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When should you quit your job to start a business? | when should I resign?




Welcome to the Adventure of Transitioning from Job to Business


Many of us have dreamt of turning a side hustle into a full-time venture. As a GP from Manchester, UK, I recently navigated this transition, and I'd love to share my journey and insights inspired by Scott Pape, author of the popular personal finance book "The Barefoot Investor."


The Journey Begins: Finding a Side Gig


Before diving into a full-time business, it’s crucial to have a side gig. For me, it started with my YouTube channel. Like many, I invested hours learning, filming, and editing, making countless mistakes along the way. Over time, people began to appreciate my presentation style, leading to my first paid gig.


The Turning Point: Monetize Your Passion

The moment money started rolling in was a game-changer. I didn’t initially seek financial gain; opportunities simply arose. My first significant income came from a sponsored video, and subsequent gigs brought in even more. It became evident that my side hustle could rival, if not surpass, my primary job's income.


The Leap of Faith: Swinging on the Trapeze

Scott Pape's analogy of "swinging on the trapeze" perfectly describes this phase. He advises not to let go of your secure job (the first trapeze bar) until you're safely holding the income from your side hustle (the second trapeze bar). This principle is crucial, especially for medics who might find their demanding jobs leave little room for entrepreneurial pursuits. However, maintaining a steady job can provide the structure needed to be productive during downtime.


Balancing Act: The Importance of a Steady Job


While it's tempting to quit your job to focus entirely on your side hustle, it's a risky move. The structure of a steady job can enhance productivity in your spare time. As Scott Pape bluntly puts it, if you can’t handle very hard work, running your own business might not be for you. Dedicate your free time to perfecting your craft, and when your side gig starts paying more than your main job, it’s time to make the leap.


Conclusion: Embrace the Journey


Transitioning from a job to a business is an exciting journey filled with hard work and reward. Whether you’re a medic or in another profession, the key is to start small, perfect your skills, and gradually make the transition when it becomes financially viable. If you’re already on this path, keep building your venture. Let’s share our experiences and support each other along the way. Feel free to reach out—I'd love to hear about your side gigs and collaborations!


Good luck, and enjoy the ride!


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