We’ve all sat at our desk and dreamt of the day we can be free of our job and what it will feel like to be our own boss. With low costs and easy accessibility, for most of us, creating an online business is an easy way to go and thus incredibly enticing. But if you’ve done that already, when is the right time to take the leap and leave your full-time job behind? In this blog post, we’ll explore the factors to consider when deciding when to transition from 9-5 employment to focusing solely on your e-commerce venture. So, minimize your work e-mails and settle in for this read!
Sara Blakely is well known as the founder of Spanx –but long before Sara’s e-commerce business began turning over $1billion a year, she was selling fax machines door-to-door. It reportedly took Sara a full 2 years to quit her job and she has claimed she only did so when it became clear Spanx would be successful. Here are some of the common threads between Sara’s story and some of the other entrepreneurs who have famously moonlighted as a founder.
Financial Stability:
Having a regular paycheck provides stability and peace of mind as you establish your business. It allows you to cover personal expenses, invest in your e-commerce business and gradually build a safety net.
Skill Development:
Working a traditional job often equips you with valuable skills that can be applied to your new venture – we are often inspired to create a business based on what we know, and what we know often comes from our professional experience. You’ll also find you may be building a raft of over skills in your day job such as marketing, customer service, or project management, these skills can be leveraged to enhance your online business.
Market Research:
Staying employed while starting your e-commerce site enables you to observe market trends, gain insights into customer behavior, and learn from industry best practices. This knowledge can be invaluable when developing your online strategy.
Now we’ve given you some sensible considerations to make, we want to balance it with the other side of the argument – a little something for all the dreamers!
Time Constraints:
Balancing a job and your e-commerce business can be challenging. Limited time and energy may hinder your ability to dedicate yourself fully to your online venture, potentially slowing down its growth and success. Have you ever found it difficult flicking the mental switch between your day job and your own business? It’s more common than you think.
Missed Opportunities:
The e-commerce world moves quickly, and delays caused by a demanding full-time job might cause you to miss out on emerging trends or lucrative opportunities. Timing is crucial, and being immersed in your e-commerce business can give you a competitive edge.
Commitment and Focus:
Building a successful e-commerce business requires dedication and laser-focused attention. Juggling a full-time job alongside your venture might spread your energy thin, making it harder to achieve the desired results. Your business partners, investors and even staff if you have any, will all want to see you leading the charge,
In summary deciding when to leave full-time employment to focus on building a business is a significant decision that requires careful consideration. While holding onto your job can provide financial stability and valuable skills, there are also limitations and missed opportunities that come with juggling multiple commitments.
Each entrepreneur’s journey is different but there’s something to be said for not being too overzealous. Risk taking often comes more naturally to an entrepreneur so when making this huge decision, try to detach yourself from your passion focus on the benefits of stability before pulling the trigger.
Wishing you all the best on your entrepreneurial journey!
