Why You Should Keep Your Job While Growing Your Business
One of the main reasons we start a business is to live an entrepreneurial lifestyle. The one where the only boss we have to answer to is ourselves, vacation time is not a struggle to schedule, and our working hours are as flexible as we’d like.
For the majority of us, what we’re in business for could be done under someone else as an employee. There are a few entrepreneurs who invented products and services that never existed, and there are certainly those who go into business to make something better, which they cannot do working for someone else. As always there are exceptions.
I could certainly live the rest of my working days doing what I do in business for somebody else as an employee, but I’m one of those individuals who thrives on independence, so self-employment is essential for happiness in my life!
At 21, three years after starting my first business, I leapt into full-time self-employment. About a year (and a house purchase!) later, I decided to take a part-time marketing job at the local chamber of commerce for eight hours a week. Having a source of steady income definitely took the pressure off my business and allowed me to make more connections- and gain more clients!
I left that job after a year (2018), and in late 2019 I was offered to take back a previous job with part-time, flexible hours, and at a raise! Four months later, I am SO grateful I did, but I’ve still felt a bit of shame about it. Shouldn’t a business and marketing mentor be able to completely support themselves from their business?
While I still feel a bit of shame, I do believe that I’m meant to have my part-time job. I’m learning so many next level business tips (such as managing employees and managing commercial properties), and this blog post is written as a result of my experience, which will hopefully help other entrepreneurs realize that it’s okay to return to “regular” employment.
Serendipitously, I read the most amazing passage in Elizabeth Gilbert’s “Big Magic” that put it all into perspective for me.
“I held onto those sources of income for so long because I never wanted to burden my writing with the responsibility of paying for my life. I knew better than to ask this of my writing, because over the years, I have watched so many other people murder their creativity by demanding that their art pay their bills. I’ve seen artists drive themselves broke and crazy because of this insistence that they are not legitimate creators unless they can exclusively live off their creativity. And when their creativity fails them (meaning: doesn’t pay the rent), they descend into resentment, anxiety, or even bankruptcy. Worst of all, they often quit creating at all.”
So here’s why you should keep your job while growing a business.
Reduces the stress of needing a steady income.
The main objective is to replace your full-time income with self-employment income, which can take awhile. Because on top of your owner’s draw, your business also has to pay hefty taxes, expenses, cost-of-goods sold (if you offer a product), marketing expenses, professional services, etc.
And business income is never guaranteed. There will always be busy months and slow months (read this post on the 7 Things to Do When Business is Slow).
Having a steady income, even if it’s part time, is something you can count on, thus removing stress- and resentment- from your business.
Allows you to be intentional with which projects/clients your business takes on.
When you’re stressing about your business income, you’re likely to take on projects and clients that are outside of your zone of genius or that you know will be difficult. Not only will you feel stressed and frustrated, you’ll begin to lose passion for your business.
Allows you to invest in your business.
I’m using the same camera I bought when I started my business seven years ago, and back then I bought it used! While it still works and snaps the quality of images I need, I would love to have the freedom in my budget to invest in a newer model. And a newer computer, because the laptop I still use was purchased when I started college over eight years ago!
When your business is mainly responsible for its own bills, you are free invest in equipment upgrades, marketing, professional development, etc. But draw a fine line here. (Hint- 5 Reasons Why Your Business Can’t Afford to Pay You - And How to Change That.)
In “Big Magic” Liz is referring to creativity, and while I am comparing it to business, the comparison is not apples to apples. We go into business to make money and pay ourselves. That’s priority. But when you’re first starting out, or experiencing an elongated slump, it’s best not to stress yourself out to despising your business because your income is stretched too thin.
Builds a nest egg.
One of my main business goals in taking on my part-time job was to stash cash in my bank account. Not only does it feel good seeing a few thousand dollars in your bank account, it’s super comforting knowing that if your taxes owed are more than anticipated, you suddenly need to replace a piece of equipment or invest in something, or you’re experiencing a lengthy slow period, you’re covered. Yes, you can buy peace of mind!
I’m shooting to save 3-6 months of expenses, taxes, and owner’s draw in my business bank account.
Builds your experience, increases connections, and helps you get clients.
As mentioned above, my part-time jobs have benefitted more than the steady paycheck. From networking at the chamber job, I made connections, some of whom became clients. And with my current part-time job, I’m gaining a lot of experience that I can apply to my business now and in the future when I grow. So many wins!
So when should you quit your job? (Click here.) I recommend a gradual shift. Can you go from full-time to part-time? If not, find the most beneficial part-time job to your situation, even if it’s bartending or waitressing. Bonus points if your job is in your field, builds connections, and is super flexible like my part time jobs have been.
Lastly, I want to address shame. Whether you feel shame because your business hasn’t taken off yet or because you had to take on a part-time job after years of your business being able to support you, remember, life happens. Business income can never be accurately predicted or even relied upon. Heck, a job working for another employer can never be totally relied upon, but you’re guaranteed steady income while you’re there. And experience. And connections. And maybe even clients.
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