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Sunday, March 3, 2019

When you should quit your job to start a business ?

March 03, 2019 Posted by Aman Dwivedi No comments

One of the most popular questions I receive when people are wondering about starting a business is: How do I know when the right time to quit my job will be?
So, the easy answer is: "When it's the right time, you'll know!" or, "You can do both!"
So, let me preface my opinion on the matter with a few things. One, everyone is different. Everyone's financial situation, work situation, and home-life situation is completely different. So for me to give you a clear cut answer on "when" would be totally inefficient. 
But, what I can tell you is how I knew it was the right time for me, and how I planned to leave the world of certainty (9-5) for the world of uncertainty (entrepreneurship).
First, I did my research. I wanted to learn as much as I could about the painting business, the industry I took a leap in, and all that I knew I would be getting myself into. Sort of like what you're doing now by reading this! So by my definition, you're off to a great start.
The next thing I did was come up with a detailed budget outlining all of the costs associated with starting a painting business...
And most importantly,I outlined a detailed budget of how much I had saved, and how much I would need to carry me through a couple months without income. Before all else, this should be your first step, and as I stated above, the most important step.
 If you are unable to meet the obligations of your personal expenditures, it's going to be impossible for you to meet the obligations of the the business expenditures.
Here's the budget list I came up with:
Two month plan:
Rent - $850.00 Internet - $60.00 Water / Electric - $250.00 (Florida!) Phone - $175.00 Car Payment - $300.00 Insurance - $125.00 Food: - $200.00 Total Monthly Expenditures: $1,960.00
Being honest with yourself and looking your monthly obligations in the eye is the first step to enjoying the freedom and independence of entrepreneurship.
Based off of my projections, in order to survive for two months, I would need just under $4,000.00.
At the time, I had a little bit more than that saved, so I felt confident enough to take the leap. Again, everyone's finances are different. However, taking a personal inventory of financial obligations that you are responsible is crucial when decided to leap into entrepreneurship.
And remember, those two months are safety months. I assume once you take the leap you will be hitting the ground running! So don't think that you will burn through that $4000.00.
However, the most important thing is to take it slow. Ultimately, your family, loved ones, and friends will be affected by your decision to become an entrepreneur...Your life will change dramatically.
There will be times of frustration...
There will be times where you want to throw in the towel...
You may even second guess your decision to take the leap!
But it's all worth it. Trust me.

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