It can be tough to recognize the right time to quit your day job and go all in on your new product company. In fact, you probably aren’t going to wake up one day knowing that the time is now. That’s why it’s risky going out on a limb to pursue your dream. You don’t have a sign from the heavens telling you to do it, you have to rely on your own intuition. That’s a scary thought, and many people decide to never leave their regular paycheck because of it. But it doesn’t have to be a total shot in the dark. If you ask yourself the right questions, and give honest answers, you may find that you have a pretty good idea whether or not you should quit your day job.
Your Personal Life
Starting your own business is tough, and if the timing of that start coincides with other factors in your personal life, that can make it a lot harder. Think about what’s going on at home as well as what your business prospects look like. For example, if your wife is pregnant or you’re caring for an older family member, you’ll probably think twice about leaving the security of a steady paycheck.
More to the point, can you cover them? You should obviously have savings built up to cover the cost of your business initially, but you have to be honest with yourself when crunching the numbers. Don’t do the math with the best-case scenario numbers.
Family and Friends
Getting the perspective of your family and friends before heading out on your own is a smart move. The people that know you best can help give you an honest evaluation of your current situation. That’s not to say you should let them completely talk you out of it, or into it, but if you respect their opinions then that’s a good place to start.
Being Your Own Boss
Do you think you have the discipline to be your own boss? It sounds great, but at least in the beginning you’re going to be working long hours, with no schedule except for what you set yourself. Not everyone can successfully manage their time like that.
How solid is your plan, really? If you can confidently answer that, then you might be ready. But not everyone has a good business plan in place when they set out on their own. Don’t let this be you. “Winging it” just isn’t going to cut it if you want your new product company to be a success. Along with a plan, are you sure that your product idea is sound? If you’re basing your business on a product, you should know for a fact that it’s a workable idea that can end up being manufactured and sold.
At Pivot, we specialize in making ideas into reality. If you aren’t certain that your product is 100% feasible, then why not sit down with our experts and work on your idea? Check out our testimonials if you want to see how we’ve helped others just like you, and contact us if you’d like to set up a consultation.