If you’re thinking about starting your own ecommerce business then you’ll need to ask yourself one of the toughest questions that a budding entrepreneur can face:
‘Do I need to quit my job to make this work?’
Even if you’ve come up with an idea for your ecommerce business which you are sure people will love, the prospect of having to quit your job to start it can be daunting. Quitting your job is a big decision to make, so it’s important that you assess how your life will be affected before you take the plunge.
We’ve put this article together to highlight the important points which you should take into consideration before making any major career moves to start your ecommerce business.
Why Do You Want to Start?
It’s important that you’re aware of the reasons why you want to start your own ecommerce business. This will be the driving motivation behind you wanting to create a successful ecommerce business.
Do you hate your boring 9 to 5 job and desperately want to try something new? Are you looking for more flexibility with your work so you can spend more time with your family? Do you want to prove to yourself that you can create a business which you are proud of?
Whatever your reason is for wanting to start an ecommerce business, it’s important that you think about the amount of time and effort you think it will take to make that reason a reality.
Assess Your Finances
Take some time to assess your current financial situation before you start your ecommerce business. Some ecommerce entrepreneurs will be able to launch their store and earn $1000 in their first month, but the reality is that not everybody will find this level of success so quickly.
If you quit your job to focus on your ecommerce business full time you’ll put a halt to the steady stream of income which came from your 9 to 5 job. Think about how you’ll cope without having this consistent income in your life, and how you’ll manage financially whilst your ecommerce business is getting off the ground.
Having some money set aside before you start your own ecommerce business can take a lot of pressure off you, both to succeed with your business and to live comfortably. We recommend that you have savings equal to two month’s salary for every one month that you think it’ll take to start generating revenue from your store.
Launching and Running Your Store
When you launch your ecommerce business you’ll be taking on a few more daily tasks so you can manage your store. Your tasks will vary on a daily basis. At the start your store won’t have any products, so you’ll need to find some which fit the idea for your store. You’ll also need to manage customer orders, take care of the financial side of your business, and create marketing strategies to get your store out there.
It’s important to be realistic with the amount of time you think it’ll take to manage your store, so you can set aside the necessary time to make sure your ecommerce business prospers.
Using Your Time Wisely
Spending a lot of time each week managing your store doesn’t always equate to a faster rate of growth. Nor does it mean that you’re guaranteed to make more money.
There are successful ecommerce entrepreneurs who only spend 10 hours a week running their store and balance it with their day job. On the other hand, there are entrepreneurs who spend 50 hours a week running their ecommerce business and struggle to make end’s meet.
It’s not about the amount of time that you commit to running your ecommerce business, it’s about using the time that you have wisely.
Making The Right Decision
After reading through this article you’ll have a better idea of whether or not you’ll need to quit your job to start your ecommerce business.
If you’ve been reading through this post and thinking to yourself: ‘Yes, I’ve got this, I’m going to quit my job tomorrow’, it looks like you’ve already made your mind up. Make sure that you quit your job the right way— burning bridges with your employers is never a good idea.
Don’t worry if quitting your job to focus on your ecommerce business doesn’t seem to be the right option at the moment, your dreams of solopreneurship aren’t over. Quitting your job isn’t a requirement for starting a successful ecommerce business. There are plenty of entrepreneurs who run successful ecommerce businesses on a part-time basis, and we’re sure that you’ll be added to that list soon enough.
Want to learn more?
- How to Quit Your Job and Start Your Own Business (Email Template Included)
- How to Find Time to Start a Successful Side Business
- Fear of Failure: How to Overcome Fear in Business
- 7 Exclusive Interviews with Successful Startup Founders
Is there anything else you’d like to know more about and wish was included in this article? Let us know in the comments below!