Residual Income Business – When Should You Go Full Time

One dilemma that people face when they are creating a residual income is when can they quit their full time job and stay at home and do their business full-time! Although there is no definitive answer I will give you a few guidelines that will help you in this decision in this article.

Only you know your personal financial situation, but I do understand the draw of wanting to quit your full time job. One thing to consider is how much monthly income you will need when you are no longer working outside the home.

You will find that your budget will drop a little bit because you no longer have to pay for things such as gas, upkeep on your car, clothes for work, money to eat out, and so on. You will also find that your time management will become more effective because you’re not wasting time commuting back and forth to work. That is time that can be put to use building your residual income.

Another thing to consider is where will you get benefits. Specifically things like health insurance can be difficult to find when you are self employed. Other benefits that you will probably lose include sick days, vacation pay, bonuses, retirement plan, and so on.

One thing to look at is the type of products that you are marketing in your residual income business. Is it the type of product that you can personally sell and create income even if you do not have income coming in on a residual basis?

If you have been successful selling products personally on a part time basis then you may even be able to increase that once you are working for yourself. Many times this comes down to your work ethic, as well as your skill level, so you want to be sure that you are self driven and you have the skills it takes to market your business.

Although retailing the product is not necessarily a residual income, it can be a great source of cash flow allowed if you quit your job. It might be the type of product that you earn good cash from the sale on the front end, as well residual income on the back end and that is the ideal situation.

In summary these are several things to consider when you should go full time with a residual income business. Each personal situation is different, however one benefit is you can start on a part time basis and develop it into a full time income.