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After a few months of working on your side hustle, you’ve decided to leave your employment and devote your time and energy solely to your endeavor. Is it, however, a good idea? Are you truly prepared to take the leap of faith?
Make no mistake, we support entrepreneurship in general, but we recommend that you first assess your situation and determine whether or not you are making the best move for you. Some reasons why you shouldn’t quit your day job just yet include the following.
It hasn’t totally replaced your day job’s pay. Yet
If your side hustle isn’t even earning a profit at this point, you shouldn’t consider quitting your work. Obviously, you don’t want to lose your primary source of income at this point. What are your options for putting food on the table if you don’t have any money saved up? It would be completely irresponsible of you to quit without first considering your financial situation, especially if you have people who rely on you!
You continue to like and appreciate your day job
If you know you’re going to miss your job, it’s going to be difficult to say goodbye to your colleagues. You’ve probably formed bonds with your coworkers, and you’d be disappointed if you didn’t get to see them and spend time with them on a regular basis. If you’re not quite ready to say goodbye just yet, feel free to remain a little longer. Your side hustle might be put on hold.
Likewise, if you believe you have a strong possibility of progressing up the corporate ladder and it is something you really want to pursue, don’t leave just yet. If you have a secure employment with decent benefits, you may want to give it some serious consideration before quitting your position. Consider the advantages and disadvantages of each option so that you can make an informed decision.
Uncertainty about future profitability of your Side Hustle.
Even though you enjoy working on your side business, you aren’t sure if it will continue to be profitable in the near future. It’s true that you can hunt for additional side hustles, but doing so will need you to start over from the beginning. If that is the case, you will have to postpone sending in your resignation letter until later.
Just keep in mind that if you decide to devote your time and energy to your side hustle, you will be in charge of your own destiny. This means that you will be responsible for paying your taxes, insurance, and business expenses, among other things. According to the information provided, failing to plan ahead will have a negative impact on your financial situation.
