Before you start out, there is one question that you need to answer: Should you do it full time or part time? Many people are not sure whether they should go out full time or part time when they first start out.
There is no clear answer to this question.
But I can share some real life experience with you.
I have a friend who just recently quit his job and started a recruitment company.
While having a chat with him the other day, he received a phone call from a prospective employer.
After a long chat with his prospective employer, he was kind of unsure what he should do next.
Whether he should accept a job offer from the prospective employer and focus only on his recruitment business part time.
Or just ignore the job offerand focus full time on his new business.
When I first started out, I quit my job as an IT consultant.
I use my savings to fund my new business ventures.
I focused on the new business ventures full time.
I went all out and there was nothing for me to fall back.
This is something like 'do or die' thing.
This put enormous pressure on me but it was also a great motivating factor for me as well.
I must do well in what I planned to do.
I got no choice but to channel all my energy and attention to it.
When you leave yourself no option and no way out, you'll try your very best to achieve what you want to achieve.
Leaving yourself no option is like you were caught in this situation: make a million dollars in 3 months or you lose both of your hands.
Yes, you're right, in order not to lose your hands, you have to make a million dollars in 3 months! If you were in this situation, I'm very confident that you'll find all the means to make a million dollars rather than giving chance to get your hands chopped off.
That's how you feel if you were to start out full time.
You can see the results faster.
And also you get things done faster.
A piece of advice before you decide to start out full time is to have enough financial buffer.
Your financial backup is extremely useful if your plans fail to generate certain amount of income in a specified time.
You can use your backup to putfood on the table.
Other than that, if you have a family, strong support from your spouse is utmost important.
Having said that, I'm not saying everybody who has plans to be on their own should follow my path and do it full time.
But if you notice, there are many success stories from people who started out part time.
One excellent example is Michael Dell, founder and Chairman of Dell Computer.
According to Forbes magazine, he is one of the youngest richest men in the world.
When Michael Dell first started his computer business, he operated from his university dormitory.
He started out his part time business while he was a university student.
When his computer business grew faster than he could ever imagined, then only he quit as a student and involved full time in his business.
That's how Michael Dell started his multi-billion dollar computer business from a part time business.
Starting out part time is a safer path because you can still rely on your full time job.
The only drawback I can see if you start out part time is you may not put all your energy in it.
Because you have a day time job as backup, you may not be as committed as when you're in it full time.
Many people gave up after a few months of trying and fall back to their 9 to 5 job.
Either you choose to start out full time or part time, success will be on your side if you have a burning desire and passion to succeed.