Edward Trimnell’s Online Guide to Entrepreneurship
Do I have to quit my day job in order to start a business?
This depends on the type of business you decide to start. In most cases, however, it is possible to mix standard 8-to-5 employment with entrepreneurial projects.
Entrepreneurship always means a certain amount of risk. Moreover, few entrepreneurs hit the jackpot right out of the gate---- they spend some time tweaking their business models, marketing messages, etc.
During this period of adjustment, the business probably won’t be making much money. Therefore, you should try to complete this experimental phase before you abandon your steady paycheck.
This of course means sacrifice. You will have to give up large chunks of free time on the weekend. In the evenings, you will have to work on your business instead of watching television or surfing the internet. For most people, this necessitates some heart-to-heart conversations with your family and significant other before you begin.
However, this is usually the best way to go unless you already have several million dollars in the bank. (In which case, you probably don’t need to start a business anyway.) If your “big idea” doesn’t take off, then you can keep your job and try again--- when your business plans are more refined, and your skilled are better honed.
There are, of course, some businesses that can only be pursued in a meaningful way by a fulltime entrepreneur. If this exception applies to your business, then you will have to “take the plunge” much sooner. But there is still a lot of prep work that you can do before you quit your day job: advance marketing, behind-the-scenes preparations, etc.
Bottom line: do as much work as you can on your business before you quit your day job.