5 Signs You are Ready to Leave Your Full Time Job
Starting your own small business can be scary. Many people take a transitional approach to living their dream of being their own boss. If you are currently working part time in your own business and working a full-time job as an employee, you may wonder when is the right time to take the plunge and become a full time entrepreneur. It takes a bit of introspection and planning, here are five signs to look for when making the decision to leave your nine to five for full time entrepreneurship
Clients asking for more
Are your customer’s demands difficult to fill in the time you have for your part time business? Are you thinking about hiring someone to help with the demand? If you are then it is an indication that you may want to spend more time on your small business. In lieu of quitting your full-time employment you might decide to go part time as an employee while you continue to grow your own business.
Cash flow is more than likely the highest priority for most small business owners when deciding when to go full time. Are your savings padded enough to keep you floating through your slow season, every industry has one? Your personal bills, as well as your business’ bills need to be met by the money coming in from your small business. If the answer is yes, you have a bit of savings and your business is generating or will generate a full-time wage if you went full time, then put this in the pro side of your checklist.
Often this is where most small business owners stop. Confidence in your decisions, in your ability to see the future growth of your business can be hard to find. However, the more you are meeting the demands of your business and meeting (and exceeding) the demands of your customers you are gaining experience. A life plan as well as a business plan helps build that confidence and expands your outlook on the overall picture of your potential growth, both personally and professionally. Working the business part time helps to establish that you have the experience to be a qualified expert, but eventually part time growth reaches its outer limits and you have to take the next step of going full time in your venture.
Dissatisfaction at your 9 to 5
Dissatisfaction at your 9 to 5 that is overwhelming, causing a decrease in your quality of life, is an indication that you may be ready to take the plunge. Everyone has good days and difficult days at work, in is inevitable. A little self-analysis will tell you if it is time to walk away and do your own thing. Are you having more bad days than good? Are your good days not as fulfilling as they were in the past? Combined with the other signs this can be a clear sign in whether you should take the next step in the direction of being a full-time small business owner.
The timing is right
If all the signs are nudging you toward taking a step of faith and going full time as a small business owner then you must decide when to do it. Timing is everything. It is best to go full time during a busy part of your year when customer demand is highest. This is for several reasons, you will stay busy and not have time to doubt yourself, you will be able to make money and pad your savings a bit more, and will gain more confidence and experience with an abundance of orders. Have a plan for when your industry is slow, perhaps developing additional services or products.
Take a look at where your small business is in its growth and where you want it to go. You will need a small office or home office. You will need a support network for those days you just don’t want to work alone. You will need a plan for hiring employees when the time is right. Listen to your experience, don’t doubt yourself, but plan for anything, and then take the step to being your own boss when all the signs are in your favor.
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