Probably one of the biggest decisions that you are going to make is quitting your day job, no matter how much you like or dislike it, actually getting around to quitting it, is hard, because of your security, you have an income and it is hard to let that go. Here are seven things to think about before you quit your job.

1. Top of the list has to money, you to work out how much money you need to live on, luxuries do not matter, but you must ensure that all your current commitments are covered.

2. What sort of time you need to run your business, if you only need a few hours then you can still do your day job too, without any risk at all, but if on the other hand your business requires you to work for around thirty hours a week, then you struggle to keep both.

3. Work out a schedule of hours that your business is going to require you to be “Hands on” this will also help you to see what sort of commitment the home business is going to expect from you.

4. It is important not to burn you bridges, so when you decide that leaving your day job, it is wise to leave on favorable terms, this works on two accounts, one - you can always go back if the worst thing happens and two - a former employer is always a good reference when you need one, it would be a shame to waste your time there.

5. Having money in the bank can give you a great cushion, try to keep a certain amount of money in a
savings account that is just for emergency situations, say enough to enable you to survive on for two to three months, that way you have relax knowing that whatever happens you can still fall back on your savings and have the two to three months to get started again.

6. Even as a small business owner, taxes still need to be covered, in order to do this, keep around twenty five to thirty per cent in a savings account, this should more or less cover the taxes.

7. It is a great thing to be able to work from home and earn a living, not everyone can do it and so it is a privilege, but remember not to over work yourself and to have some spare time to spend with family and friends.

Source  [WAHM]