Quitting Your Job to Start Working from Home Full Time

December 22, 2007 | No Comments

One strategy that most people adopt while considering the aspect of working from home is to start the venture while they are still working for an organization. This helps to a large extent because you can actually evaluate various options and strategies and perfect the one that you want to go ahead with the comfort of knowing that the pay check at the end of the month will at least take care of the installments and the bills. It may even fund a portion of the new venture that you are evaluating.

We start doing something from home in the hope that some day we shall be able to quit the rat race and do what we really like doing. The aspect of being your own boss is welcoming as well scary. But the decision that is most difficult to take is to decide when it is the right time to quit your day job for your home business.

One rule of thumb that is recommended by the gurus is to allow yourself at least one year before you give up your job and dedicate yourself to full time working from home. This is essential because you can then evaluate the fluctuations in the business revenues and the profits that you are able to earn in a year. It will give you a proper understanding of whether the income is likely to reduce during the summer months or go up during the festive season. Though your research on the category may give you an idea of the cycle that your offering will have, it is always better to check it out practically. The one year that you spend balancing your job and your own business will allow you to make mistakes and correct them for the time when you will not have the security of a regular pay check.

Prepare yourself for the future when you know the bills and expenses shall not be taken care of by a salary. It is not only the overall profit that you are making from your home business that needs to be studied but the fluctuations as well. You need to know how you will be able to manage the lean months when business is low and whether you shall be able to pay for the expenses, school fees, mortgage payments and child care. This is especially critical for the first year of operation since from the second year onwards you can try and plan for these expenses from your savings. Have a contingency plan to source money from. This could be a friend or a colleague or the bank.

While you have been at your job and working from home as well, you have probably assigned a space for yourself to work at home. This may not be the most ideal setup that you may want when you are spending more than just a couple of hours at the desk. Invest in some good furniture for yourself so that you are not writhing in pain when you finish at the end of the day with backaches and aches in the neck. Also assign a separate place that is meant only for your work. This could be a separate room if you have the luxury or a corner with a desk, a board and a storing cabinet. Let the family know that this is your work area and you are not to be disturbed while at work unless in case of an emergency.

One question the most people ask themselves is whether the home business will grow to match and surpass their paychecks and if at all when. The one reason why your business may not have already taken off is probably because you were testing waters and only giving a few hours of your time to it. But don’t get carried away with this argument and evaluate the actual potential of the business offering that you have before you take the final call. For this you may have to make some changes in your lifestyle for a short period of time and this is when the support of your family is critical.

Involve your family members in deciding when you want to take the step and quit your job and dedicate yourself to the home business. In the initial years you will need all their support while you struggle and emerge successful in creating your own business.

Written by Vishal P. Rao of Work at Home Forum.

Posted in Working from Home