A number of friends and families ask me, and often they may have this idea that “i’m gonna quit my job now, fire my boss and start my business tomorrow – go big or go home right?
No, let’s talk about this.
I dont recommend rushing things and going full entrepreneurship at least at the beginning, because it does take time to take traction and build sustainable revenue. Dont get me wrong, I LOVE entrepreneurship (I’ve been an entrepreneur since 2008), but we can do things in a more calculated staged manner.
Let’s explore the next 3 points to find out if you’re ready to pull the plug:
Table Of Contents
Your reasons to start a business is strong and convicting.
The reason I say this is because business isn’t always smooth sailing – there will be difficult clients and seasons, and your convictions are what will keep you going. Find out why and who is it for.
Maybe you actually like your job and you actually want a pay increment, speak to your boss and ask how to get that increment. Ask and find out the exact steps you need to get to the increment and promotion you want, and invest the extra income for dividends.
If you want more passive income, you can save more (and negotiate a higher salary) and invest into stable dividend stocks for cashflow.
Do you have enough savings for 6-12 months of expenses?
Especially so when you have dependents / commitments such as kids or mortgages / rent etc – having life expenses sorted out so you can focus on business and entrepreneurship will give you the ability to focus and enjoy the journey.
Most of the time, if you’re waaaaay low on money, you could start to become very desperate and make less-than-ideal business decisions.
Squeeze down all your unnecessary expenses you can to give your business more chance to succeed.
Consider freelance on the side (start a side hustle) first
On weekends and after office hours, and once your side hustle is making at least 50% of your day job, then you can choose to quit then or keep both (ehehe)
So when should you quit your job?
Depends on your savings, if you can do side hustle or if you’re the sort to need to throw yourself headfirst into business.
Listen more in the video.
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.
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