Very few people are able to just quit their full-time jobs and start an Internet business. The majority of online entrepreneurs will need a transitional period for the income from their part-time business to grow enough and become steady to support their personal and family obligations. What often happens is that new business owners will have a particularly good few months and they’ll quit their jobs to soon. They fail to realize that business can fluctuate and even though they may have had strong sales recently the next few months may be slower. That is the nature of business. It is also that fluctuation which can provide unlimited opportunity for the business owner. Even so, it is recommended that new entrepreneurs transition slowly into a full-time business if they have previously worked in a job with a set salary or wage.
There are a number of advantages to holding on to your job even after your business has started to produce an income.
Revenue For Growth
One of the primary advantages of keeping your full-time job just a little while longer once your business starts to take off is that you’ll have more money to put back into your business to fuel growth. This can mean the difference between a business that produces a decent steady income and growing it into a multiple six-figure empire. If you quit your job too soon you may have to cut back on advertising and marketing and therefore you might see your business start to level off in sales. Take advantage of the momentum when the growth is there and watch your business skyrocket before leaving behind your steady paycheck.
Less Stress, More Fun
Growing a new business can be an exciting time. It’s not just about the money. It’s also about giving birth to something that is yours and that you have created which will provide for your family the rest of your life. By holding onto your current job long enough for the business to gain a little maturity will allow you to enjoy it all that much more without so much pressure.
Other Obligations
A paycheck is not the only benefit most receive from their full-time job. For most people their health insurance, life insurance, short term disability and long term disability as well as retirement savings are integrated into their full-time job. These are fringe benefits of their employment and a big part of their total compensation. Before leaving your full-time job to take on the life of a full-time entrepreneur it is very important that you work out how you’re going to meet these other obligations on your own.
These are just a few of the things to consider when making the transition from a job to a full time business. It will be different for everyone but for the most part these are important areas that will apply to most families. There’s nothing more exciting than starting a full-time business. Take it slow, have fun and make your dreams come true.
