Starting A Business? Don’t Quit Your Day Job…Yet!
Last week, I had the opportunity to be the keynote speaker for Operation Hope’s 12-week Entrepreneurial Training Program in Baltimore and the one bit of advice that I shared with the budding Baltimore entrepreneurs was Don’t Quit Your Day Job…at least not yet!
One of the biggest mistakes that new entrepreneurs make when starting a business is jumping from their 9-5 to soon to follow their entrepreneurial dreams. Like us, many people began their entrepreneurial path with the proverbial “Side Hustle” but knowing when your “Side Hustle” is a full fledge business enterprise takes time.
It took my business partners and I two and half years before we gave up our 9-5 and devoted full-time attention to building PointClickSwitch.com & MD Energy Advisors. Working two jobs was hard but it was necessary because we were able prove that the business model was sustainable and that there was consistent revenue flow. More importantly, by staying on our jobs we did not have to incur any debt or take outside capital. This allowed us to make prudent decisions and manage the growth of the business without outside pressures and influences. Looking back, if we had quit too early we would have been forced to “Chase The Dollars” just to survive and make decisions that may have been detrimental to the long-term success of the company.
So my advice to those budding entrepreneurs was to have a plan! Develop a profit target for your new company, so once you realize your profit target only then will be the right time to quit. Working two jobs is not sexy, but you are going to have to grind hard during this time so that your “Side Hustle” does not become a permanent part-time job.
Phil Croskey is CEO and Co-Founder of PointClickSwitch.com & MD Energy Advisors. PointClickSwitch.com was recently recognized in Google’s 2015 Economic Impact Report. Read the full report here.