Sunday, January 10, 2010

Don't quit your full time job just to start your own business

In my opinion, quitting your full time job to start your own business is not a good idea. Starting a business is never easy and takes time to setup. In the start there will sure be a period of time that there is zero or little earning from your business.

So by quitting your full time job, you will not be able to have a stable income to sustain your living expenses. Once your saving is used up, you will be facing a difficult situation whereby you might be forced to stop your business halfway and start to look for job again.

The only reasons why you should quit your job to start your own business are:
1) You have obtained financial freedom by setting up stable passive incomes which are able to cover your living expenses.

2) You have inherited a huge sum of money which is able to support the whole of your life.

3) You already setup your own business and have a earning to support your living expenses.

So what to do if you have a great business idea and have a full time job?
My advice is:

1) Create a time table and put in some time each week to setup your business while keeping your full time job.

2) Setup other source of passive incomes to cover your living expenses

3) Find a few friends to join venture with you if you don’t have enough time to setup your business.

1 comment:

Ben said...

Hi FA

I agree with you on the point. It is important that we leave the full time job option open while we pursue alternative option to generate income for ourselves. This is a learning process and we must continue to attempt in order to see whether the business plan work. If the business plan fails, there is still the full-time job to fall back on.

Have you started your journey towards financial freedom?

There was an error in this gadget