When To Quit Your Day Job To Work Full-Time On Your Side Hustle
You’ve been working on your side hustle for a few months now, and you’re considering quitting your day job to devote your time and energy to it.
Is it, however, a good idea?
Are you truly prepared to take the leap of faith?
Make no mistake, we support entrepreneurship in general, but we recommend that you first assess your situation and determine whether or not you are making the best decision for you.
Some reasons why you shouldn’t quit your day job just yet include the following.
Until now, your side hustle income hasn’t been able to completely replace your day job income.
If your side hustle isn’t even generating a profit at this point, you shouldn’t consider quitting your job.
Obviously, you don’t want to lose your primary source of income at this point. What are your options for putting food on the table if you don’t have any money saved up?
We believe it would be completely negligent of you to quit without carefully considering your financial situation, especially if you have family members who rely on you!
You continue to enjoy and appreciate your day job.
If you know you’re going to miss your job, it’s going to be difficult to say goodbye to your colleagues.
You’ve probably formed bonds with your coworkers, and you’d be disappointed if you didn’t get to see them and spend time with them on a regular basis.
If you’re not quite ready to say goodbye just yet, feel free to stay a little longer. Your side hustle can be put on hold.
Likewise, if you believe you have a good chance of moving up the corporate ladder and it is something you really want to pursue, don’t leave just yet.
If you have a secure job with good benefits, you may want to give it some serious consideration before quitting your job.
Consider the advantages and disadvantages of each option so that you can make an informed decision.
For the time being, you are unsure whether or not your side hustle will be profitable in the future.
Even though you enjoy working on your side hustle, you aren’t sure if it will continue to be profitable in the near future.
It’s true that you can look for other side hustles, but doing so will require you to start over from the beginning. If that is the case, you will have to postpone handing in your resignation letter until later.
Just keep in mind that if you decide to devote your time and energy to your side hustle, you will be in charge of your own destiny.
This means that you will be responsible for paying your taxes, insurance, and business expenses, among other things.
As you can see, failing to plan ahead of time will have a negative impact on your financial situation.