When Is It Time to Go Full-Time?

[Scunizzo]

It's time for our next Entrepreneur Poll here at YoungEntrepreneur.com. This time our question is: What is it time to go full-time?

Most entrepreneurs start up their own business before taking the leap to quitting their jobs. How do you know when it's time to cut ties with a steady salary and rely on your company to make the money you need?

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.

To cast your vote, please reply below.

I'm looking forward to some great feedback!

[rejoice]

when your business income is double your earnings as an empoyee for 3 months straight

[etakspeelstae]

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.

[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!

[nocci01]

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.

[BusinessAngel]

On this issue I have to say I feel strongly one way. You can only make a success of a proposition once you are full time. As an investor I wouldn’t even look at a business unless I knew that the founders were 100% committed. Having a parachute in my mind puts you in the mindset of failure from the start. If you are going to do it then do it…full time

Permjot
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[wackoo_jackoo]

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.

[zharlene]

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.

[dontheinfoguy]

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.

[Scunizzo]

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?

[fwn122]

when your business income is double your earnings as an empoyee for 3 months straight

Thats a good idea, ill have to remember that

[Team London]

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.

[CIsaac]

I say a year after starting the business part-time--plan the business while you work, conduct business planning and research, business credit evaluation, business start-up costs and funding in a 6-month span and use 6 months for savings adequate enough to just pay the bills and keep food on the table each month (might end up being a couple of hundred less than your regular salary). This budget will give you 6 months headstart to work the 60-hour minimum it takes, you'll be able to pay the bills, and you'll be reminded that you're broke and not comfortable so you need to fire up. Then give your job the boot and take that risk because you believe in yourself, your abilities and you're passionate about your business idea.

[Snobello]

Hey I just want to say hello.

[allysa]

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