It’s not uncommon for small business owners to have full-time jobs during the day. There’s security in knowing that you have a steady income and benefits when statistics show that it takes years for an upstart small business to turn a profit. Before you resign, ask yourself the following questions. How will you support yourself financially if your new donut business fails? Do I have enough in savings to support myself during the lean times?
There are advantages to running your donut business while working a full time job. The salary from your regular job can be used to pay for expenses at the small business, and when you really start to sell a lot of donuts there will be extra income to enjoy. It’s also good to have another job to fall back on in case your regular day-to-day job disappears.
Be sure to do your homework on the outlook of donut sales in your area before you quit your day job. Is the market growing? Is your competition successful? Look at the numbers to figure out how much money you will have to make in sales to compensate for the loss of your salary. Are you willing to lose your health insurance and retirement benefits? Quitting your day job could be more costly than you first thought.
It’s good that as an entrepreneur you have large dreams and the drive to go after them. While vision for the future is necessary realism is also important.
What if it’s not what you thought it would be? If you give up on that then you will wish you had your old regular job back. Ease into selling donuts while keeping your regular job at least until you can support yourself on your small business income.
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