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3 Reasons Not to Quit Your Day Job Yet

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Posted 23rd February 2012 at 11:55 AM by PattC

When I was working in multi-level marketing, one idea that was continually brought up by our lead person was the term “fire your boss.” The idea of course, was when you hit the big time in multi-level marketing, you could tell the boss to take a hike, and continue creating a good income on your own.

I’ll have to admit that this was an attractive option, and I not only wanted to tell the boss I quit, but suggest he buy a one-way ticket out of town. Though the idea is attractive, it’s important not to burn your bridges while you’re getting your business off the ground. Here are 3 reasons to not quit your day job yet:

Keeps the Pressure Off of You

Despite the claims that you can make an outrageous sum, like $10,000 a month, the reality is that you are going to have to work up to that level. While you’re getting the business going, you still need to eat, pay your bills, and continue contributing to investments such as a 401K, or savings account.

If you keep working your business diligently, the time will come when you can quit your job. I know from my own experience, working with tyrannical bosses and annoying co-workers can drive you to drink, but just remember you’ll soon be saying adios to these people, and won’t have to see them again.

Allows You Time to Learn Some New Skills

There are always some skills that you have to learn when you start a new business. To attract customers, you’re going to need a website. You could be one of the fortunate few who have web designer skills, but if you’re on a shoe-string budget, creating it yourself may be your only option.

You’ll also need to learn some personal development skills, such as time management. Working on your own means no one is looking over your shoulder, and demanding that you complete a task, but it’s easy to get derailed by distractions such as television, noisy kids, or persistent telemarketers.

Time to Get Everything in Place

Quitting your day job means that you will lose some important benefits, such as your health and dental insurance. If you have health and dental insurance through your spouse’s employment, you won’t have to worry, but if you have to cover yourself and your family through COBRA, be prepared to pay a sizeable premium. COBRA doesn’t cover dental, so you may have to cover that expense on your own.

A new business usually requires a business license, and you may be required to have a license for both your city and county. Applications for business licenses can sometimes be mailed, but if you have to go in person to provide documentation, you can go on your lunch break, or schedule time off.

It’s exciting to start a new business, and know that you’re going to create a good income for yourself and your family. Continuing to generate income at your day job, gives you the time to make sure everything is in place before you open for business.
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