[leozone]

it's best to get your business to were it can earn your living. on the other hand, if you really have a great idea, you may need to take the leap of faith and go for it before someone else does.

[topsearchresult]

I have been struggling with this question personally. I'm waiting until business gets to the point where I'm so busy that I just don't have time with a regular job to take on more customers/clients.

[andrea32145]

Actually, to go fulltime is a big venture, maybe it will make you losing everything.

[Scunizzo]

We asked you when it is time to go full-time with your business and you responded! The number one answer was…

1. When your business is paying you more than your current job

“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.

Yup, 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.

One way is to calculate what you need from your own business in order to meet what you’re currently earning in your employment. Be that in sales or services or whatever it is your business provides. Go back to your business plan, see if everything is on track, from there you could make a calculated decision. But being the entrepreneurs that we are, like NYEF said ‘necessity is the mother of invention’ so sometimes taking that giant step into the unknown is just the kick in the pants you need to start doing some business.

When you make more money and enjoy more what you are doing. And when you’re good to go!

It’s best to get your business to were it can earn your living. on the other hand, if you really have a great idea, you may need to take the leap of faith and go for it before someone else does.”

There was a two-way tie for second spot:

2. Before you have enough cashflow and start by living off of your savings

“I quit my job a year and a half ago, and I most certainly did NOT have the cashflow at the time to do that. But my circumstances were:
(1) a highly technical job that was mentally draining (can you say systems administrator, network administrator, and quality manager all at once?)
(2) sufficient savings to last the estimated interim
I’m just now getting to the point where I’m not digging myself further in the hole, but I don’t regret quitting my day job when I did in the slightest. Necessity is the mother of invention, nothing like a little pressure to make you perform!

It’s best to get your business to were it can earn your living. on the other hand, if you really have a great idea, you may need to take the leap of faith and go for it before someone else does.”

2. Whenever you’re ready

“Whenever you’re ready! No one can really answer that question better than the individual that is making the decision. I read a story in “Think and Grow Rich” by Napoleon Hill about a great warrior who’s army was outnumbered by a powerful opponent. His army sailed to the enemy’s country, unloaded his soldiers and equipment and ordered them to burn their ships. He told his army that the only way they’ll get out of the country was to win the war. They won! Sometimes when you cut off your escape routes (the easy way out…i.e. jobs, 401Ks, benefits, etc.) then you have no other choice but to embark on the entrepreneurial journey that you desire. With uncompromising determination…who wouldn’t become successful? Another thing is…stop making excuses and talking yourself out of a great idea. Make it happen!!! Make it happens means you do whatever it takes as long as it’s legally, morally and ethically. Make it happen means no excuses and no whining or complaining. Just get it done! Pick up a copy of “Think and Grow Rich” if you haven’t already read it. It’s free at the library and it’s a great book to read…should be read by everyone who desires wealth (time and money). I believe that’s what most entrepreneurs are after…I would be lying if I said that I don’t do it for the money.

I’m not a full time business owner yet, I’m just giving my opinion based on the information I have read in books and what other successful people seem to agree on. I think some people including myself think in the terms of uncertianty, doubt, and fear. If I knew that within 30 days I was going to make 10k a month from my business then why not quit my job right now? But I think some of us are Fearful,Uncertain,and Doubtful about ourselves being able to produce that kind of income. Were waiting for our circumstances to change before we believe. That’s why we have back-up plan’s and those “Safety Nets” in the back of our minds “just in case I fail”. If you read “Think and Grow Rich” you will begin to understand that we are in control of out results. It may not happen the way we expect, but it will happen. What ever image we believe about ourselves is effecting out lives and could be critical to succeeding in our business. So I agree that it’s up to the individual to decide if he will make it completely clear what he/she wants to achieve,when he/she will achieve it and an idea on how to go about that. then we have real financial security, being about to generate money where every we go because we understand how to apply the basic laws of success.”

Rounding out the top 5 were:

4. When your business income is double your earnings as an empoyee for 3 months straight

5. One year after starting the business part-time

Thank you for your participation. Stay tuned next week for our next Young Entrepreneur Poll!

[intbizmodels]

The best time is when you constantly more than what you earn today.

[chrispalko]

I really must agree with all the suggestions saying save up X amount of money, then go full time with your business.

BUT

This is where I didn't listen to my own advice. If you have ever read up on why people pursue entrepreneurship, you will find out that most people have always wanted to own a business, but since they have a job, they didn't think twice about not having that "security". The idea of their own business comes and goes. And it's usually a series of frustrations that actually leads them to starting their own business (after they have saved up X amount of money)

In my case, I got fed up with being overworked and underpaid, and having to listen to a boss and all that. I quit.

Now, all I had was one paycheck on the way, a few bills to take care of, and ideas on a budget.

Failure was not an option. I had no job and no back-up money, and I must say, I feel that was a good thing.

Those that feel safe with that back up money were usually the same people that didn't want to quit their job because of that "security". And usually end up taking longer to develop plans or ideas or get things taken care of because they know that that money is there, for now.

So, personally, I feel that you should go full time when you are mentally ready, because if you are not, you will lose everything.

[newtech]

We would love to hear from full-time entrepreneurs who have already made the plunge as well as part-time entrepreneurs who are hoping to go full-time in the near future.

[KatherineB]

I agree that you should wait until you are making more money than you get from your full-time job.

However, sometimes, as long as your new business is producing increasing revenue and you really believe in it, there could be a case for quitting the "safe" job sooner. Especially if you have some savings (you should always have an emergency fund!) and your new venture would benefit from having your full attention.

It depends on your personality, I guess. If you feel confident enough to take a risk on something that is already looking very promising, then go for it. Some people just can't do that, though. Make sure you are comfortable with your decisions.

It also depends somewhat on the type of business and how much money you have put into it - if very little, you could easily move on to something else if it all goes south later on!

[andrewrichardgale]

when the only thing you think and dream about is your business and even when your at work your thinking of ways to improve it but your job is taking up too much time

[andersonlevel1]

i think when you have safety nets in place and you business has a solid foundation also of course well covering what you make as an employee

[ron komorowski]

Hello Evan! Good to meet you here like this! Your site is just wonderful and so helpful!!!!

Here is your answer. You start up your business. It's like pushing a boulder up a hill...tough. When that boulder goes over the mountain and rolls on it's own and there is no way you can catch it then you jump all in.

Translated, if you are still pushing your business so hard uphill then it is not stable yet to rely on. When the business starts to "snowball" run down the hill, on it's own, increasing exponentually, and you can't keep up, you even need to hire help...then it's time...and when time calls you will know because if you don't jump in you will lose business.

Said once again, this is the point when you don't have to pitch your business all yourself. The public is doing this for you by word of mouth. This is the point when you have built "the machine", and now it will run on it's own.

There are exceptions as always.

Ron Komorowski
Inventor of Handi-Straps
Handi Straps Lifting System Home

[JaytheCreative]

The scary thing about entrepreneurship is the foundation of entrepreneurship: Risks...lots and lots of risks.

The acquisition of high-risks separates the entrepreneur from the everyday working person, honestly. So, my answer would be, naturally, as soon as you got business model!

However, the fiscal conservative in me (NO, not the political version...) says, wait til you have a healthy savings account or money reserves, and good credit support (even now...and it's harder now to prove good credit to banks and lenders than it was 9 months to a year ago).

But, I haven't answered that for myself yet. My business has been put on hold for the most part due to financial obligations (higher energy and gas prices and a new home got one) that put pressure on me to get a job [I don't like]. Well, actually I have. I put in my 2 weeks and will be jobless this Thursday! Which is actually more exciting.

Funny story, I was just in the bathroom and was thinking of a plan to meet new business partners. I'd like to re-start my business, and I feel the time is now. Heck, I was just talking with a friend who is re-running for Congress seat, and she said that last year she quit her full-time job once she made her announcement she is re-running. Imagine quitting your job to run for political office against a Republican supported by the oil and insurance companies...that has to mean something

[PeterNicholls]

When revenue > costs inc your wage

[D.G7]

I'm currently in this situation, I have a job that pays my bills and then some. I just incorporated my company and found a perfect location.

I have told my boss I need part-time due to ''personal reasons'', which isn't true I'm starting my company. My problem is I will have to take the plunge and go full time towards my own business because it is very labour intensive and the rush season is coming.

Right now I'm nervous, but like one of the other members said "Failure is not a option" so I will take this saying to heart, and take the plunge and work until my I can't work anymore.

[AOCenteno]

I agree with that quote about necessity being the mother of invention. The perfect time never comes; you have to do some prep, but if you have shelter and can feed yourself....then go for it.

Originally Posted by nyef

I quit my job a year and a half ago, and I most certainly did NOT have the cashflow at the time to do that. But my circumstances were:
(1) a highly technical job that was mentally draining (can you say systems administrator, network administrator, and quality manager all at once?)
(2) sufficient savings to last the estimated interim

I'm just now getting to the point where I'm not digging myself further in the hole, but I don't regret quitting my day job when I did in the slightest. Necessity is the mother of invention, nothing like a little pressure to make you perform!