Are you an aspiring entrepreneur who is not yet ready to give up your day job but is thinking of starting a business?
The best advice you can get regarding your day job and a business on the side is simple – don’t quit. While most entrepreneurs will find this advice as wrong because of the productivity strains, keeping your day job while doing your side hustle is a key to success.
There is no quick path to success. Some people define it as a difficult journey and one full of expenses. By quitting your day job and relying on your budget that is left (and slowly vanishing), the chances are that you won’t have money to survive another month or two.
That is why making the leap to entrepreneurship should be no hurry. You can still keep your job and be able to pay your bills – all while funding your idea. Below, we are listing the key reasons you should keep your day job while working on your side business.
1. You Don’t Have Enough Savings
A three-to-six month of expenses saved in an emergency fund is the standard for quitting a job and focusing on your side business. However, even that is not enough in most of the cases – mainly because side businesses demand a lot of attention and expenses, and may not reward you only after a few months.
2. No Viable Business (Yet)
Your side business is nowhere near a viable business. That is why you should still consider the fact that it is a comfortable starting point that can be supported with your day job earnings. If you are still working on your viable business, you should definitely delay leaving your day job – and rely on it to support your family and pay your bills.
3. Your Side Hustle Doesn’t Come With Benefits
The number of side business that turned to million-dollar ventures overnight is close to zero. The truth is, your side hustle may be a real game-changer in the industry. However, it is nothing unless it hits the market and makes sales. And that process is essentially what puts a lot of people away from quitting their day jobs.
4. You Haven’t Tested Your Market
Just like the example above, a side business can be a great idea that revolutionizes the market. However, without proper testing – you should not even think about leaving your day job. Market research is vital to success and having the money for it is certainly a priority.
5. You Have A Steady Income Stream
Last but not the least is the fact that your day job provides a steady income stream that you can rely on. This has more value than the dollars that come in your account every month – and is a reliable way to support yourself and your family. So, why walk away from that?
We hope these tips helped you make up your mind and keep your day job – while growing the big idea of your side business and making it public!
And don’t worry – as soon as the time for that comes, you will be able to say goodbye to your boss and leave them impressed!