One of the biggest misconceptions that parents who want to quit their job make is in the financial preparations. If it takes at least a year to build a business from home, then logically that would mean you would need to save at least your full annual income to live off of in that year, right? WRONG.
No wonder so many people think it is impossible and remain STUCK in a less than desirable situation. The good news is that you are NOT STUCK. The bad news? There are still sacrifices to be made.
Before losing all hope, create a financial spreadsheet. Cut out all of the expenses that go along with working outside of the home, such as daycare expenses, house cleaning, commuting, etc. With your spouse’s income, you should only be in the negative $200-$500 a month. That negative amount x 12 months will equal the more logical annual goal to have saved before you quit your job. $2400 is much more attainable to have saved than $60,000, and should minimize the fear of jumping without that safety net. Furthermore, this now gives you a new income goal as a first time business owner. Concentrate on earning that negative amount back to replenish your savings, and before you know it, you’ll be thriving as a self-employed career parent. For more support in preparing to make that leap, visit http://www.thislittleparent.info.
Self -employed Parent Enthusiast Ally Loprete is the Founder of OurMilkMoney.com, a nationwide online business directory of self-employed parents, and the host of This Little Parent Stayed Home, a live weekly radio show, on The Toginet.com Radio Group which can be downloaded on iTunes. Ally is on a mission to help other’s deal with the sometimes overwhelming prospect of leaving a full time job to start a new business, while running a full time household and raising kids. She is resolute about creating a haven in which parents across the nation will continue to thrive and obtain the support they need in their personal journeys. Self-employed parents, list your business for free at www.ourmilkmoney.com. Private coaching is available at http://www.thislittleparent.info.