Many of us who start a home business do so while we're still working another job. Our jobs provide us with money for living expenses - and, if we're lucky, for funding at least a portion of our business startup costs.
Most people in this position hope to eventually leave their jobs to work from home full-time. But when's "right" time to quit? While there's no black-and-white answer to this question, here are a few things to consider...
=== Are you confident in your ability to earn an income?
Some 'experts' recommend that you stick with your home business for at least a year before you consider quitting your job. This will give you opportunity to 'feel out' any possible trends that may occur during year. For example, you may find that sales are slow during summer, and that your strongest months are from January to April.
If your business has been profitable for at least a year, you'll probably feel reasonably secure that you can continue to turn a profit even after you leave your job.
=== How will you manage your finances?
It's easy to get comfortable with a steady pay cheque. But once you quit your job, your business earnings will likely fluctuate from month-to-month -- sometimes significantly.
How will you plan and budget to cover mortgage payments, day-to-day expenses, child care, and emergencies? Do you have a contingency plan for times when business is lean? Will you have to change your lifestyle, and how? Are you willing to make these sacrifices? Will there be enough funds left over to invest into your business? If not, who can you turn to for a loan, and will you qualify?
Ask yourself questions such as these so that you can anticipate, minimize, and even prevent potential problems.
=== Do you have a proper working area available to you?