Should You Quit Your Job And Start A Home Based Business? 8 Pros and 12 Cons To Help You Decide

Yesterday I was reading through one of my old journals from 3 years ago when I faced exactly this decision.

In the journal I found my list of Pros and Cons that I had written to help me decide.

Maybe they could help you to?

PROS

  1. I’m ready. I’ve had my 3 years of experience. I’m learning more in my own time than at work
    [for a few months I had been getting up at 6am and reading business books at a rate of 1.5 per week]
  2. I’ll learn more, I’ll be more productive, I’ll get things done in shorter time frames because I’ll be working for myself & my clients rather than half heartedly working for someone else for about $20/hour
  3. I’ll accelerate my growth and learning whether I succeed or fail just by trying
  4. This recession could mean that what I’m selling [website design and marketing advice] is more valuable, and businesses may want to outsource more
  5. If I survive the recession, when the boom comes I’ll have it made
  6. With zero income we could still survive for 10 months by drawing on our revolving home loan overdraft
  7. I’ll have the freedom to take time off for myself or for my family any time I choose
  8. I don’t have to spend another cent to get started. I have my computer and my brain.

CONS

  1. It is scarey giving up steady $46k/annum income
    [It turned out I earned that in my first year anyway, and doubled in the year after]
  2. The risk of failure. If it doesn’t work, my self esteem will be crushed
  3. I’ve always thought of working alone at home would be lonely but now I know it won’t be because communication and interaction will be a big part of what I do every day
  4. Risk of less income (or no income) for my little family
    [my wife was 6 months pregnant with our first child at the time]
  5. It would scare the hell out of my wife
  6. Spending too much time with my wife might be hard on our marriage
  7. I’ll be putting enormous pressure and stress on myself, marriage and my wife
  8. The recession could mean hard times for me, harder to sell what I’m offering
  9. We are in a recession, I should be greatfull that I have a job at all… Shall I wait 2 or 3 more years and then give it a go? Hell no!
  10. I might have to work longer & harder hours, not less (especially at the start)
    [It turned out that working on my own projects was actually fun and didn’t feel like work]
  11. Very stressful for my Dad because he’ll have to pay the mortgage if I fail
  12. No paid sick days. No paid holidays.

I went for it, and it’s been great!

What’s Your Favourite?

My favourite is Pro #8. 🙂

What’s your favourite?

Are you facing this decision now? Or do you think you might in the future? Tell your story.