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Business Plan, Starting A Business

When is it Time to Quit Your Job?

When is it Time to Quit Your Job

Many small business owners started their own businesses on the side while working at a full-time job – “moonpreneurs” are more common than ever, as people try to make extra money from a side business while still holding down a day job that pays their bills. However, in many of these business owners’ journeys, there comes a point where the burgeoning entrepreneur needs to decide whether or how to quit their day job to focus on the business full time.

But how do you know when it is time to quit your job to start your own business? The answer is complicated and not every situation is right for everyone – some people might want to have a nice long “runway” for takeoff, by holding on to their day job’s pay and benefits and saving money for as long as possible; others might be totally sick of their regular job and want to spread their wings and run their own business full time as quickly as possible.

This blog post from author and business coach Pamela Slim is a great guide for figuring out when the time is right for you to quit your job and start a business. Pamela’s “loathing scale” can help you decide whether it’s time to cut ties with your day job and pursue your own business full time, or whether you should stick it out at your day job for a while longer while starting a business on the side.

“The Chill Range”

Do you like a lot of things about your job? Do you like your boss and co-workers? Even if your job is not your “dream job” and is not the best fit for your skills and personality, do you think you could stay there for at least another year or two?

If so, congratulations: you’re in “the Chill Range.” This means you can tolerate your job well enough while you work on your business idea at night or on the weekends – but be careful! One drawback of the Chill Range is that people tend to get complacent – without an added incentive to make a big change in your life, you might find the years passing by without ever really pursuing your business dream.

“The Angst Range”

Do you have a bad boss? Do you feel like you just don’t fit in with your company’s culture? Are you working too many hours and feeling under-appreciated and underpaid? Are you starting to realize that you just really don’t like your job – and you feel angry and frustrated and annoyed about work, even on your days off?

This is “the Angst Range.” If you find yourself feeling lots of anxiety and negative feelings about your job – even if you’re still able to function and have lots of productive days – this is a sign that you need to start working harder on your business plan! If things at your job go from “angst” to worse, you need to be ready to jump ship and start working for yourself.

“The Run Screaming Range”

Does your job make you feel depressed, panicky or otherwise physically or mentally ill? If so, you might need to quit your job sooner than later – because if your job is making you sick with stress, you won’t be able to be your best self or do your best work.

Of course, it’s never easy to decide to quit a job – but if you want to start your own business, sometimes it’s important to know when to leave behind that corporate safety net and start working on your own terms. For more about this, check out Pamela’s blog post: “Where does your job sit on the loathing scale?”

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Kabbage Team

Kabbage is here not only to provide access to the small business funding you need, but to also help you grow your business through free marketing tips, webinars, tools and more. Is there something you'd like us to cover or want to get your small business featured on our blog? Send us a note at content@kabbage.com.