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If you’re ever dreamed of becoming a solopreneur, entrepreneur, or even full-time freelancer, this is the ultimate question:
When is the right time to finally quit your job and make the leap?
A lot of people out there tend to either oversimplify or complicate the answer. You can’t just say today, because it’s just not true. And you also can’t give yourself too many obstacles or requirements to meet, because then you’ll just never make the leap. You’ll just sit there like humpty dumpty on his brick wall.
The truth is, there’s an answer that’s honest, strategic, smart, and low-risk.
I still remember it like it was yesterday—my first day as a solopreneur. It’s scary. It’s exhilarating. It’s unforgettable. When I took my first step (or in my case: jump) into Solopreneurship, I didn’t know if my ideas were going to work.
One of the biggest things I’ve learned about starting a business in this new age of “entrepreneur 2.0″, is that your initial idea doesn’t have to be perfect.
It all comes down to starting. But knowing when to start is the key…
When Is The Right Time to Quit Your Job?
Once you have the formula, and you understand the “tipping scale” strategy, it doesn’t seem as daunting. The key is to have a plan and take the steps to make it a reality. If things change, that’s okay.
As Ramit Sethi of I Will Teach You To Be Rich says, most of us just want the option to quit one day. I think this is very true, especially for Generation Y folks. There’s a deep part of you that just wants to be free and dreams of being a solopreneur. And there’s an even bigger part of you that wants to do meaningful work. Earning your first $1K is a big step toward this.
Knowing when to finally quit is a huge part of this equation. Sometimes this is an even more important issue than knowing what to do once you quit, as it was in my case. I had some idea of what I wanted to create and do on a daily basis, but that has changed drastically since I began.
The traditional notions of entrepreneurship are dying. You can still go out there and hope you create the next WhatsApp, Instagram, or Groupon. You’ll have to build a team, get tons of users (or revenue), get millions in venture capital funding (which basically means you’re now working for someone else again), and devote the next unknown amount of years to one single idea. This is a noble cause that we all respect, but most of us are not cut out for it.
Instead, you could use the skills you already have to develop unique solutions, products, or services. You can embrace your inner genius and build a business around your natural skills. Create the lifestyle you desire, and do work as if money were no object. Being a solopreneur means you’re no longer bound by the traditional measures of entrepreneurship. You set the rules.
As Chris Guillebeau talks about in his NY Times bestselling book—The $100 Startup (which I highly recommend reading)—there are many types of businesses you can start today. Most of these businesses have a low barrier to entry, and many can be ran from anywhere in the world. Chris gives you detailed case studies of businesses earning $50,000 or more with an initial investment of $100 or less.
Then there’s Pat Flynn of SmartPassiveIncome.com. Pat is the crash test dummy of online business, and he shows you how to build niche websites that bring in passive income. He’s also a fantastic person to model on building a brand by casting as wide net. Not only did he find success with his niche sites, but he now has one of the top business podcasts on iTunes. A pretty remarkable accomplishment for a guy who was initially too shy to get behind the microphone.
I know you’re worried. I was too. The reason this video was created was to hopefully make you a little less scared, and a little more ready. Once that time comes, you’ll know.
In the meantime, make the plan, take the steps to get started, get the customers or sales, and run your business like a pro.
You don’t have to quit right now, but you must start today. What do you have to lose?