11 May
Don’t Despise Your Day Job: It Could Help Your Home Based Business Succeed
The expression "Don't give up your day job" is used often in an ironic
or even sarcastic sense, when, say, someone who is tone deaf has
delusions of being a famous pop singer.
It can also be very good advice for someone contemplating setting themselves up in a full-time home based business. Darlene McDaniel at Small Business Boomers poses the question
While she doesn't provide the answer - as she points out, it's a question each person must answer for himself or herself - she offers some sage advice:
One thing I would strongly recommend is to set yourself a realistic timeframe for reaching the point where you can confidently ditch the day job, with some checkpoints along the way so that you can adjust the timetable, forward or back, depending on how you are tracking with your for-the-moment part-time business.
Of course, some people don't have a choice about when they quit. They are "outplaced" or whatever the current weasel word for "sacked" is, or they have an accident or develop a medical condition that precludes their working in a regular job. And I'm pretty sure there have been some great home based businesses established by people who were put out of work and could not get another job.
But if that's not your situation and you can manage the juggle, it's hard to beat the value of having a regular paycheck come in while you find your feet with your new business.
For one thing, if you do have your basic expenses covered, when you are marketing yourself you are less likely to have the anxious, "please hire me I have a family to support" look one sees on the face of a home based business person who has made the jump too soon and is struggling to manage. Guess how eager people are to hire you if you look and sound like you are begging?
And imagine how much more satisfying it could be, on the day you hand in your resignation, knowing that you don't need that job anymore. But don't be too rude to the boss or your now-to-be former colleagues. They may just miss you so much they'll want to hire you as a consultant. For much more than they were paying you before, of course.
Sometimes you can have your cake and eat it.
It can also be very good advice for someone contemplating setting themselves up in a full-time home based business. Darlene McDaniel at Small Business Boomers poses the question
While she doesn't provide the answer - as she points out, it's a question each person must answer for himself or herself - she offers some sage advice:
Prior to quitting your day job, I would recommend that you know that your business is generating revenue. In other words, you must be profitable
and have sustainable profitability. Not just a flash in the pan. Are you making
money? How much money do you have in the bank?
One thing I would strongly recommend is to set yourself a realistic timeframe for reaching the point where you can confidently ditch the day job, with some checkpoints along the way so that you can adjust the timetable, forward or back, depending on how you are tracking with your for-the-moment part-time business.
Of course, some people don't have a choice about when they quit. They are "outplaced" or whatever the current weasel word for "sacked" is, or they have an accident or develop a medical condition that precludes their working in a regular job. And I'm pretty sure there have been some great home based businesses established by people who were put out of work and could not get another job.
But if that's not your situation and you can manage the juggle, it's hard to beat the value of having a regular paycheck come in while you find your feet with your new business.
For one thing, if you do have your basic expenses covered, when you are marketing yourself you are less likely to have the anxious, "please hire me I have a family to support" look one sees on the face of a home based business person who has made the jump too soon and is struggling to manage. Guess how eager people are to hire you if you look and sound like you are begging?
And imagine how much more satisfying it could be, on the day you hand in your resignation, knowing that you don't need that job anymore. But don't be too rude to the boss or your now-to-be former colleagues. They may just miss you so much they'll want to hire you as a consultant. For much more than they were paying you before, of course.
Sometimes you can have your cake and eat it.
Posted
on
Friday, May 11th, 2007 at 3:59 am under