A question I get asked often when a coaching client is starting their business is: Should I keep my outside job or jump right into my business? Most people reading this would say "Yes, of course!". The answer isn't always quite so obvious. Considering the time and resources you will need to invest in starting up and the size and type of endeavor you are envisioning, here are three good questions to ask yourself to gain more clarity on this topic.
- What is the state of your current job? Are you in a failing industry and facing a potential layoff or downsizing? Are your advancement opportunities limited? This may point to having a better result for your future than where you currently stand with an outside job.
- Is your new business going to need your full attention? Not all businesses can be operated part time to achieve success. Depending on your choice of business, will you be spending a lot of time hiring personnel, developing a product, promoting your business, writing code or programming?
- Do you have the financial means to cover your living expenses while you build your business? For many this is the deciding factor. The fear of being homeless and broke is what keeps many people from moving forward on their business ideas and staying stuck in a career they hate. If you are able to raise funding for your business or have financial means that can also cover your basic living expenses it may be to your advantage to take the leap and concentrate on growing your business right away.
If you simply can't decide or don't have financial means yet, it is absolutely okay to have a side hustle. This will bring you a second income, give you tax advantages, and build your confidence as you build your business. Then you can take the leap and do that full time.