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Why You Shouldn’t Quit Your Day Job Just Yet

Written on . Posted in Blog.

You’ve had your side hustle going on for a few months now, and you’re looking to quit your job and focus on your hustle. But, is it a good idea? Are you really ready to take the plunge?

Make no mistake, we’re all for entrepreneurship, but analyze your situation first and see if you’re making the right decision. Here are some reasons why you shouldn’t quit your day job just yet.

Your Side Hustle Income Hasn’t Replaced Your Day Job Income Yet

You really shouldn’t quit your job if your side hustle isn’t even generating enough profit yet. You don’t want to lose your main source of income now, do you? If you don’t have any money saved up, how are you going to put food on the table? It would be totally irresponsible of you if you quit without thinking your finances through, especially if you’ve got people depending on you!

You Still Enjoy And Love Your Day Job

It’s going to be hard to leave your job behind if you know you’re going to miss it. You’ve probably built relationships with your co-workers and you’d feel sad if you don’t see them and get to hang out with them nearly every day. If you’re not ready to say goodbye yet, then stay a little while longer. Your side hustle can wait.

Likewise, if you feel like you’ve got a good chance of moving up the ladder and it’s something you really want to go for, then don’t leave just yet. If you’ve got a stable job with good benefits, then you may want to think extra hard before quitting. Weigh the pros and cons so you can make an informed decision.

You’re Not Sure If Your Side Hustle Will Remain Profitable For The Foreseeable Future

You love working on your side hustle, but you’re not sure if it’s going to be profitable for much longer. Sure, you can look for other side hustles, but it’s going to mean starting from scratch. In that case, you will need to delay handing in your resignation letter.

Just remember that when you do decide to focus on your side hustle, you’re going to be your own boss. This means you’re going to pay your taxes, insurance, business expenses, etc. As you can see, it’s going to take a toll on your finances if you don’t think everything through!  

 

 

Gregory Brickner

Gregory is the Co-Founder of Finive and a number cruncher himself. He leads the obsession for cash flow for small businesses that is the Finive spirit. With insights into cash flow, business owners make better decisions, increase profit, and achieve their wins.