Many people start their business journey while still holding a full-time job. It’s a smart move to reduce financial risks, expand their professional network, and learn more about how to do business.
But, there comes a time when the decision to go full-time as an entrepreneur will cross your mind. You’d ask, “Am I prepared for this radical change of quitting the job and going full time on the business?” Here are the signs it’s time to dive into it:
You have gone past the start-up phase
The startup phase is the riskiest stage of any business life cycle. It’s where you test the business idea, explore different business models, look for partners, and know as much as you can about the industry. If you’ve accomplished these things already, then you have a firm and solid foundation of the business by now. This could be boosting your chances of growing the trade further.
The growth aspect is crucial. Many starting entrepreneurs tend to be too preoccupied with all the details of the startup phase and get burned out in the process. They forget what their next steps are and how exactly they could improve their cash flow. If you’re past the startup phase and have a clear picture of where you’re headed (without losing sight of your vision of expansion), then it’s time to go full-time.
You have lots of reliable customers
Demand is the lifeblood of the business. If you don’t have a solid customer base yet, then spend more time building it up. A smart approach starting entrepreneurs do is to ensure that they have a loyal market by getting into franchising. Being a franchisee lets them take on the good reputation of a solid brand and its devoted customers. Consider such business opportunities, especially if you’re eyeing “fan-based” industries, like fashion and beauty. It will be best to get a clothing franchise when starting in the trade to increase your chances of capturing a profitable market.
One way you can grow your market is to create ambassadors out of your existing customers. Highlight their personal stories with your brand in your marketing messages. Reward them for their loyalty. Ask them for feedback and let them know that you value such insights. Once you’re able to build a solid customer base, the business would demand more of your time and energy, so it’s a good time to quit your job and focus all your efforts on the business.
You have been thinking about your business when at work
It’s time to rethink things if you find yourself going lax on your job and instead constantly pondering about what to do for your business next. It’s never good to stay on a job and be half-hearted at what you do. It results in mistakes (sometimes, costly ones) and it’s unfair for the people you work with.
When you’re putting half of an effort on your full-time work, it usually means that you can’t physically do both anymore or you’ve developed more passion for your business already. This is the perfect time to talk to your boss, explain your situation, and leave the job. Ask advice from mentors and life coaches about your decision.
Going full-time as an entrepreneur is an exciting chapter in your journey, but it can also be confusing to know if it’s already the right time. If you see the mentioned signs, though, it’s time to make the big move.