Should I Quit a Job to Start a Business?

This is a frequent question we get sometimes here, and we see a lot of on other websites in the comments section.

Should you quit your current job in order to pursue your dream business?

Yes. That’s the quick answer… however, there are some caveats to starting your own business that should be taken into consideration.

Do you have enough saved to help you get started in your new business?

“Enough” will mean different things to different people. If you can survive for 6 months before making enough money from your new business -then that might be enough. Personally, I’d recommend not starting a new business that you’re not already making money with. What I mean is – if you’re not able to make sales of some sort – get some sort of ongoing income immediately then perhaps it’s not time to start your business.

When you quit your present job in order to pursue your dream business you might think that all the time you put into getting your new business up and running will more than be sufficient to produce income and get you started on a life of freedom – master of your own domain.

You might be surprised.

Rather than that, if you’re making money to start with then you just have to ramp it up to make more – that’s not nearly as hard as it is coming up with the process to start making money to begin with.

So the answer as to whether it’s ok to stop working at a job where you’re currently receiving all your income…

Not until your new business venture is already at the point of making money – even if it’s small money, as long as you’re started with money coming in – you have a much better chance of making your new business successful than you would if you had no income from the new business and quit your job.

Add to that, you should also have some money saved before you forge ahead. How much will depend on you, your expenses, and how much you’re able to make with your new business.