Don't Quit Your Day Job

There's so much glorification about "full-time" entrepreneurship that those working traditional 9-5 positions while "side-hustling" feel torn. Entrepreneurship isn't for everyone, and you should absolutely make the smartest decisions based on your situation. Don't allow yourself to be caught up in the hype you witness on TV and social media. It takes years to build a successful business. There are some freaks of nature that make it big within a year, but they're anomalies. 

Here are four questions to ask yourself before you quit your day job.

  • Do you have proof of concept?  Too many entrepreneurs start companies without doing enough research, or asking the right questions to make certain their business are viable. Are you certain your idea will fly?  Have you tested the concepts, models, and/or systems to know it'll be successful?
  • Are you ok with being #teamstrugglemode for a few years? I left a six figure income to start my first salon and it was a hard adjustment. The sacrifices were enormous and the budget barely afforded food on the table and gas. I went from splurging to scrounging for change to put gas in my car. I remember getting a Christmas tree two days before the holiday and buying my daughter gifts with gift cards I received from her baby shower. I cried that holiday season and vowed to work harder because the year before that I spent well over $8,000 that holiday season on gifts and decorations. I had to learn to be frugal and get comfortable with not being able to shop and eat out the way I desired. I wanted to quit because day in and day out I worked harder than I did at my corporate job with less than a tenth of the income. Over time things got better, but it took a change in mindset and my relationship with money to make it happen.
  • Are you resourceful? Having a "hustle" mentality helps to solve problems and overcome obstacles on your own. When you work for yourself you don't have the same resources to handle issues. Most times it's just you having to figure out how to make things work. 
  • Are you ok with giving up your social life? As an entrepreneur, you’re always on call, including nights, weekends, special events, and holidays. You may have to miss some milestones and quality time with loved ones  because your priorities and obligations are different. You don't have the luxury of time off when the bulk of the business is dependent on you.

A great idea is not enough to quit a full-time job.  Make sure you take into account all the questions above. If your honest answer to all four questions is “yes,”  by all means, go for it. If not, don't make the jump until you're ready and make certain they're for the right reasons. 

Yolanda Keels-Walker2 Comments