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If you’re like most handmade business owners, you started your business as a side hustle. You wanted to earn additional money for your family doing something you loved. The dream was always to quit your day job and make your business your full-time income, but you knew it wasn’t feasible from the start.
So, how do you know when you’re ready to finally quit your day job and work on your handmade business full time? Here are some questions to ask yourself to help you decide.
Are You Ready to Hustle Like Never Before?
One of the biggest advantages of running your own business is the flexibility it provides. You can easily take time off to help at your kids’ school, go to appointments, and run errands during the day. However, if you’re going to quit your day job, you need to have enough hustle and drive to make your business a priority. You can’t let the distractions of life get in the way of accomplishing the things you need to do to make your business a success.
Most entrepreneurs spend more than 40 hours per week hustling. New York Times’ bestselling author Grant Cardone says he works 14 hours per day. That equates to 95 working hours per week! If you want to quit your day job and run your handmade business full time, you’ll probably be working plenty of late nights and at all hours of the day. Are you ready for that?
You’re probably thinking, “I’ve been running my handmade business on the side for a while, so I’m already used to putting in the time.” The difference now is that your family will depend on the money you make and that means you’ll have to hustle like you’ve never hustled before. Owning your own business means you’ll no longer have the luxury of a job with set hours, but you’ll have more control over your income potential.
Are You Mentally Prepared to Work Alone?
When you go full time with your handmade business, you won’t have to tell anyone where you’re going or ask for permission to take time off. You’ll be the boss! That freedom and control is one of the biggest allures of the self-employed life. However, you’ll probably be spending a lot more time by yourself, and that can get lonely.
You probably won’t have the money to hire staff for your handmade business right away. That means you’ll be spending a lot of time alone making the things you want to sell and managing all aspects of your business. This can take a toll on your mental health. Socialization is important in combating feelings of depression. If you’re going to be spending a lot of time alone, you need to have a plan in place for having fun and associating with others.
Are You Prepared for the Financial Stress?
Finances obviously play the largest role in your decision to work on your handmade business full time. Before you make the switch, you need to have a plan in place to handle your mortgage, health insurance, and all your other living expenses.
If you’re not confident that your business can take care of your financial needs, you might not be ready to go full time yet. Yes, there is an element of risk involved in the decision, but don’t foolishly quit your day job until you are ready. At the very least, you should have a few months’ salary saved before you quit.
A regular job provides a stable income that you can count on. Most handmade business owners don’t have that from the start. Yes, your business has uncapped earning potential, but it’s hard to predict your income from month to month, especially in the early years of running your handmade business.
Are Your Health Expenses Covered?
Another consideration to make when deciding whether to quit your day job or not is your benefits. Does your current job offer health benefits in the form of health insurance or a health savings account? Those are large monthly expenses that you’ll have to factor in. If you’ve never researched the cost of enrolling in private health insurance, you need to look into this before quitting your day job. It typically costs a lot more than what your employer charges you.
It’s never an easy decision to quit your day job, and sometimes it is not the best option! You need to look closely at your handmade business and consult with your family before making the leap. However, if you’re able to do it, owning your own business can bring you financial freedom and happiness.
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