16 May 2019, 13:47 — 4 min read
For any entrepreneur who has been pursuing their business as a side job, the biggest question is: when is the right time to quit my day job to pursue my business full-time?
We asked some UnionBank GlobalLinker members on how they were able to pursue their business full-time. What did they experience and consider before jumping into the world of entrepreneurship? Let’s find out what they had to say.
1. You’re no longer happy doing your day job
There are days when you feel unhappy or unfulfilled at work, but what isn’t healthy is when you feel unhappy all the time at work. What’s causing you to feel unhappy? Is it wanting to pursue your business full-time? If that’s the case, you should learn not to dwell on your emotion immediately and have a thorough plan towards your goal so you won’t end up regretting your decision.
John Lloyd Quiaonza, owner of John’s Gourmet Kitchen shares his experience before quitting his job to pursue his business full-time: “I was no longer happy with what I was doing in my corporate job and I would think of my dream business every night. My first two years in the business weren’t easy, but the good thing I did was to not give up. Every day I’m doing my best to reach my goal and to inspire others who also want to build their business.”
2. You’re ready to go the extra mile
Many people are lured to have their own business because of the freedom that it promises, overlooking the fact that pursuing your own venture also entails hard work. Successful entrepreneurs would agree that you earn your most desired freedom the hard way. When you become your own boss, it’s not as easy as ABC, expect that there would be sleepless nights and relentless work, especially when you’re still establishing your business.
Raymond Rodis, General Manager of Xplus Cloud Solution Inc., also shares, “When an amazing entrepreneurial opportunity comes your way and is practically offered to you, then you should stop working for others and begin working for yourself. You will need to put in 150 percent effort to find capital and other needed resources, and you cannot do it when you are an employee.”
3. You have an emergency fund
You should be ready in case something unexpected happens to your business. UnionBank GlobalLinker member and President of Association of Laguna Food Processors (ALAFOP), Clarke Nebrao advises that you should have sufficient resources to survive for three months or more for you to pursue your business full-time.
Other financial experts recommend entrepreneurs to build an emergency fund for at least half a year to cover their daily needs while running their own business.
4. Your side business is stable enough to replace your day job
Before taking the leap, you have to make sure that your side business is earning enough to replace your main source of income. Giving up your day job without any sign of stability for your side business is risky and can get you into trouble.
“Explore something that could not only bring you income, but also you could passionately do. When this new side venture flourishes and is stable enough to replace your day job, then go ahead, and pursue it full-time,” Lerma Ermitanio, owner of Belle Ame Essentials, shares when asked about what to consider before pursuing your business full-time.
These are some of the things that you need to consider before taking the plunge to pursue your business full-time. Make sure you are careful with your steps so you won’t lose what you’ve worked hard for.
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
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