In Part 1 we introduced the topic of the bi-vocational entrepreneur. Let's keep thinking through that.
Here are the final 3 reasons why I don’t quit my job at the first signs of life in my business:
Did you know there is more to compensation than dollars?
Your salary may be right where you want it to be, but it’s probably not. According to a Gallup Poll in 2014, 67% of Americans were dissatisfied with their income. There are number of reasons for this. But the main reason is that you think you deserve the world for typing up those spreadsheets. The second reason is the Human Capital department at your company believes they can find a good amount of people who are capable of doing those reports for less than what they pay you. The last reason in the equation is the HR department views any benefits they provide you; i.e. 401k matching and Medical, as part of your compensation. When you add it all up it is quite a bit of money.
I’ll say one more thing on this because pay is very important when considering a job for most people. When I started with my current firm, I ensured I asked all the right questions and negotiated as best I could. I used my experience and connections from consulting to see to it that I am getting the compensation, I need for the value I am creating. Go and do likewise either with your current position or another.
Can your business handle your lifestyle?
$500 is enough to put some gas in the tank for a month. You’ll need to add a couple of zeros onto $500 to live on. Think about the compensation section…benefits, taxes, retirement savings, etc. These are things that are currently taken care of for you in a typical position. Is your business ready to carry the costs necessary to take care of your current lifestyle and hopefully improve it?
How well do you juggle?
Multitasking is a bad word now. However I believe you can pursue your dreams, visions, and business goals while still maintaining the dedication required to exceed expectations on your job. You should be saving for rough times, properly managing your income while your business is getting off the ground.
DeLonda is a serial entrepreneur and she’s had the time and bandwidth to truly pursue her goals and visions. She’s had this opportunity in large because she is a stay-at-home mother. With a roof over her head, food in her stomach, and disposable income to throw at new products and businesses she’s created success time and time again.
You can take this same route when you remain employed. Keep your job, until you are properly prepared to quit. Until you have the best new position, until you have the work lined up and prospects to keep you afloat for months, years, etc. Work your business until you can’t work it bi-vocationally. Bi-vocational is not a 4 letter word…lazy is.
Rock Your First 90 Days in ANY New Job!
Husband, Dad, Writer, Ex-Pastor, Product Manager, & Nerd