Are you thinking about quitting your job to become a full-time entrepreneur? Whether it is because you hate your job, want to monetize your talents or have a burning passion to be your own boss … WAIT!
Being a full-time entrepreneur is more than making money off of your products, services or talents. It will require a significant shift in mindset and possibly lifestyle. So, before you give your boss the boot, here are 5 things to consider.
Can You Pay My Bills?
Destiny’s Child had it right with their song, /“Bills, Bills, Bills.”/ At the end of the day, “the way our bills are set up,” bills like rent/mortgage, utilities, loan payments, insurance, etc. must be paid every month on time. And if you are the breadwinner of your family, food is more than likely another required monthly bill. Before you quit your job, make sure you will make enough money monthly from your business or entrepreneurial venture to pay your bills and maintain your desired or reasonable lifestyle.
All About The “Benefits” Baby!
Most of the time we focus on making more “Benjamins,” as we should! Keep in mind that if you, your spouse or child(ren) require regular doctor’s visits, medical attention or medication, having medical benefits may be a priority for you. As an entrepreneur, the Affordable Care Act gives access to healthcare based on income. However, the benefits, like co-pays and deductibles, may be much higher than what is provided through your employer. Before you quit your job, review the medical benefits you have with your employer and compare the different medical coverages available through healthcare.gov. Consult with a health insurance professional to understand your options and differences in coverage and cost.
Are You Addicted To Direct Deposit?
Statistics state that 1 in 3 of Americans is one paycheck away from being homeless. Unfortunately, we witnessed this with the Government Shut Down in early 2019 that last over 30 days. The emotional rollercoaster for many new entrepreneurs is not knowing when next sale, contract or deposit will happen. If not receiving regular direct deposits will cause financial hardship or severe emotional anxiety, reconsider breaking up with your employer. Before you quit your job, build up enough cash so you can live on your savings while your building your business and during the slow sales seasons as an entrepreneur.
I’m Not Your Super Woman (or Super Man)!
In 1988, R&B Singer Karyn White’s song /“I’m not your Superwoman”/ ignited a fire in many women to let the world know that we can’t or want to do everything. However, as entrepreneurs, we must have a basic understanding and ability to execute other tasks of running a business. At work, people work in different departments, which allow employees’ to focus on their specific job duties. Before you quit your job, make sure you have adequate support or ability to execute critical areas of a business, including bookkeeping, marketing, sales, etc., as well as producing your product, service or talent.
Risky Business!
Don’t let the fake glamourous life of an entrepreneur on social media fool you. Being an entrepreneur is a risky business.
“If it were easy to be an entrepreneur, everyone would be one.”
Being a successful entrepreneur takes a significant amount of commitment, resilience as well as requires a different mindset. Many people fail as an entrepreneur because they still have an “employee mindset.” Before you quit your job, ask yourself if you are really ready to take the necessary risks. Also, determine if you are willing and able to invest the time, energy and money it will take to be successful and profitable. It is not easy to be an entrepreneur and should be respected.
Final Thought: You Should Start Your Business
The reality is that hating your job is not a good reason to quit your job to be an entrepreneur. It may just mean that you need to find a new job. Better yet, become a DUALpreneur[1]™ by building your business while you are still employed.
“Keep Your Benefits AND Build Your Business!”
While your employment income is paying your bills and sustaining your lifestyle, it will also be the first capital investor for your business. For many, becoming a DUALpreneur[1]™ is an excellent transition from being a full-time employee to a full-time entrepreneur the right way.