Earlier this month we started a new Entrepreneur Poll on deciding when it’s time to cut loose from your day job and go full time into your business. It’s a question that I get asked frequently from young entrepreneurs and I thought we could open it up to the Young Entrepreneur community for some feedback.
After a couple weeks of feedback the number one answer so far is:
When Your business is paying you more than what you make at your day job.
Some of the replies included:
“When you make more than your current job with the extra time you’ll put towards it. Although, it must also be a growing business.”
“When the profit being produced is more then your job, and then go full time if you can see your self in the business in 5 years time.”
“I agree with the others: when you’re earning more money running your business than what your day job pays. You shouldn’t quit your day job immediately after you earn a bit, I suppose you have to be earning enough for several months doing your own thing, and then you can quit your day job.”
Some of the other replies included:
When your business income is double your earnings as an employee for 3 months straight
Before you have enough cashflow and start by living off of your savings
Whenever you’re ready!
What do you think? When is the best time to make the leap and go full time? Cast your vote in our Young Entrepreneur Poll.
It depends on what you are trying to accomplish. Is your day job miserable? Are your hours being cut? Is a layoff coming? Then the decision is easy. Go full time when you are sure your side business is viable and can be scaled.
Are you happy with your job? Then there is no rush. Wait until your side business income exceeds your day job.
Of course there are a ton of other factors. Several questions to ask:
-What are your personal finances like?
-What is your family situation?
-Do you have their support?
I think the right time to start a business for yourself really depends upon a few factors, including the type of business you want to start, the industry, etc. Many businesses have very low start-up costs, so the time to start is really whenever you feel fed up with your regular 9-5. I work with computer consultants, and I know it can take very little capital to start a one-man computer consulting company, so really when you feel ready and have nominal savings, you should go for it. Of course, you should make sure you are sure you are going to enjoy doing your chosen business day in and day out before committing to it full time. I typically advise first-time computer consultants to try moonlighting first alongside their regular jobs to test the waters before committing to it full time (and also to start to build a client base).
W_A_Y sooner than you think! If you’re not in it with both feet plus some, you’re not in it. I think waiting until your on-the-side income is equal to or double your FT employment money is courting disaster. Either you’ll burn out trying or you’ll always have an excuse as to why you shouldn’t leap and make your business fly!
Yeah, have some savings to back you up but there’s nothing like real-time urgency to make you perform and innovate and collaborate like never before.
Go, Go, Go! What’s the worst thing that could happen? You go back to your day job or something like it?
I leaped 3 years ago and am so very glad I did!
smiles,
rudy
I think the right time to start a business for yourself really depends upon a few factors, including the type of business you want to start, the industry, etc.I think waiting until your on-the-side income is equal to or double your FT employment money is courting disaster. Either you’ll burn out trying or you’ll always have an excuse as to why you shouldn’t leap and make your business fly.
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johnson789
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Are you happy with your job? Then there is no rush. Wait until your side business income exceeds your day job.
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jack1100
all game
I think the right time to start a business for yourself really depends upon a few factors, including the type of business you want to start, the industry, etc.I think waiting until your on-the-side income is equal to or double your FT employment money is courting disaster. Either you’ll burn out trying or you’ll always have an excuse as to why you shouldn’t leap and make your business fly.
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nova23
orkut
t depends on what you are trying to accomplish. Is your day job miserable? Are your hours being cut? Is a layoff coming? Then the decision is easy. Go full time when you are sure your side business is viable and can be scaled.
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sonu
tools
Hi,I think including day to day job side business is only preferable only when your job timings are sufficiable i.e 8 hours or max 9 hours.
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nansy
http://www.orkut.com
actually in my view we should our work then we can success in the job which we are doing. Then the company will run successfully with profits then simountaniously your our payment will be also increased
Hi
The decision is easy but Business means ups and downs.If any one can balanced this definitely the person will success.
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maggi
orkut
yes to start a business we must have the experience of
the business industry other wise the company will may
bare the losses:
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john Wesley
for more info
http://www.business.com
Hello
The decision is easy but Business means ups and downs.If any one can balanced this definitely the person will success.
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john
orkut
I like this site very much.I really enjoyed this site But some more information needed to know more about this site.
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Ricky
google
I think the right time to start a business for yourself really depends upon a few factors, including the type of business you want to start, the industry, etc.I think waiting until your on-the-side income is equal to or double your FT employment money is courting disaster. Either you’ll burn out trying or you’ll always have an excuse as to why you shouldn’t leap and make your business fly.
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james123
orkut
sandeep says.
i like this site very much.i really enjoyed this site butsome more information needed to know moreabout this site=============================
sandeep.
hello friends,
Business is one of the most important issuse now days in Youth. Entrepreneur Poll is developing now a days with a much more speed.Young Entrepreneur get pid more thn they require.so its a better issue.
This is a very interesting. I really enjoyed. You very well in this job and you continues your job.
On my view, to start a business we must have the experience of the business industry other wise the company will may bare the losses.
“Are you happy with your job? Then there is no rush. Wait until your side business income exceeds your day job”
i’ll seen this words in comments AND this is Right….
i think this ur business ! ur choice ! ur LIFE !
TACE CRAE TAKE A GOOOOOOOOOOD DESESHOIN……….
hai this is vijay, it is very usefull to job holders who are doing job with out intrested intheir work.
its very nice site .this site tell about youngerstars thinking in businesslines and jobs.business is one of important issues now days for youth.
It all depends on 1 thing, your tolerance for RISK! One of the key items we discuss at Upward Lifestyle is your ability to accept risk. The fundamental question is this: If you lost everything(house, cars, toys, etc.) tomorrow, would you jump off a bridge or start rebuilding with a new passion? If you can answer this question, it will tell you at what point to cut the cord and move on full time.