How did you know it was the right time to start your own venture/ initiative? How would you advise someone who is just starting out with a project outside of their regular 9-5 job?
Once you've found your passion, work out whether there is a problem you can solve. Then create an MVP - something you can manage on the side. Once the idea and the business has matured and you're starting to make a bit of income, that's when you're ready to quit your job. I won't lie, it's a lot of time and effort, but boy it's worth it!
My main advice would be to build up your side income as much as possible before quitting your day job - but also know what your tipping point is as sometimes we choose comfortable for too long. I had a strong vision of how I wanted my life to be and so I knew I needed to take steps to make it happen rather than wait for opportunities to come up.
So I worked in a number of jobs for a few years, whilst growing the business bit by bit on the side - eventually I got to a point where I knew it was a matter of taking the plunge, quitting my job and devoting all my time to the business.
I had saved enough money to have a 'safety net' for the first 4-6 months, and had built up a client base that I could rely on for some income. Ultimately I knew if I stayed in my 9-5 job, I would never have enough time to take on more orders and without more orders the business would not develop - so I made the choice to leave...and I haven't looked back!
Every birthday party, a person always asks me advice on the 'perfect time' to start. What you're really asking me is if there is a guarantee, there never is. The best way to do something is to do it (or accept that you don't do it).
If you are starting something new have a business plan, strategy in place, without a plan you will feel directionless and wont know where to start.
I would advise anyone to just keep at it, while doing your regular 9-5 job, until you have reached a point where you can go full-time. It’s a lot of hard work, and there will be days when you’ll feel like it’s such a struggle. What you need to keep in mind is your why did you start your venture/initiative in the first place and use that to motivate you to achieve your goals and vision.
I’d say go for it but be prepared for the long hours because your day now becomes 7-8 or in my case 5-7 it just depends on what works best for you. You have to sacrifice your time to build your business.