When to Quit the day job and go full time in your business.
Going full time in your makeup business is a big step, I recently had three of my students take the leap to go full time this summer, and my heart was so full for them. This step is enormous and can come with some stress and anxiety, but also freedom and excitement. I know its a dream for many of our community, so today I want to talk about when it’s right to quit your day job and pursue the business full time. While it's not a decision to be taken lightly, there are certain indicators that can help you determine when it's the right time to transition from employee to full-time business owner. In this blog post we'll explore the signs that suggest you're ready to take that leap and pursue your passion for makeup on a full-time basis.
Steady growth and increasing demand:
One of the key factors to consider before quitting your full-time job is the growth and demand for your makeup business. Take a close look at the trajectory of your business, including sales, customer base, and overall demand. These are all key metrics and if you ain’t tracking em, it’s about time we start! If you've been consistently seeing positive growth, receiving increasing bookings, and witnessing a rising interest in your services, it could be a sign that your business has the potential to sustain you full-time. When I made the leap, I myself wasn't CLOSE to this benchmark. I was working at MAC at the time, and there was no flexibility for me to drop down hours, so I went cold turkey! I did get a small 2 day a week position with another brand, and this enabled me to sustain a small amount of regular income, before I made the plunge. There is no right or wrong here. I am a full believer in you will make money if you need to make money. But whatever side you sit, be it safe, or risky - it’s always a good idea to work out the amount of bookings, weddings or jobs, you need to sustain yourself. Look at whether you are close to that, and work from there. If you are 80% there, I would say you are ready.
2. Do all the hard draft NOW.
What I mean by this is, there are a lot of checkboxes to fill, before you take the leap, and some of those boxes can be made easier, if you have some financial stability. Things like trademarks, website domains and of course, our kit. These can take a heavy financial toll, and are best suited for when you have regular work and a pay check coming in. Do all this stuff BEFORE you take the leap. Get fully set up, do your website, hire a coach, get your kit, and most importantly, get your insurances and contracts sorted. Make it easy for yourself when you go full time. There is nothing worse than taking that leap and diving headfirst into website design and branding, which can cost thousands AND can be not so creatively fulfilling. You want to hit the ground running, so make yourself busy with all this stuff first!
3. Consistent client base and positive feedback:
A strong and loyal client base is an important asset for any makeup business. Take note of the number of returning clients and referrals you receive. Positive feedback, testimonials, and reviews from satisfied customers can also serve as an indication of the potential for your business to thrive. If you're consistently booked with appointments and receiving encouraging feedback, it's a positive sign that you may be able to sustain your business full-time. If you’re not quite there yet, it may be hard at first to gain that momentum. But don’t let this put you off, start building that now. Set up a mail list for your customers, create CRM systems and most importantly, start collecting those reviews. All of this WILL help you become more bookable in the future and push you towards your full time goal.
4. Time management and workload:
I hear ya guys - Juggling a full-time job alongside running a business can be challenging. Assess how much time and energy you're currently dedicating to your business and how it aligns with your goals. If you find yourself struggling to balance both, feeling stretched too thin, or unable to fully commit to growing your business, it may be a signal that it's time to focus solely on your entrepreneurial venture. Trust me when I say, it’s a different feeling, when you aren’t juggling the two. Having that time solely to focus on your own ventures, is an amazing feeling. Juggling the two is ALOT, so don’t pressure yourself if you are in that position right now. Be kind to yourself and recognise, those big businesses we compare ourselves to, probably have an entire team doing what you are doing.
5. Have a backup plan.
I’m always of the opinion, money will come. If you quit or loose your job tomorrow, I guarantee, there is money to be made and it is a limitless resource. But it took ALOT of work for me mindset wise, to get to this point. If you are feeling the fear even just reading this, hear these words. There is work out there. There are jobs. If my business imploded tomorrow, I could easily go and grab a quick part time job somewhere in a coffee shop, or a makeup counter. Work is there, and sometimes it may not be the work we want to do, but it’s very very unlikely you will starve. Create a backup plan for if things don’t work out, and this can calm some of those nerves. Try not to be scared of it failing (remember, Walt Disney failed 300 times!). Business takes consistency, dedication and perseverance. If it was easy, everyone would be millionaires and everyone would be doing it. So get back on the horse. If things are quiet, get back on the horse. If you need a quick job to sustain yourself, get back on the horse and try again. It’s not over until it’s over.
Conclusion:
Deciding to leave the security of a full-time job to become a full-time business owner is a significant step that requires careful consideration. By evaluating factors such as consistent growth, financial stability, a loyal client base, time management, and unwavering passion, you can gain confidence in making this life-changing decision. Remember, there is no one-size-fits-all approach, and it's essential to trust your intuition while analyzing the feasibility of transitioning into full-time entrepreneurship. With careful planning, determination, and a firm belief in yourself, you can make the leap and embark on this exciting journey. And trust me, if you are reading this, you are in the right place to do it.