Written by Salina Jivani
Early morning alarms, traffic, office politics—these are just some of the reasons why people don’t like going in to work. Add to that the fact that you’re spending most of your life working for someone else and at their terms, and suddenly going in to the office seems like a life sentence for a crime you never committed.
The luckier ones break free from the daily grind by venturing into entrepreneurship, you’ll probably at some point venture into thoughts of quitting your day job and starting your own business. And that’s great. Here are three things to keep in mind before you jump in head first.
You’ve got enough dough for a rainy day (or ten)
Businesses are like roller coasters: they experience their fair shares of ups and downs—often when you least expect. To carry you through the troughs and peaks, a good general rule of thumb to follow is to keep enough money in your account to carry you through at least six months of zero income.
You’ve got your debt under control
Student loans, medical debt, credit card debt…debt, debt, debt! One of the nice things about a 9-5 is that you can depend on a consistent amount to pop up in your account once payday comes rolling around. With a business, you might not always hit that magical number, which means managing your debt can become difficult. Make sure before you quit your day job, you’re confident you can handle chopping away at your debts consistently and constantly!
You understand how to curb your expenses
If you’re notoriously known for having a free hand when it comes to spending, you’re going to have to rein yourself in. Depending on a business to cover your expenses means being able to resist temptation and getting by with the bare necessities when necessary.
If you’ve bagged these three basics, we’d say you’ve got a strong foundation, at least, for being able to break away from your 9-5 ball and chain with confidence.