There's no easy way to know whether or not it's the "right" time to quit a job and work online full-time. Once you leave your job, you obviously also lose your employment income! The following checklist offers a few considerations before you take the plunge.
Business funding. That pay check sure comes in handy when you need money to run a marketing campaign, app promotion, or pay for one of many expenses. Once you lose your employment income, can you still operate a successful and effective business?
Day-to-day expenses. How will you cover living expenses such as mortgage payments, food, utilities, child care, and so forth? Will you be able to set aside funds in case of emergency? How will you manage your money during "slow periods" in business? How will you cover benefits your employer may have previously covered for you, such as medical, dental, eye care, etc.?
Business profitability. How confident are you in your business' ability to consistently turn a profit? Business has its ups and downs. Some months will be more profitable than others, and at times you may incur large expenses. Consider waiting at least one full year of profitability before you think about quitting your job. This gives you the opportunity to experience any trends that may occur during the year. For example, you may find that your most profitable months occur in the summer, while winter sales are extremely slow. This type of knowledge gives you the ability to plan ahead.
Business growth. Many people prefer not to quit their jobs until their home businesses are producing a comparable income. Yet it can be very tough to expand your business if you simply cannot squeeze more time out of an already busy schedule. You will have to decide whether or not you're ready to say good-bye to the relatively 'steady' income you receive from your job, before your business earnings have replaced it. Consider how this will impact your lifestyle as well; for example, to help conserve funds, you may have to give up or decrease little luxuries such as dining out or entertainment.
Home office. Is there a separate room where you can comfortably operate your Internet business? You can easily develop aches and pains from spending long hours in an awkward work environment.
Risk. Even working on a business full-time doesn't guarantee it's success (or continued success). What would you do if your business failed - would you have the option to return to your job? If you are a professional that requires extensive training and/or up-to-date skills, what would you need to do to return to your profession if your business didn't work out?
Family support. Quitting your job to concentrate on your online business doesn't just affect you personally; your entire family is also affected by the changes in income and lifestyle. Talk to them about it, particularly any changes that will affect them directly.
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