ON THIS EPISODE
We’re going to discuss why keeping your day job is so very important in the early days of building your business. It’s way more important than you think.
Many of us – us being millennials – are starting businesses because we hate our day job. It could be because of people, money, location, time/schedule or all of those things.
But before you quit your day job, there are things you need to know. (It’s not like you have this type of discussion in school or with your parents) The most important thing you need to know is that it takes money to make money. Your job – no matter how much you hate it – is your first investor until your business starts to make the money you can comfortably live off. It always takes more money than you think it will. Here are 10 things you must do before quitting your day job for your business:
- Save 6 months of living expenses
- Save 6 months of business expenses
- Take what’s yours
- Get your business financials in order
- Set a deadline (8 to 12 months) + give your job a month’s notice
- Create 3 consistent streams of income
- Get all of your check ups and/or physicals for the year
- Launch your business
- Build a team
- Update your resume
Quitting your job is only one part of your entrepreneurial journey but it’s important to handle it with as much integrity as possible. It doesn’t have to be tumultuous – it can be a smooth transition and the tone of your full time entrepreneurial adventure. It will take patience, intention and guts – but those are all things you have and just have to decide to use.