Q: I am currently developing a part-time business alongside my full-time job. When should I leave my job and go self-employed?
Sep 10 2009
Answered by: Ashley de Safrin Ask a question
There are several issues involved here around time and money.
Firstly, how much income does this new venture need to generate to cover your living expenses? Does it need to be able to do this entirely before you leave your full-time job or do you have some savings that you could live off if required?
Also consider asking your present employer if you could work part-time. Providing there are no conflicts of interest with your new enterprise, this could allow you to devote more of your time to the new business but also retain a lower regular income while building things up.
I think the answer to your question is 'when you can afford to live on the income from the new business' or alternatively 'when you do not have sufficient time to both run your new business and do your work adequately'. Only you know the answers for both of these statements and the decision will rest on your personal circumstances and feelings rather than on a set of figures.
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