CU 42: When Should You Leave Your Job To Start a Business?

Careers Unplugged

Listen to this episode on Sitcher!

In this episode Stu Hayes & Rich Sayer explore the puzzle that has perplexed so many people… whether or not to leave their job to start a business.

Check out this great episode which draws from their personal experiences in leaving secure, highly paid roles to start businesses, as well as their interviews of a wide-range successful guests on Careers Unplugged.

Thinking of leaving a job to start a business?

Check out these points from Stu Hayes...

1. Check whether you are being delusional

Is it possible your business idea is not actually any good! Here are some tips to help you get a reality check as to whether jumping ship makes sense:

– Identify the questions that will help show you whether you are aiming too high (or too low) and then honestly answer them

– Find someone independent who you trust to tell you the truth (not what you want to hear).

– Make sure these discussions look honestly at your strategy… and continue to look at this AS YOU MOVE FORWARD – your early work and achievements may show that the strategy is not quite right and needs to evolve. Sticking to it may be a huge mistake.

2. Cover your basic cash needs

Will your business survive if you can’t afford to be in it? If you are like most people, the answer is NO!

The question is, what can you can do to generate cash and avoid having to close up shop (or never even open!). Here are some options:

– Aim to cover your living expenses by generating cash outside the business (but keep your expenses as low as possible). Options for this include your current job or some other ‘cash cow’, a new lesser paying but more flexible job (eg a casual role), or even securing some clients before jumping ship into business at all

– be open to securing clients at lower rates to get early cash. You can always change your client mix in time as your business grows

– Unless you are competing against your current boss/employer (which is probably neither cool nor ethical), start now. Find a small product/service you could sell, to start now

– DO NOT ERODE YOUR CAPITAL ON LIVING EXPENSES. It is MUCH better to find lower paying jobs that allow you to live modestly than to chew through savings to live while you build a business

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