Should You Quit Your Day Job?
Top 3 Benefits and Drawbacks To Starting A Business On The Side Before Quitting Your Day Job
There can be many benefits and drawbacks to starting a business on the side before quitting your day job, making it hard to narrow down the list to just 3. Everyone’s situation is different and ultimately whether you decide to start a business as a side hustle or look at a different option is a highly personal choice and will depend on your situation and many factors. Here are my top 3 benefits and drawbacks to starting a business on the side before quitting your day job:
Top 3 Benefits:
Multiple Income Streams: You will have income from your full time or part job plus your business income so you will you be able to save more money.
Less Risk: If you find out your business isn’t viable, you still have your full-time or part-time job to fall back on and if you have a slow start with your business you still have income from your job. You will also already have some income from your business before going full-time.
Lifestyle: You don’t have to change your spending habits or decrease your living expenses. As long as your business did not require a large personal investment to get started. You can still spend money on the things you enjoy.
Top 3 Drawbacks:
Friends & Family Time to work on your business has to come from somewhere. Spending less time with family and friends or on your hobbies can cause a strain on relationships.
Healthy Lifestyle: You go to work all day, commute and work on your business evenings and weekends. Your workout schedule may go out the window. Less time to cook healthy meals, you may be reaching for the take-out menu.
Potential Burn-Out: You may experience job burn-out or burn-out from your business from not maintaining healthy habits. All work and no play can lead to imbalances and you may lose your drive to finish what you started.
By taking some preventative steps you can minimize the impact of these drawbacks so that you can focus on your side hustle and get that dream business off the ground successfully and transition to becoming a full-time Entrepreneur. You can let your friends and family know that it is only for a period of time that you need to focus more on your side hustle and spend less time with them and once you get your business off the ground you can regain more balance with your relationships. Also, while it is more challenging it will be more important than ever to stick to your healthy habits and not skip out on your work-outs and take care of yourself.
Those are my top 3 benefits and drawbacks to starting a side business before quitting your day job. If you think you're ready to escape the corporate world, start your business and design your ideal life, then send me a message to inquire about private 1 on 1 coaching or take my entrepreneur quiz to find out.
Farewell, I look forward to hearing from you,
Ash Enns