How to Know When You Can Leave Your 9-5

If you have been working on building your business alongside working a fulltime job, you likely have had some moments (maybe a LOT of moments) where you have felt completely defeated and like you will NEVER be able to walk away from that 9-5.

I get it.

It’s so frustrating to want something so badly, yet feel tied to the income and security your J.O.B. provides. It can often be exhausting and defeating to be working all day and then have to come home and try to work some more on your business. You likely have days where you just don’t have the energy, nor the motivation, to get any more done and wind up feeling frustrated that you may never find a way out.

Part of the challenge of transitioning from a traditional job into running your own business is that there is oftentimes a lack of clarity around “how much” money your business would have to make in order for you to confidently make the switch.

In this article, I will help you gain some clarity around your money and help you figure out “how much” is the right amount for YOU.

First things first is gaining clarity around your expenses. If you haven’t recently gone thru and made a list of all of your expenses and bills I suggest you do so now. Having a visual reminder of all of the misc expenses you have can be very eye-opening. If it’s been awhile, it’s safe to bet that there are likely expenses that you have forgotten about, or have been meaning to cancel, but just haven’t gotten around to it yet. (**hint – NOW would be the time to do that!).

Once you have a comprehensive list of all of your expenses I want you to separate out your business expenses from your personal expenses.

Be sure to get all of your expenses well sorted out between business and personal and then it’s time to evaluate where you stand!

Once you have moved all of those expenses to your business – how much money do you need to make every month to cover your personal expenses? If you have a spouse, does their income cover those expenses? Or if you will be short, by how much?

Get that number and write it down somewhere. This is how much your job must provide to cover the expenses in your personal life. It likely is much less than you imagined since many of your bills can be moved over to your business.

Now look at all of the business expenses and add them up. This is how much your business needs to make to function. How much are you making already? Maybe you are just starting out and only making a little or maybe you have been in business for some time and have a fairly consistent revenue stream coming in already. It is so important that you know these numbers so you can clearly see if you are profitable, or how much more your business needs to make to be able to support itself.

Once you have clearly identified how much you need for both your business and your personal expenses you will know with defined certainty how much your business needs to be making in order to make the transition to full-time entrepreneur! And in the meantime, you can begin to appreciate the fact that your income from your full-time job is providing enough to help cover the costs of launching and growing your business to the point that it CAN become your full-time gig!

Having an appreciation and gratitude for the job you want so desperately to leave can change the energy you have with which you grow your business. When you can begin to see the benefits of your job for what they truly are – an interest free funding source for your business – you can show up every day in a state of gratitude, rather than one of frustration.

Know your numbers. Clearly define them. Know what it will take to replace your income and show up every day with the appreciation that YOU are your own angel – providing the income you need to make your dream business a reality!

If you are ready to dive into your numbers and create your financial strategy to help you leave your job, I can help! Schedule your Eureka session today! You are 2 hours away from having a clear plan for how much your business will need to make in order for you to confidently kiss your day job goodbye!