Alright champ, first off let me tell you that I understand why you want to simply walk into your boss’ office and spank the son of a gun while saying out loud “I quit!” and then take your stapler and dead cactus plant and check out. I also agree with you that you’re Mark Zuckerberg and Jennifer Lopez blended together in a Ninja blender. You are smart, hot as fire, and you have this killer idea that will revolutionize the way we get together on a Friday night and make babies.
Now the question I know you’ve been asking yourself is “should I quit my job now to work on my unborn business/dream full time?”
Your homeboy Moe believes that you should always do what you love regardless of what that might be, but at the same time you should be doing things at the right time and the smart way.
Here are 5 Questions I would ask myself before quitting my full time job!
- Who am I?
Believe it or not, the answer is not that simple. Your answer can’t be “I’m Big Bill from accounting or I’m sexy Jackie from Marketing”. You should get on our planet and be honest with yourself. Are you really the guy who will do whatever it takes to make this business work? Are you willing to sacrifice your comfort, your social life and many other things in order to succeed? Or are you just caught up in the moment and know you will actually give up pretty soon? I mean, if you’re one of those people who quits going to the gym during the first week on the new year (like I do every year) then you might not be ready to jump in to working on your business full time.
- Is it a business or a hobby?
Everyone has a hobby and quitting your job to do this hobby full time is called retirement not entrepreneurship. I understand that a hobby can become a business and many people have become successful this way, but as a good businessman you should always be aware of the negative things that may happen. A lot of people have lost everything because they believed that their creation, which started in their garage, would someday be listed on the Nasdaq like Apple. I am not saying be negative but before quitting your only source of income to do something you’re not sure about, you should think it through, and be prepared for the ugly days.
Do you have a plan?
Do you have a road map for at least the first stage of the business? How are you going to get things going at the beginning? If you are selling something, who is your customer? Why would they buy from you? How are they going to find you? How are you going to finance your expenses? Are you going to hire someone or just do it yourself at the beginning? And there’s so many other questions that you should have detailed answers to before you cut the only source of income.
- Can you do your business while working your job?
Forget about Shark Tank investors who say quitting your job shows how committed and dedicated you are to your business. I really wouldn’t worry much about that, because they are not the ones responsible for paying your bills, so if you are not sure yet about the business model, or if you can do it full time, then I would say keep bringing coffee to your boss while working on your business the rest of the day. The day has 24 hours and I am pretty sure you can figure it out if you really want to make it.
- How is your Emergency fund?
Now if you decided to pull the trigger and quit, then make sure your emergency fund account has at least 6 to 9 months of your monthly expenses covered because you don’t want to be the CEO of the homeless community under the bridge (with all due respect to homeless community).
- If you are getting a loan on your home, maxing out your credit cards or maybe selling your grandma’s antiques in order to make this business work, please calm down, take a deep breath, have a drink and think twice. And ask yourself do I want to start the business by being in debt?
- Don’t be like “this is a 25-Billion-dollar industry, if I only get 1% of the 1% ….” Please don’t think this way. Be realistic and always prepare for the worst.
Please note: All opinions here are just a personal opinion from my expertise, I don’t mean to judge or make fun of anyone.