Business

How to Go Full Time in Your Small Business

September 2, 2020

Do you want to go full time in your business but you’re SCARED? How will you support yourself financially? If something happens, how will you keep your business afloat? How do you know when it’s time? Today we’re going to talk about the jump to going full time today, and all of my thoughts on how to do it wisely so that it’s an amazing move for you! 

Three tips on how to decide when to go full time in your business

In full transparency, I want you to know that I went full time in my business straight out of college. I had a goal for myself when I started my business in high school that I would be able to go full time by the time I graduated. Ultimately, I could have gone full-time before I graduated, but getting my degree was important to me so I finished and then had a business ready for me afterwards! So while I don’t have the story of choosing to go full-time on a certain date or in other parts of my life, I want to share the things I would be thinking about (and did to an extent!) when considering when to go full-time in my business!

Finances

I feel like this is no-brainer starting place! The last thing we want to happen is that you go full time in your business but you actually can’t afford it. While finances aren’t the most fun thing to talk about, they’re super important to consider. To me, it’s one of the first stepping stones into becoming a full-time business owner. The biggest recommendation is to have 3-6 months of an emergency fund both in your business and personal accounts. It might sound a little over the top, but if your business isn’t making money… you still have to be able to live. Think seriously about what that looks like: your spending, your income, your business expenses… and start saving!

Consistent Bookings

The next thing to help you decide if it’s time to go full time is whether or not you have consistent coming in. Make sure that the income you have is consistent across multiple months and covers the expenses you have and need to run your business. It would be AWFUL if you left your other job or jumped in full-time only to have NO work come in. Having those consistent bookings will help you when you transition because it will allow you to build your emergency fund before you leave the more “Secure” job and then it will become your source of income afterwards! 

Something I’ve found helpful in thinking about my business finances is the book “Profit First”. I’m still working my way through this book BUT it’s been so helpful to understand why (and how) to prioritize your salary over business expenses. If you’re able to keep up with your business expenses but have nothing to pay yourself, we need to change that! I truly think everyone needs to read this book!! It will change your life!!! 

Your Tipping Point

What I mean by this is: where is the point where you’ve automated your business, outsourced what you can, managed the expenses you have, are making a profit BUT still feel burned out? When you hit your tipping point that keeping up with everything is too much and you feel like you’re in a good financial space, it might be time to make the jump! 

If you’re not quite at that point, keep looking at ways to automate your business and outsource so that you can give your limited attention to your business and help it grow. Remember, outsourcing and automating should allow you to MAKE MORE money! Your time is really focused on your money-making activities instead. 

Being Full-Time

At the end of the day, being full-time in your business does NOT equal success. There’s incredible business owners who do other things and keep their business on the side. It’s totally okay to keep it that way! If you love your other job(s), then keep them! There is NO pressure to be full time in order to be successful. But, if you think you’re at the point to make the jump and you want to, then I say go for it! I absolutely love being able to run my business full time and I can’t wait to hear about your journey!

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