Many people dream of going into business full time, and it’s definitely a goal worth fighting for. After all, when you own your own business, you get to pursue your passions and get paid for them. It’s a win/win situation.
Of course, starting your own business isn’t easy and the road is challenging. Still, if you’ve created a strong enough business to consider going into it full time, here are some ways you will know if you’re ready.
You’re Making a Strong Income
It’s one of those facts of life. All of us have to earn an income so we can live, pay our mortgages, and feed our kids. When you decide to switch to running your business full time, it’s best to do so when your income is approaching what you need to live on. I say “approaching” because once you quit your day job and get back 40 hours of your work week, you will instantly have more earning power. You just need to get close to that income number and let adrenaline push you the rest of the way.
You Understand How to Handle Business Finances
Paying yourself is a lot more complicated than getting a paycheck on the 1st and 15th of every month. You have to have a strong understanding of business finances and a good groove when it comes to handling your invoicing, accounting, and monthly expenses. I’ve been self employed for over two years now, and I feel like I’m only now finally getting a solid understanding of how to optimize and organize my business banking. If you can get your finances in order before making the leap, you’ll be well ahead of the game.
You Know How to Acquire Clients and Customers
Many people have amazing ideas for starting a business, but if you want to become a full time business owner, you should have a strong idea of how to acquire clients or customers. It’s preferable if you quit your day job with a nice list of people who are waiting to work with you.
You Just Want to Wear Pajamas All Day
Now comes the best part about going into business full time. When you work for yourself, you can wear whatever you want. If that includes a snuggie or pajamas, then so be it. If you’re just tired of your cubicle, tired of your boss, tired of the office gossip or someone at your work taking credit for your job, then you are probably ready to break out on your own.
Ultimately, there really is no perfect time to start your own business. Some people quit and start a business from scratch. Other people wait until they are totally burned out from running their business at night before becoming fully self employed. The point is, you’ll know when it’s right for you when you have a strong idea of how you will run your business and you’re confident in your ability to handle your finances and acquire customers. Truly, they call it “taking a leap” for a reason. You’ll never feel 100% ready, but for most entrepreneurs, they wouldn’t have it any other way.