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When is the right time to leave your secure full time job for a side business.

Veteran

Matt Hermsen Dubuque, IA

Could this be when your side business income surpasses your full time job? What about insurance and 401k match, cell phone, etc.

29 June 2020 2 replies Small Business

Answers

Advisor

Nancy Brooks West Chesterfield, NH

That's a tough question, Matt! The answer is as unique as each individual's circumstance.

Some of the considerations are:

Do you have a written business plan for your side gig?

What is the projected growth of your business?

Will you be able to scale the business more quickly and successfully if focusing on it full-time?

Are you miserable in your current job or are anticipating a layoff?

Do you currently have, or can you secure (via SBA loan, ROBS, investors, home equity, etc) the finances to meet your personal AND business obligations for several weeks/months until the business is sustainable?

Is your family supportive?

What about health care coverage?

Please let me know if you have any additional questions. Happy to help!

Best,
Nancy

Veteran

Steve Adolt Lancaster, PA

The short answer is when your side business can replace your job and cover all your expenses.

Remember, the taxation laws are different with your own business, so check with a trusted financial person so you clearly understand the requirements and pitfalls of business revenue.

Peace!

--Steve

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