I get this question a lot. “Should I quit my day job?”  This is a very intricate question that much really be weighed out, but I am wanting to help you walk through some of the process to see if your really ready to walk away from that dreadful day job.

Should I quit my day job?

This is what I recommend walking anyone asking this day old question, “Should I quit my day job?” .  This can be a huge leap for some and for others is just another small decision depending where you are at in life and what kind of current responsibilities you might have.  For example it’s going to be easier for someone delivering pizza’s for $8 an hour to hang it up, than say someone that is earning 6 figure with tons of benefits and perks.

I share this only to let you know that everyone’s background is different and coming at this question with a lot of different backgrounds and that’s why this question can be very multifarious.

Throwing away a good paying job to launch an untested business concept with little to no profits is a immense risk.  Though the catch is many people are looking for a secure investment on their money are requiring that your 100% in and have no distractions.

Many people who try to keep on foot in the start up and another foot in at their day job end up feeling restricted to becoming successful and putting the time that is required for many start ups.  Though everyone understand that cash flow is must and with startups that cash can be tight.

Taking a sensible look in advance at the financial needs in the early stages of you’re the start up could give you a good indication of how far out you might be from quitting your day job.

So let’s walk through some of my recommends to ask yourself before you quit your day job completely.

1. How Much Money Do You Really Need?

This is the very first question I like to start off by asking.  Because if you cannot answer this question your need to some serious financial help.  You will need to sit down and figure out to the very last cent of how much money you’re going to need to cover all costs.  The amount that you’re going to be paying yourself, to the amount your going be paying your healthcare or not, and how much you have to be bringing in to make sure that the books are balanced.   Three important factors to look at is your balance sheet, cash flow sheet, and your profit and loss statement.  This will provide you the best overall financial view of your business.

2. How Much Business Are You Currently Doing?

Be realistic when it comes to the out come of the work that your putting into it currently and the potential that you could if you were to quit your day job.  Think about the how much more business you could be performing each month.  You must be real with the amount of cash that are generating and what you could down the road. The worst thing anyone can do is to be overly optimistic about future and potential work. Make sure that your truly calculating things out correct and realistically.

3. Factor For All Costs.

Once you put in that resignation with your current day job.  That means all no more money, health coverage, retirement, company car, company credit cards, etc.  While those stop the bills on the other end don’t stop.  Just make sure you fully weigh completely the full amount of income, benefits, and perks are accounted for when leaving your job.  So sometimes it hard to just call the salary that your needing.  I personal suggest to even factor in new equipment within the cost that is need to quit your day job.

4. Ask Others That Have Make The Transition.

No matter how experience and even keel entrepreneur should be asking others that have made the move.  Ask them specific questions of how the transition went, when did they feel it was the right move, and what kind of struggles did they deal with in the first 6 months.  Remember that you can always learn from others experience, and than I would flat out share a bit of your story.  Though this process I would even end the conversation by asking from what you hear, do you feel as if I am ready to quit my day job?

5 Responses to “Should I Quit My Job?” Must Read This Before You Do

  1. Temesgen July 19, 2013 at 11:24 am #

    great post Eric in my view quitting day job depend on persons perspective for example some people may need their job to learn but a majority a day job people always complain with their job if this is the case they should quit thier job
    Temesgen recently posted…Playing BEGENA: How I learn to Play Harp of David BEGENA?My Profile

  2. Adesanmi Adedotun July 19, 2013 at 12:01 pm #

    What is worth doing is worth doing well, and I can quit but depending on many variables.
    Adesanmi Adedotun recently posted…How to know a blog is index by GoogleMy Profile

  3. Pat Mulhouse July 19, 2013 at 3:41 pm #

    Very good article ! You can’t imagine how many people actually come and ask me this question ! Should I quit my job? Should I stat a company ? When is the good time ? For sure if you ask yourself too many questions, you’ll never try! One reliable thing though : is maths! See how much you need, see how you can potentially make it or if you are already making it, etc.
    Pat Mulhouse recently posted…Formations bureautiques à Strasbourg confirmées de Septembre à NovembreMy Profile

  4. Liz July 22, 2013 at 10:26 pm #

    Hi Eric,

    This is really an important post for folks who desperately want to get out of their job and onto the web.

    But as you said, everyone’s financial circumstances are different. Before you quit your job, and it doesn’t matter how much you make, you have to do a budget. What are your expenses, how much money do you have in reserve and how long can you live without any substantial income?

    My recommendation is really research your niche making sure it’s profitable then be prepared to work like heck to promote it.

    Good post Eric,
    Liz :-)
    Liz recently posted…Blog Commenting – Waste Of Time or Useful Traffic Strategy?My Profile

  5. Lex Phumirat July 24, 2013 at 6:48 pm #

    Nice Post, I’m in a funk right now also. Im debating about this within my self. I mean, I like my job, but I don’t love my job. Its a good paying job and puts food on the table and pays the bills for the family, but I’m more interested in working for my self. Even though I have no background in owning or running my own business. I just feel like that’s my calling.

    Good Post – Got me thinking!!
    Lex Phumirat recently posted…Candy Crush Saga levels 51-60My Profile

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