Hands up who wants to quit their day job?
Giving up the stability that working for someone else gives, isn’t for everyone. There are plenty of people who prefer the 9 – 5 grind in exchange for a stable paycheck.
For many others, they realize that they only have so much time in their life and every day that they spend reporting to someone else is a day that they could have been directing their own business.
If you have a part time passion or hobby that you think you can turn into a full time income you shouldn’t jump in with both feet before you dip your toe in the water. It’s a big leap from baking cookies for your children to running a bakery. See if you can find a way to test-drive your hobby. This will give you a chance to see if its workable.
Many people try out their ideal jobs by freelancing in their spare time. This can work for jobs that involve writing, photography or music. It’s useful to network and gain experience. But don’t sacrifice your time to do things you’re not interested in.
It’s going to be much harder for you if your dream is to open a designer clothes store or own your own bar. Its not easy getting experience in things like this. Sure you can get a part time bar job or work in retail but nothing can truly prepare you for starting your own business in this type of field. Its near impossible to start these type of projects on a part time basis.
Don’t forget to Fake It Until You Make It. Don’t say, “I want to be an actor someday.” Say, “I am an actor.” You are sure to feel a little dopey at first, but you’ll slowly learn to believe in yourself.
After saying it out loud, you will start to find ways to make it a real.
You should set clear goals. Saying “I want to be an actor” is too big a leap without setting goals. Clear goals will help you achieve your dream. Break down each step into little steps to make them more realistic. You will soon find that all the little steps will add up.
Before quitting your job, you want to minimize your bills. Do you really need to pay fifty dollars a month for cable? Money starts out slow when you start your own business, so you want to cut down on unnecessary expenses when you start out.
If you have a lot of unnecessary stuff cluttering your house, this is the perfect time to sell it to help you with your dream. One mans junk is another mans gold. Sell it on eBay or Craigslist. You could easily make a few hundred dollars from the junk around your house.
If your dream or hobby does start making you some money then don’t forget to be frugal. Bank those extra paychecks paychecks to reinvest in your business or for a rainy day. Many people who start earning more money, will find ways to spend that money with ease. Don’t fall into that trap. Make your extra money work for you instead of spending it on needless or impulse purchases.
You should remember that a dream job or hobby is still a job. When your passion becomes your daily job, you have to be willing to work for it just like a regular job. You should treat it the same as a regular job and ensure that you turn up to work on time, be professional, take pride in your appearance and work your hardest. There will be fun bits and boring bits and you will have to be prepared for both.
So you have started to make your dream into a full time living? How do you know if your ready to quit your day job and focus solely on your part time venture? Sometimes the choice is made for you by way of a great opportunity or offer, otherwise youre probably ready to take that step if you have substantial savings and you know where your next paycheck is coming from.
If you are still unsure if you should quit your job then make a list of pros and cons about your current job. Be honest when you make this list and don’t do it when you have just had a really bad day at the office. You will maybe find that you might not need to leave the job right away, and you can continue to keep your part time venture going while maybe leveraging a pay-raise or promotion in your current job.
Another option is to see if you can negotiate a part-time deal with your current employer. Don’t leave until all avenues have been exhausted. By keeping your job on a part-time basis you have a way to top up your income until your own business earnings super cedes or matches your income from your new venture.