We live in an interesting time in the United States. More than 50 million Americans work as freelancers and the average person changes jobs ten to fifteen times during a career. Knowing when to quit your job to start a business, like so many others already, is important. Quitting your job to start a business is not easy and there are many things to consider.
When you are financially stable
Let’s be frank. Starting a business with no finances makes succeeding much harder. The time to quit your job and start your own company is NOT when you have no means of support.
A means of support can be anything from a spouse, family member, or an investor. They help you foot the financial (and mental) bill for your new business unless you have the money to start the business on your own.
True, quitting your job to start a business with little or no money is a possibility. Anyone can technically start a company, but the ability to support your business until it profits is another story. The chances of your business succeeding depend largely on how you prepare ahead of time.
When you have a plan for the day-to-day
Knowing when to quit your job to start a business means knowing what you will be doing on day one at your own company. It is nearly impossible to go into business without a plan.
Yes, those plans may change over and over again as you work to optimize your business model. Before quitting your job to start a business, you have to know what your work regimen will be.
Starting your own company means having a new found freedom to do as one wishes. This freedom can often lead people to become lazy thinkers or fall too much in love with all the new free time. Make sure you at least have a schedule for what you will be working on during that first day and the weeks to follow.
When you have done the research
Most companies exist by offering a solution to a problem that people are willing to pay for. Using Find My Profession as an example, we knew from the start that applying for jobs online is a hassle no one seems to have time for (problem), so we offered a solution.
Research showed no other companies existed like this and networking efforts proved it was a service that was in high demand. The research showed Find My Profession made sense to job seekers.
Now, if you do not do the research you will never truly know when to quit your job and start your own business. You will be doing something risky: Taking a guess that it is time to quit your job.
When you are fed up with working for someone else
This is perhaps the most powerful way to know when it is time to quit your job to start a business. The reality is today’s business world offers tools to help people be more independent in their careers.
Ultimately, if you know you can do it yourself and the thought of others telling you what to do really bothers you, it may be time to quit your job and start a business. If for some reason your efforts fail, and they often will, you will either go back to work and save money or keep starting new businesses. Either way, you will feel liberated knowing you are calling your own shots in your own company.
Knowing when to quit your job to start a business is also about discovering yourself. You discover that you were meant to lead or do things your own way. And you also discover the time to quit your job was a very long time ago!