Wise Startup Blog

Congratulations! You have an idea for the next Google, eBay, or Facebook. You are going to be a millionaire, be your own boss, and be free to do whatever and say whatever you want. So what should you do? Quit your job? Keep your job?

Starting a New Business Tips

So there are a couple of schools of thought on this, so I’ll give you both sides of this argument and my recommendation.

Quit your Job!

1. You hate your job and every minute you spend there is a waste of time
2. You don’t have enough time to devote to your business and can’t grow it fast enough
3. You and your business partner collaborate better if you’re face to face
4. You could be making 4x as much with your new business if you could do it full-time
5. You have to work 80 hour weeks and it’s killing you

Keep Your Job!

1. You can invest your salary into growing your new business
2. You get health insurance and other various benefits from your job
3. You can work all night long as soon as you get home
4. You can hire outsourced workers who work while you’re at your day job
5. If your business doesn’t work out, you still have income

My Recommendation

I recommend you keep your job. I did not do this and this is one of the biggest mistakes I made in starting my own company.

I quit my job because it was a toxic environment and it was taking up all my time. So that meant once I quit my job, my business was basically at ground zero.

I had to build everything up and use up all my savings. I had no other outside income and had 0 margin for error, which is typically a bad place to be as a startup.