One of the best parts about being an entrepreneur is arguably working for yourself. So much so that so many of us jump at the chance to “fire our bosses” and quit our jobs forever. I remember The first time I got fired like it was yesterday. For like 30 seconds I was upset/embarrassed. I had never been fired or walked out of a building before. But after the initial shock subsided, I got excited! I had a home-based business that I could now focus 100% on. Which meant it would finally grow… Only… It didn’t work out like that. I wasn’t ready to go full time and you might not be either. Which is why I put together the 6 reasons why you shouldn’t quit your day job… (just yet).
Your job adds value to your free time.
If you’re a real hustler you go out and make things happen NO MATTER WHAT! Often this means getting less sleep than you’d like. Sometimes this means working on lunch breaks, making phone calls during your commute. Even working your side business on company time. I’ve done it all. Often jumping on conference calls while I’m supposed to be working. Or doing presentations on my 15 minute break. Even with life’s obligations, some how, some way, people like you and I manage our side hustles successfully.
So we figure if we earn x dollars in our free time, then adding 40 hours of available time will increase that number. And for some that is definitely true, more hours in equals more production out. For most, like myself, we fill the extra time with something else. Saying “I have all day to get this done, a little Netflix won’t hurt.” Before we know it “a little Netflix” turns into a full blown binge.
By the time you pick your head up the day is over and nothing important got completed. And do you know why? Its simple when your time is limited you’re more efficient and scrupulous with your time. When your time is unlimited and schedule open, there is less pressure to squeeze productivity into every possible second of your day.
You need money to fund your venture.
Here’s an obvious but not so obvious reason you need to keep your job. I don’t know about you but I don’t know a single business that doesn’t need cash to grow. In the beginning stages of your side hustle, income is inconsistent. Inconsistent cash flow makes it nearly impossible to build a self-sustaining business. I’ve always found it funny that younger, amateur, network marketers recruit people without jobs. Then encourage said people to build a business without a job’s financial backing. Yes, I get that jobs are not technically secure you can get fired for anything in some states. Worst of all business needs can dictate how many hours you work or don’t work, especially in retail.
Plus if you’ve ever earned money through your side hustle you’ve seen how much more you can make in an hours worth of “work” versus at your job. My best month in network marketing I made about $40 per hour. Of course I only worked 20 hours that month. The bigger problem is I was applying a wage mentality to a business that paid based on sales made not hours worked. That’s a mental trap many of us fall into. “I make way more per hour in my business than my job so why keep my job?”
Well for starters you only get paid in your business when you complete a transaction. Completing a transaction can be preceded by many many hours that you won’t get paid for. Comparing wage-based income to profit-based income is like comparing apples and Bentleys. Just don’t… Further if you don’t have a reliable income stream to keep your business afloat eventually you’ll sink. Keep your job and keep the dream alive.
You suck at selling stuff.
Do you know why artists are “starving?” It’s not because they aren’t skilled in their craft. Starving artists usually struggle because their ability to package and sell is terrible. Some don’t even like the idea of “selling.” They expect people or museums or whatever medium displays their work to seek them out and buy. It doesn’t work like that very often. Whether you’re an Author, Blogger, YouTuber, Seamstress, Musician, or anything in between, your ability to sell will determine your success.
What and how you sell differs of course, sometimes it’s not a financial transaction. For instance, if I want to guest post on another blog I have to pitch my idea and its ability to add value to their audience and possibly result in more viewership my way. If you can’t sell then keep your job until you build that skillset. Or partner with someone who already has the skill.
You need money to fund your life.
This goes along with the funding your venture part. For your business cash is oxygen. For your life cash is OXYGEN!!! When I was unemployed it was nice not having to get up and go somewhere I didn’t want to go. I was still collecting unemployment so I had cash coming in to survive on. My business wasn’t generating an income so my overall income was cut in half. How would you fare if your current income was cut in half?
I only ask because the truth is that while your business may be doing great it is only a supplement to your job income. You don’t need the extra money. The minute you quit your job your business becomes your primary income. Not to mention your income drops. If your side hustle doesn’t out produce your job income you’re in for a problem. Consider this as well if you have job-sponsored health care you lose that as well as any other job based benefits. For this reason alone if your business doesn’t produce 3-5x your normal income keep your job.
You can’t afford to lose.
Pretty straight forward here. Entrepreneurship at times is unpredictable. Sometimes a business venture takes off like a rocket so it’s easy to put all of your eggs in one basket. However that venture can come to a grinding halt just as quickly if not faster! I have had and still have days where I make $0. Because I have a job rolling a donut isn’t detrimental to my well being. But when you don’t have a job you don’t have a safety net. How many 0 days in a row will it take to break you? Do you have enough cash on hand to last 3, 6, 12, 24 months without bringing in a dime AND still fund your business? If not keep your job. This is a painful lesson that many entrepreneurs learn early in their journeys. Don’t become another statistic.
You don’t do well with stress.
Remember when I said the best part of being an entrepreneur is being your own boss? Well that’s also the worst part haha! As the captain of the ship everything rides on you. When I fuck up at work I can blame it on many factors even my boss in some cases. When you’re your own boss you have no one else to blame. If you make a misstep and go broke that’s on you. If you have to layoff your only employee who relies on his wages that’s on you. Can you handle that kind of weight? Are you prepared for the chaos, emotional turmoil, and depression involved in running a business of any size?
Here’s something you should know. At least 30% of all entrepreneurs are said to be dealing with depression. In 2010 suicide was the highest cause of death for people 15-49 years old, in the developed world. Entrepreneurs tend to be more at risk because they have a lot more on their plates than the average person. You may think you have nothing to worry about but when your back’s against the wall there’s no telling what thoughts will fill your mind. Are you dreams and ambitions worth the risk?
The bottom line…
Sorry to get dark there at the end but as always I wanted to be as real with you as possible. Becoming an entrepreneur and building a startup is the coolest thing to do nowadays. Well outside of becoming a celebrity. Everyone thinks they can do it because the technology and resources available right now are at an all time high. Realize this to be any entrepreneur is to play a losing game with hopes of winning. If you read through this list and you really think you have what it takes to jump into it full time I commend you. If not, I commend you as well. There’s nothing wrong with being honest with yourself. You have time, it’s not a race. Use your job to put you in the best position to succeed. Then when you finally gain solid momentum, take the leap and never stop pushing forward. Either way good luck!
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