Go Back   WAHM Forums - WAHM.com > >

Welcome to the WAHM Forums - WAHM.com.

Welcome to WAHM Forums

Already registered? Login above 

OR

To take advantage of all the site's features, become a member of the largest community of Work-At-Home Moms.

The advertising to the left will not show if you are a registered user.


Reply
 
Thread Tools Search this Thread
  #1 (permalink)  
Old 08-26-2013, 03:42 AM
kesharn2's Avatar
Super WAHM
Thread Starter
 
Join Date: May 2008
Location: United States
Posts: 289
Question When Should You Quit Your Day Job?

I was thinking about this today and would like some input from you all:

I think a good majority of us still work a "day job" if you want to call it that, and at some point we would like to quit and pursue our home businesses full time, right? I know I do. But the problem is, is I'm not sure at what point to completely drop my career. I feel that I would be holding on to it as a security blanket I guess. I see the money coming in from my home business, but am not willing to completely drop what I do )

I should mention I am an RN and work in the ER so I do enjoy it, but I do have days where I just want to run screaming out of work lol.....

Last edited by kesharn2; 08-26-2013 at 03:43 AM.
Reply With Quote
Sponsored Links
  #2 (permalink)  
Old 08-26-2013, 07:16 AM
Shoemaker's Avatar
WAHM Regular
 
Join Date: Dec 2011
Location: Lehigh Valley, PA
Posts: 32
Default

I went the opposite route and started in MLM while I was already a SAHM. I quit my career in marketing when my first son was born in 2010. Sorry I don't have advice but I would love to hear what the others think!
Reply With Quote
  #3 (permalink)  
Old 08-26-2013, 11:02 AM
danasurvey's Avatar
Grand WAHM
 
Join Date: Mar 2007
Location: United States
Posts: 16,327
Default

I think you should only quit your day job when you are at least making close to that through your at home ventures and you feel confident that it will last.

I've been making money from home now for 7 years and I love it! I was actually kind of forced into it because of company cutbacks. I was laid off. It turned out to be a belssing in disguise though and I've been making money from home ever since.
Reply With Quote
  #4 (permalink)  
Old 08-26-2013, 11:10 AM
freeyourfamily's Avatar
WAHM Regular
 
Join Date: Sep 2007
Location: United States
Posts: 47
Default

I couldn't take my job any more 3 years ago, talked to my wife, came home to work online and to take
care of here sick mom and our daughter. I'm into multiple streams until I feel one will get me where
I want to be. Hang in there!
Reply With Quote
  #5 (permalink)  
Old 08-26-2013, 11:17 AM
Cornelius's Avatar
WAHM Addict
 
Join Date: Feb 2007
Location: United States
Posts: 2,200
Default

One big consideration is if a person is in a single or two income household. Next to consider is the benefit package and can you replace that with the income from the business. That being said another consideration which I think is real important especially when considering a MLM business is if a person had to could they earn a livable income just from the personal sales of the product or service.

Something people do need to understand when considering leaving a job for a business is one day at some point their long term savings may have to sustain them for 20-30 years. With a job it's basically the retirement plan they have at the job but with MLM the lifestyle can come from the personal savings plus a residual stream of income. It's a very serious consideration.

As for those who do actually like their job and the why is helping people in a profession such as nursing stay as long as you are still driven by the why. To fully understand what I'm talking about if possible get a book by Joseph Jordan
"Living A Life Of Significance". It's more guided toward the life Insurance producer but you can get the general idea. It's a very good read to show why the why can be more of a driving force than just money and why a why can sustain a person in the long term. When a person knows the why especially if it's a mission to help people retirement isn't a real consideration.

So when to go full-time? Find the why and the question is answered.
Reply With Quote
  #6 (permalink)  
Old 08-26-2013, 11:23 AM
81charduck's Avatar
WAHM Addict
 
Join Date: Mar 2010
Location: CA
Posts: 3,434
Default

As Cornelius said, I think it depends on what other family income you have. If you are single and your home biz income will be your entire income, I definitely would wait until I built my biz up enough to provide me with the same income as my j-o-b. If there is other income in the family, and you think you could survive on that income, stick with your job until you no longer want to do so.
Reply With Quote
  #7 (permalink)  
Old 08-26-2013, 12:00 PM
FreeElectricity's Avatar
Theresa Wilkins
 
Join Date: Feb 2012
Location: Upstate NY
Posts: 1,242
Default

All great advice here. I would only add that you may want to think of various scenarios that could happen after you quit. If for some reason your company was to go under or if you're doing a party plan business and you can't do parties any more because of an illness or injury - what's your backup plan? Remember you won't have unemployment or disability to fall back on.

As freeyourfamily mentioned, multiple streams of income is always good so that you have more than one income to depend on and don't end up with zero should one go down. Also finding streams that are more residual based, rather than sales based is good. For instance in my main business, whether I every do anything else again in my business or not I will continue to earn an income that will not only NOT get smaller, but will actually grow bigger! You may want to consider something similar you can depend on.

The good news for you of course is that you're in a very demanding profession and it would likely not be difficult for you to jump back in the world of working again.

Theresa
Reply With Quote
  #8 (permalink)  
Old 08-26-2013, 02:21 PM
Cornelius's Avatar
WAHM Addict
 
Join Date: Feb 2007
Location: United States
Posts: 2,200
Default

One more thing is to have a good amount of income saved for the slow times. 6-12 months of income sounds like a good amount to have for emergencies. Yet most important to have a true commitment to the business. I mean like job or to some extent more than a job.

I say this because in MLM people quit, People promise the world and People stop working so there has to be a huge commitment to be constantly recruiting or as they say bringing in new blood.

When considering going full-time first off there has to be a mindset of working the business as a business because the buck stops with the person in the mirror. That's a big shift form the mindset of a job and running a business.
Reply With Quote
  #9 (permalink)  
Old 08-29-2013, 09:54 PM
healthysolutions's Avatar
WAHM Addict
 
Join Date: Sep 2012
Location: New York
Posts: 2,286
Default

If the income is the same that you made with your regular job or more!! I say the same because some people can manage with what they make currently. They just took the steps to work from themselves and not someone else.
Reply With Quote
  #10 (permalink)  
Old 09-10-2013, 04:32 PM
kailo's Avatar
Super WAHM
 
Join Date: May 2011
Posts: 249
Default

After building a large following, that's when you can slowly work your way out of having a day job. With a mass following, you can do anything online and still make good money
Reply With Quote
 
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off