If you are someone who’s been working on your side hustle, and you’re looking to quit your day job, there are some things you should do first. Here are five things to do before you quit your full-time job.
Write Out a Business Plan
Even if you feel like you have a good idea of what you want to do with your business, it’s a great idea to write out a business plan. There are plenty of templates and guides on the internet, but outlining what your business is, what you want to do with it for the next 5-10 years and what your goals are is a good start.
Get Your Finances Together
Since working for yourself can be less predictable than a steady paycheck, you’ll want to get your finances in order before quitting your job. Pay off any debt you have (other than massive debts like car loans and mortgages), and build up your emergency savings fund. You should have at least six months of expenses saved up.
Make Sure Your Business Generates Income
This seems like a given, but you’ll want to make sure that your business is generating income before you quit your job. Even if you are bringing in money, make sure it can cover all of the expenses you currently have.
Start your new career with an organized office and home. If you don’t have a dedicated working space yet, you’ll want to create one before you quit your job. It’s not a good idea to just work from your couch because you’ll never be able to shut off work mode.
Have a Back-Up Plan
If you were to wake up one day and your business disappeared, what would you do? How would you survive? Obviously, you have the emergency savings fund we talked about, but you’ll have to figure something out relatively soon. Figuring out what your next steps will be before you need those steps is always a good idea.
Getting prepared to leave a steady, traditional job can be scary. But if you prepare correctly and get things in order, you can do it!