It’s a question that many people who are looking to go into business ask: should I quit my full time job to put my attention on my start up plans? Of course, it’s not an easy question to answer for there is the subject of money; quitting your job means losing a secure income. On the other hand, remaining in full time work when planning and starting a business can put immense pressure on you, and on your family. There are a few good reasons why you should consider quitting in order to focus fully on a start up.
Your Business needs Your Time
Here’s the scene: you work a nine to five job, five days a week, and at the same time you are drawing up a business plan, looking for investors, and in the process working around the clock. You are tired, exhausted sometimes, working long into the night and at weekends to put the required effort into your business development.
Is this really the ideal environment for a fledgling business idea? No, is the answer, and either is it for your full time job. You will lack concentration, and not only will your work suffer but your business plans will, too. The trick is to make sure you have enough money put aside to cover you for the time you believe it will take to get your business up and running, and do away with the day job. Not an easy decision, by any means, but it is the right one.
Too Many Distractions
Each day you go to work you are required to concentrate on the job you are being paid for, at the expense of your freshly formulated business plans. Remember, this business you are planning is not for fun, it is your future. Your boss will have demands of you that will not allow you to put the full effort into your plans – the necessary overtime, the demands of a weekend away – and you are trying to balance everything out. It doesn’t work; make it your aim to quit in order that you can give your start-up the best possible chance of success, or you will regret it later.
Demands on the Family
The strain on your family when you are giving all your time to two working projects are massive; many a marriage has broken down thanks to a lack of personal time together, and it pays not to put such a heavy burden on your loved ones. You still need time to yourself, no matter how busy you are, and with two areas of work to concentrate on it is those close to you who are going to miss out.
As we said at the beginning setting up a business is not the work of a moment; it requires commitment and drive, time and effort, and is unlikely to be a success if you have a full time job drawing on your available resources.