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May 14

When to Quit Your Job

Starting a new business is scary.  You believe in it (and yourself).  You don’t want it to fail.  Often, people continue to work their full time job while starting a business.  However, everyone looks forward to when they can quit their regular job.  You need to be ready to quit.  How do you know if you are ready?

You need to have some money in your savings account.  It may take months or even years to work up to your full time income.  If you have enough savings, you may be able to quit and work on your business full time.  However, most people recommend that you should have enough money in  your savings to support you for at least three months.  Six or more months of income is ideal.

You need support.  If your spouse is not behind your business, they will definitely not understand when you quit your job.  They also need to know how hard it can be to start a business.  Are they ready to help you with the children, house, and income while you realize your dream?

You want to have your bills caught up.  Everyone has monthly bills.  However, if you have a high credit card bill or a car loan, it will take longer for you to pay that off.  Try working both jobs to see if you can get your bills caught up before quitting your full time job.

While it is not important to everyone, some people prefer to have steady work before quitting their full time job.  While having steady work today does not mean that you will have work in a month or tow, it does help knowing that you have some income coming in.

I have two part time jobs plus I am working on my business.  While I am planning on staying at my one job, I look forward to the day that I can quit my other job.  I need to prove to my husband that my business will be profitable.  He does not think a business is a real job.  We also do not have a big savings account and we have credit card debt.  I am using what little money that my business brings in to help pay off my credit card.  Also, I want to have at least some steady work before quitting.  I am slowly working towards my goal of quitting one of my jobs so that I can work more on my business.