When should you quit your job to go full time on your business idea? Sharing my thoughts. entrepreneur how earn by blogging blog

Here are 5 things to keep in mind before quitting your job that have worked as best practices for me and other founders I've talked to over the years.

 

1) Find time during nights and weekends to validate your idea. This may seem obvious, but I've met way too many founders who do tons of research, or even go so far as to build out a full product without ever talking to potential customers, and then decide to quit their jobs with no backup. Even spending a few hours a day reaching out to and learning from your target market will give you the domain knowledge and the confidence to hit the ground running when you go full time.

 

2) Offer to do work for others for free during evenings and weekends to learn about the industry/business you're trying to pursue. Odds are there are startups in your area in a similar industry with a non-competitive product, that would be happy to get free/cheap labor. Sales and customer service roles in particular have high turnover and are always needed.

 

3) Get your first customer and figure out a repeatable model to get more customers. Unless you're a professional sales person, it takes a long time to figure out how to actually sell your own product effectively, and it'll take you much less time to scale up and hire someone else to help you sell if you do this work ahead of time.

 

4) Have enough personal runway to be able to go without pay for at least 6 months. It will take you at least that long to get enough customers to be close to covering your basic expenses, and you don't want the distraction of a heavy financial burden when you're just starting off.

 

5) Don't use company time/resources to work on your business because if you do, they could claim ownership over your work. Additionally, it's in your best interest to maintain a good relationship with your employer because often times the people you work with may become your customers, or even your first hires, down the line.

 

For anyone interested, here's a full podcast episode about this topic.

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