Dear Tamara:
I want to start my own cleaning business, should I quit my job and devote all of my time to building my business?
Be My Own Boss
Dear Be My Own Boss:
Being your own boss and owning your own company can be very rewarding, but please do not underestimate the hard work, dedication and sacrifice that are going to be needed to sustain and grow your business.
Also, do not underestimate the financial resources that are going to be necessary to start and grow your business. Many times entrepreneurs quit their day jobs too soon. Having an idea and a good business plan are just the tip of the entrepreneurial iceberg. You are going to need money!
I cannot tell you the right time to quit your job or if you should ever quit your job. That is really dependent on you, your goals, the nature of your business, and the condition of your finances.
However, I think there are several things to consider. One, how much money do you have saved? Do you have enough financial resources to pay your bills and obligations for six months to a year? Starting a business can be a process and it may be awhile before you see steady income. Two, is your day job a hindrance to
When I first quit my job started my own consulting company I underestimated how much money I needed to put into starting my business. Because I did not want to take out any loans, I began dipping into my personal savings and before I knew it, a lot of it was gone. There came a time where I wished I had held onto the steady paycheck just a little longer so that I had a steady source of income to put into certain areas of my business.
On the flip side, my consulting business requires me to spend many daytime hours on the phone and in meetings with clients. Having a full-time day job would have directly interfered with my business. I did consider seeking a part-time job that I could work in the evening and continue to fund my business.
So you see, there is no right or wrong answer and it really depends on you and your situation! My advice is to seek the help of a business consultant or coach who may be able to guide you based upon your unique situation. Don’t quit your day job too soon! In other words, don’t quit your day job until your business can sustain your lifestyle and you have enough financial reserve.
Author of the upcoming book Been There Done That: And Lived to Tell About It (due out Spring 2011), Tamara R. Allen is Your Advice Guru giving REAL advice from REAL experience. Email your questions to asktamara@tamararallen.com. You can follow Tamara on twitter @tamararallen or check out her daily column and archives at www.tamararallen.com.
This was printed in the October 23, 2011 – November 5, 2011 Edition.
