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When to Quit the Day Job
Many entrepreneurs start their businesses alongside a day job. It can difficult to know when to make the switch from employee to business owner and quit your job to focus solely on your business journey. In this episode, Paul talks about when the right time is to make the switch and why doing so at the right time is important to the success of your business and your life.
KEY TAKEAWAYS
- Paul has heard some really bad advice on this and so wanted to give his insight.
- When you decide to just focus on the business it add a whole different perspective and level of stress. Knowing that you are now relying on that business to support you and your family.
- There are three points/metrics, if you hit these three points then it is time to make the switch to just focusing on your business.
1) If you have an idea, you need to prove the concept. You need to have some clients, generating leads and have a real eco system to support you before you go all in on the business.
2) Do not quit your job until the business is generating at least six figures in revenue.
3) You need to have at least 3-6 months living expenses generated from the profits of the business before considering quitting.
BEST MOMENTS
“Picking the right time is critical”
“Prove the concept first”
VALUABLE RESOURCES
BulletProof Business Podcast
ABOUT THE HOST
Paul Abercrombie
Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.
"In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”
CONTACT DETAILS
Paul Abercrombie LinkedIn
See omnystudio.com/listener for privacy information.
View all episodes
By Paul Abercrombie
5
11 ratings
Many entrepreneurs start their businesses alongside a day job. It can difficult to know when to make the switch from employee to business owner and quit your job to focus solely on your business journey. In this episode, Paul talks about when the right time is to make the switch and why doing so at the right time is important to the success of your business and your life.
KEY TAKEAWAYS
- Paul has heard some really bad advice on this and so wanted to give his insight.
- When you decide to just focus on the business it add a whole different perspective and level of stress. Knowing that you are now relying on that business to support you and your family.
- There are three points/metrics, if you hit these three points then it is time to make the switch to just focusing on your business.
1) If you have an idea, you need to prove the concept. You need to have some clients, generating leads and have a real eco system to support you before you go all in on the business.
2) Do not quit your job until the business is generating at least six figures in revenue.
3) You need to have at least 3-6 months living expenses generated from the profits of the business before considering quitting.
BEST MOMENTS
“Picking the right time is critical”
“Prove the concept first”
VALUABLE RESOURCES
BulletProof Business Podcast
ABOUT THE HOST
Paul Abercrombie
Entrepreneur, Speaker, and Founder of Multiple Businesses. Paul is on a mission to help business owners and Entrepreneurs achieve success.
"In 2008 I left my full-time job to follow my dream of owning my own business and building a better life for me and my family. Since then I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and it’s my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”
CONTACT DETAILS
Paul Abercrombie LinkedIn
See omnystudio.com/listener for privacy information.