Don’t Quit Your Day Job!

Today’s post is part of an ongoing Apprentice Challenge for B5media Business Channel Bloggers. Team Aces, which included me, here at Interview Chatter has won every week over the last 3 weeks. Here are our last three submissions: “Extra, Extra, Read All About It”, New Entrepreneurs! Here’s How To Get Through Your First Holiday Season, Entrepreneurs! Launching from a Home Based Business to a Self-Owned Outside Business.

Our assignment today is give our entrepreneur Kay the best business advice we have ever received in 50 words or less. Enjoy!

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The best business advice I ever recieved was “don’t quit your day job” until you have saved enough money to cover your bills and expenses for at least 6 months to a year. That’s it, very simple advice I received and what I recommend to Kay as she builds her business.

Let me give 3 recommendations that will help Kay decide when she can quit her day job and focus on the business.

Three Recommendations:

1. Most new businesses go out of business in the first 3-5 years. So keeping your day job will allow you to work your business without the pressure of creating income and turning a profit and still trying to figure out how you will pay your household bills monthly, purchase material and equipment for your business. Also, get out of debt. Payoff credit cards and loans. It will help take off some the pressure when you are on your own.

2. Decide the scope or size you want for your business. Develop a strong business plan and timetable for the growth of your business. Establish milestones and pulse checks to determine if you are on track.

3. If you really want to take the leap and leave your day job, why not take a leave of absence first. Work the business for 6 months to a year. If everything works out the way you would like, you can quit the job. If not, you have not closed the door and you can go back to your job.

For those of you who might be in the job market, looking for a new job opportunity or considering flying solo. There are lots of resources available right here at B5 Media. Vist the other blogs on the channel. Leave a comment, ask a question. We are here to help our readers to be successful. Feel free to stop by Taxgirl and vote for your favorite Business Channel blog – Interview Chatter. See the poll at Taxgirl in the sidebar.