Are you thinking about starting a small business as part of your wealth building journey? One sure thing is that you are not alone. Per U.S. Small Business Administration, small businesses account for more than half of U.S. sales and jobs. Small business is growing rapidly and the failure rates have declined over time. If you are thinking of owning a small business now, many other people are travelling the same path with you. So the question is, should you quit your full time job when you start your business?
My candid answer to this question is no. Here are some reasons why I think you should not quit your full time job at least in the beginning of building a side small business and how to make it successful:
Being an entrepreneur is a long and patient path. While many new business established each year, just almost the same number of businesses failed. Lots of times it is not because they are not hard working or not smart, it is because small business takes more details and decisions than you might think along the process. One wrong decision could fail your business. It is very hard for any of us not to make any mistake. However, along the way, we learn and we grow, then we become seasoned entrepreneur that drives to the success.
You need to be at your best mentality when you run your side business. This means you don’t have much time and capacity to handle the pressure of making your ends meet. Even though your full time job competes your time and priority, the benefit of not worrying about if you can afford a roof or car is much more than the cost.
Leverage your full time job to your side business. Any small business at the end is to connect with your customers. The skill set, information, customer desires etc. are all around your daily life. Sometimes by connecting with your full time job can bring the info that benefits your small business. In my own case, my blog specifically is to connect with women who want to build her wealth. I talk to women at work and understand the frustrations they experienced when it comes to managing finances. That provided me extraordinary info to the topics in my blogs.
Stay true to yourself. What is your strength? what is your passion? what do you see yourself to be in for a very long time? Are you a dedicated person? Do you enjoy it when you run your business? Stay true to yourself is the best driver of success. I am more than happy to hear your thoughts as well.
Organize your priorities. If you identify your competitive advantage and have an idea, then go execute it. Take each step solid. If you can set your road map and organize your priorities, your full time job provides that foundation to get you going, not just financially but other perspectives like network and skill set. If you want to start your business, be prepared it is not going to be a smooth path, but you will succeed eventually if you are driven and be open minded to changes.