There’s nothing more frustrating as a budding entrepreneur than to be working at a job you hate when all you want to do is become your own boss!
The endless struggle of building a business in between the juggling of time with all of your other commitments can be daunting and frustrating beyond measure. The out of reach end game seems more like an ongoing theme song rather than a destination. And, without getting closer to that desired destination, the fire that makes up the entrepreneurial spirit can burn out real fast.
So how do you know when it’s the right time to quit the J.O.B. and focus one hundred percent on your personal endeavors as your own boss?
Here are 4 indicators you can look for that will signal to you that you’re definitely ready for the leap.
You have at least 6 months of income saved.
A lack of money is the number one killer of dreams. There is great comfort in knowing that a regular pay check is being deposited into your bank account when you’re building a business. The feast and famine lifestyle isn’t a pattern you want to get into. Have 6 months of income saved in the bank so that you won’t have the stress about paying the bills or financing your business while you’re in transition.
Your business is consistently earning enough money to replace your J.O.B. income.
Having a steady stream of clients or customers doesn’t happen immediately. Networking and building relationships takes time. However, when you put in the work and effort, consistent business growth begins to happen. Before you know it, your business creates consistent and scalable revenue. And by all accounts that means your business has now crossed the threshold of being a full time hobby to a successful money making business.
You have the support of those closest to you.
You are not on the entrepreneurial journey alone. It takes a team of your best fans to cheer you on not just at the good times but also when things aren’t going so well. Building a business is emotionally, mentally and physically exhausting. You will need people that are willing to hold your hand when it gets hard or slap you a celebratory high five when you succeed. Your support team will be there to brainstorm ideas, keep you inspired and remind you of your why you’re building a business in the first place! When you have the right support there is no obstacle that you won’t be able to conquer.
You’re J.O.B. has become a vampire in your life.
That’s it! You just can’t handle the circumstances at your job anymore. Your energy is being sucked from you constantly even though you’ve been making every effort to play your part to show up and perform your responsibilities and duties. However, there comes a point on the path when the stress and discontentment of your job becomes detrimental to the bigger picture. It’s no longer a matter of taking your time to get everything in order but a huge red flag indicating that you have to stop talking about making the leap and just do it. You may need to hustle in a way you hadn’t planned. However, your mental wellbeing may very well depend on it.
Don’t sabotage your dreams by playing it safe. However, don’t let your dreams make you a crazy irresponsible person either. There is an equation regarding the right time to decide it’s the right time.
Listen to your mind, your heart and your bank book and you’ll know exactly when to leap and become your own boss.