Quitting Your Job for a Home Based Business

Most people in this position hope to eventually leave their jobs to work from home full-time. But when's the "right" time to quit? While there's no black and white answer to this question, here are a few things to consider:Are you confident in your ability to earn an income?Some 'experts' recommend that you stick with your home business for at least a year before you consider quitting your job. This will give you the opportunity to 'feel out' any possible trends that may occur during the year. For example, you may find that sales are slow during the summer, and that your strongest months are from January to April.If your business has been profitable for at least a year, you'll probably feel reasonably secure that you can continue to turn a profit even after you leave your job.BizAssist.co.za provides "50 Affordable Working From Home Ideas" in their Working from Home feature.How will you manage your finances?It's easy to get comfortable with a steady salary cheque. But once you quit your job, your business earnings will likely fluctuate from month-to-month sometimes significantly.How will you plan and budget to cover bond payments, day-to-day expenses, child -care, and emergencies? Do you have a contingency plan for times when business is lean? Will you have to change your lifestyle, and how? Are you willing to make these sacrifices? Will there be enough funds left over to invest into your business? If not, who can you turn to for a loan, and will you qualify?Ask yourself questions such as these so that you can anticipate, minimize, and even prevent potential problems.Do you have a proper working area available to you?Running a home business is still business and you'll need a place where you can work comfortably? The old cardboard box in the corner of the family room may have been okay as a makeshift "office" when you only spent a couple of hours a day using it but do you really want that type of setup when you\'re running a business full-time?Ideally, you should have a working area where you can concentrate -- and with some basic furniture that won't give you aches and pains by the end of the day.A separate room is best. That way you'll be able to keep your business equipment, files, and materials organized and safe from the hustle and bustle of your personal or family life.Figure out how to "Design Your Home Office" by visiting BizAssist.co.za's Working From Home section.Is your business continuing to grow?Many people find that their business grows in leaps and bounds for a few exhilarating months. Then growth starts to slow, until it 'flatlines'. This could be due to any number of reasons ... but a common reason is that you simply don't have the time to continue to build your business while you're still working your job. But your business isn't yet bringing in the some income as you currently make at your job. What do you do?Unfortunately, there isn't an easy answer. Ask yourself if you're ready to take that final leap – to quit your job before your business earnings have replaced your income.Learn "How To Grow Your Business" with BizAssist.co.za's Working From Home section.What does your family think? Family support is always welcome when you're working hard to build a business. Keep in mind that it\'s exciting and scary for them too; they're also affected by the changes in income and lifestyle. Sit down with them and have an open discussion about any upcoming changes.See "Managing Your Time, Your Life and Your Sanity and Separating Business From Home", along with a host of other informative articles on BizAssist.co.za. Best of luck with your pursuit of a new career...About BizAssist.co.zaBizAssist is designed to assist entrepreneurs in running their small business. BizAssist has gathered all the resources and information the South African entrepreneur might require and hosts them in one place making BizAssist a one-stop business website.   Bursting with vital information, interesting links and real assistance, the BizAssist site offers a key success tool for entrepreneurs. Contact Details:editorial@BizAssist.co.zawww.BizAssist.co.za Storm BuckinghamCape Town, Western Cape