How much should your product make for you to decide to quit your job?
I guess most makers go into product building to build a successful company, or eventually exit it and live a life without time and space restrictions AKA, earning money while they sleep.
Many people start their own businesses alongside their 9-5 jobs.
And if things go well, they quit their 9-5 jobs.
How much money should your business make for you to quit your job?
[I would have to have enough reserves... in the sense that the business would have to give me a sufficient monthly salary at least equivalent to my regular paid job + be able to support one additional employee.]
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Probably 2-3K,
But more importantly I think you should be able to see the growth metrics and be able to estimate where it is going to make that decision.
I think it is important If you could calculate how much you can grow with more of your time spend on the project.
Lets say now you make X and with more of your time you can make 2x in 3 months.
But also some projects require constant money spent for marketing which could be hard to support without a steady job.
@gapostolov Also, would you like to have one project or 3 smaller projects to earn your income?
@busmark_w_nika Probably one, because I have not tried 3 smaller projects.
But I am really thinking about starting multiple projects right now.
All depends on your risk appetite. Some folks go all in just with an idea, others need more traction (e.g. growth / PMF, accelerator acceptance, seed funding).
Personally I am in the latter camp - want to see some traction before I jump.
@globenomad I need to have some certainty. I believe tho, there are people who quit their job even before starting building a business.
When the product generates 3x - Annual income, then I would lean more into the product and feel comfortable with leaving my day job.
@jason013 Ok, I am reconsidering my strategy now! :D
For me it would be less about hitting a specific revenue number and more about having consistent income for several months and enough savings to handle slow periods without stress I wouldn’t want to quit just because one month went well
@shivam_kushwaha16 Of course, I forgot to mention that I should retain a certain amount of money for some period. It must be sustainable.
@busmark_w_nika yeah that makes sense having some savings and a stable income before quitting gives you a lot more peace of mind especially when business income can be unpredictable
For me, my business would need to generate enough income to cover the running costs, cover my current salary, have enough extra to invest in the growth plus some margin for anything unexpected.