17/09/2024
Solopreneurs Don’t Quit Your Job, Do This First
An idea well-packaged can change the world but one that is not can destroy your life.
When we are hit by the light bulb of a new idea and able to visualize the possibility of making millions from the actualization of the dream, the next thing we think is how to abandon our job and focus completely on the dream.
This is the reason a lot of startups fail.
In life, nothing is certain. So it will be catastrophic to abandon what gives you a means of livelihood for a dream that is still just an idea.
The idea will not start spitting out cash out of the gate, it will be tested by the different business climatic conditions before it starts bearing fruits.
The worst thing that can happen to you as a new entrepreneur is operating from a needy position, you will be doing a lot of s**t due to pressure.
So don’t jump ship YET. Stay in your job to ensure you still have something coming in at the end of the month to foot your bills while you build your dream as a side hustle.
I was an assistant editor for a weekly magazine while building my side hustle, a news blog.
I left when almost all the advertisers patronizing the Weekly Magazine became my clients. At this point, my annual income had tripled.
I was making far more than I made as an Assistant Editor. There were a lot of reasons why I should have abandoned the ship earlier.
I was being owed several months’ salary but I stayed back because I figured that it would be easier to get my salary while still working there than if I left.
Boxes you must check before quitting your job to focus on your startup?
Thanks for asking that question, before you take the bull by the horns by quitting your job, you should first check these boxes.
Ensure that you have savings that can foot your bills at least for the next 6 months
It is far safer to have savings that can cover your most important expenses for at least the next 6 months. This will help you operate comfortably with no pressure for the next six months. This leads to box number 2.
Wait until your side hustle begins to generate at least 2X your present job pays
This box is very important because it shows that the business is now viable, can sustain you, and run itself.
It won’t make sense to have to go out borrowing money to invest in the business when you don’t even have money to feed.
The business must get to the level that it can take care of you and have enough that can be reinvested back into the business.
When these boxes are checked, you can start considering abandoning mother ship for your side hustle.
Never forget this, business is about taking calculated risks. Your moves must be intentional and calculated.
I know that there are s**tty jobs out there that one wouldn’t want to stay on for one more minute but your dream should not throw your family into unprecedented chaos. And because nothing is certain, you can’t guarantee that your startup will succeed.
Checking these two boxes will ensure that you are taking a calculated risk when you resign.