Are You Ready To Quit Your Job?

by Mike on September 17, 2008
in Mindset

So your online business is really picking up steam and the checks keep getting bigger and bigger.  You’re thinking about ditching your full time job for good so you can focus 100% on your online empire.

photo credit: ted.sali

Not so fast!

Before you tell your boss what he can do with his job…make sure you’ve thought things out clearly.  A miscalculation could have dire results.

Most internet marketers start their online business in their spare time while keeping their day job until their business reaches a certain point.  But how do you know when its time to cut the cord?  Here’s a couple of factors to consider:

Salary.  Are you willing to give up the security that comes with a regular paycheck?  What if your business income suddenly drops?  Do you have a stockpile of cash reserves put aside to cover personal expenses?

Benefits.  When you quit your day job you’ll be giving up more than your salary.  Your company probably pays for a portion of your health insurance, retirement fund, life insurance, and other fringe benefits that you’d be solely responsible for once you quit.

Track record.  So you’re finally turning a profit…but is that going to be the norm?  One good month could be followed by a year of bad luck.

For me, there’s a number of reasons I still have my full time job.  My job is relatively low stress, the hours are somewhat flexible, and I’m used to the cash cushion it provides.  If you follow real estate at all, you know New Jersey isn’t cheap.  We went pretty deep into debt to buy our modest little home so I might as well pay as much off as possible before quitting.  Plus, I kinda like the social aspect of working.  Working from home is a big adjustment.

In the end, only you can decide if you’re really ready to quit.  Just be sure to consider it carefully before you actually go through with it.


One Response to “Are You Ready To Quit Your Job?”
  1. Christopher Ross (15 comments.) says:

    My blog is no where near supporting me but I left my job last week anyways. After all, what could possibly go wrong? Thanks for a great article, it’s a real reality check for a lot of people. One key point is that running your own business is hard, hard work and a blog is a business.

    Christopher Rosss last blog post..Google Changes the Way SERP’s are Displayed

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