If you’ve ever considered leaving your day job to follow your passions and start up your own business, you probably know how overwhelming the idea can be. Whether you’re happy with your current job or not, the idea of leaving your comfort zone and the security of a consistent paycheck is scary.
No one ever really knows whether a business will be successful. It can also be hard to know when the time is right to make a move and start things up. But, if you never take the plunge and take some risks, you’ll also never reap any potential rewards. So, when is it time to finally step out on your own and start your business, and how can you prepare for the highs and lows that might come with it?
When Should You Leave Your Comfortable Job?
Leaving a job you’re currently in is a very personal decision. There’s no one right answer for everyone. But, there are some signs it might be time to quit and move on. One of the biggest red flags is if your job is bringing negativity into other areas of your life. It’s one thing to “bring your work home” with you, but it’s another to let your unhappiness at work carry over into your personal life.
Even if you don’t necessarily hate your job, that doesn’t mean you should stay. There is such a thing as being “too comfortable” with what you do. If you feel you could do your job with your eyes closed and you don’t have any passion for it, you might start to feel unsatisfied and unfulfilled. That can lead to problems like depression.
Finally, you should never stay at a job where the environment is toxic. If you’re being treated poorly by co-workers or your boss, you don’t have to put up with it. Toxic environments can cause emotional and mental distress, and no paycheck is worth that. It might feel scary and overwhelming to leave, but when your mental health is at stake, you have to do what’s best for you, in the long run.
If you’re worried about making money and you’re content with your current job, why not turn your passion into a side hustle to get started? A side hustle is a business that’s run in your spare time, outside of your normal job. The fun part about doing something on the side is that the sky is truly the limit when it comes to options you can explore. Maybe you want to make your own cosmetics and sell them online. Maybe you could become a freelance writer or photographer.
There are so many options to try out so you can follow your passion. The best part? Starting out your business as a side hustle can give you a better idea of the work that will need to go into it if you start to do it full-time. It will also give you an idea of how successful it could be. So, eventually, you can turn your side hustle into your main job with a little more security.
Be Aware of Back End Tasks
Once you’ve decided to venture out on your own to start a business, you’ll need to know how to fully prepare yourself and how to anticipate risks and potential hazards.
It’s fair to say preparing for things like financial obligations isn’t always fun, but it’s necessary to make sure you have the right amount of cash flow to keep your business running. Making a list of all your potential expenses is a great place to start, so you can build a budget around that. Then, you can estimate your monthly income so you can adjust your budget as needed.
Depending on the type of business you’re starting, you’ll also need to be aware of inventory at all times. Having an inventory management system can help you to keep track of the things you have on hand and supplies you’ll need to order. Most inventory management systems can also give you a good idea of which items are selling faster than others, so you can adjust your orders based on demand.
If your business is solely online or you’re just getting started, you can use existing platforms like Etsy to track sales and see which items tend to be more successful for you.
As your business grows, you may also need to hire employees to help. Hiring the right employees involves finding people who share your passion and are committed to what they do. Your hiring process will continue to improve as your business becomes bigger, but be sure to check each employee’s compatibility with your business before you bring them on board.
Planning Ahead for Your Future
It’s never enough to focus on the present when you own your own business. You should always be looking to the future when it comes to your success and longevity. That includes things like staying up to date with the best marketing practices, adjusting your budget to fit your needs and growth, and hopefully expanding your business for years to come.
Business owners need to do a nearly perfect job of managing their finances. You won’t have someone else putting money into a retirement plan or 401k for you, after all, so you can choose to participate in a solo 401k or open an Individual Retirement Account (IRA) to build a nest egg for yourself. Some businesses become so successful that the owners sell them to other people, or at least sell shares of them for more money. Other people start businesses to pass on legacies to their children and families. Whatever the case, building a future for your business should start right away.
Taking a leap of faith and starting your own business can be scary at first. But, if you truly have a passion for something, even if it’s just a hobby, you can take the steps to monetize that passion and turn it into a fulfilling career without having to work underneath the direction of someone else.