An Ex-McKinsey associate, who worked at the company for 1.5 years quit his job despite earning about Rs 1.7 crore a year.
In his own words: "On a typical day, I worked from 7.30 am or 8 am until 11.30 pm. And it was pedal to the metal — I didn't leave my desk, forgot to eat, and dropped tons of weight. I barely remembered to go to the bathroom. I only remembered to get up when I noticed my dog looking at me all sad," he said.
He had joined as an associate in 2021 and he knew he was there "for a bad time, not a long time."
Articles that might interest you
"I knew that the work would be challenging, and I also hoped that if I stuck it out, I'd be able to build up my analytical toolkit and learn how to problem-solve really well. But looking back, I regret the way I approached my time at McKinsey," he said that he should have been more assertive.
And the money offered by the company was not at par with the workload and the mental agony he experienced at the company.
But why he felt so?
Lack of any guidance. At McKinsey, you're expected to start working from day one. He was there to learn, but it was a frustrating experience because no one was there to teach him... he was alone on an island while his manager drowned in her other work.
The people at McKinsey were both the best and worst parts of his experience. Some of the analysts and associates were cool, but a few associate partners and partners freaked out over mistakes and belittled people's thought processes.
Working at McKinsey had such a negative impact on his mental health that he often found himself crying and resorted to taking high doses of anti-anxiety medication. It drove him to finally take a break from work.
He realised if working here caused his mental health to deteriorate, why would he stay? Why would he want to be someplace that causes him to be in such a dark place?
That's when he decided to quit.
If anyone can work in such a high pressure and high demanding job for 18 months, just think how good they would be if they work for themselves and put their mind on getting the best out of their skillsets for their own self without burning out.
Cheap and fast Internet,
Gig Economy and
The passion to share one's experience with the world ...... is helping a lot of people leave their high demanding jobs and go solo or work on things they are passionate about while being able to monetize it.
When to Quit Your Job and Go All-in on Your Side Hustle
Have you ever dreamt of breaking free from the daily grind? Or of following your passion and being the boss? Many dream of this.
But it's not always clear how to achieve financial freedom and work for yourself. It's about tough choices and smart risks.
I know this because I faced the decision to leave my job and focus on my side hustle.
I shared the desire to follow my passion with many. My side hustle brought me joy and a chance for big growth. But the fear of losing my steady income stopped me for a while. Then I realized it was time to move when faced with a key moment.
I've learned a lot from my journey about when to quit your job for your side hustle.
In this article, I'll pass on this wisdom. I aim to help you with your decision by laying out the important factors for success.
The Romance and Reality of Juggling a Job and Side Hustle
Starting an entrepreneurial journey with a job and a side hustle looks exciting. It promises freedom from financial worries and self-employment. But, it's not just a smooth ride. It needs careful thought because dividing your attention between a job and side hustle can be tough. It impacts your energy, time, and money.
Articles that might interest you
Understanding the Entrepreneurial Journey
Being an entrepreneur means you need determination, the guts to take risks, and hard work. You have to balance a full-time job with growing a side hustle. This journey attracts those who want freedom and the chance to earn a lot. But, it also brings challenges.
The Sustainability of Split Focus
Maintaining a job and a side hustle means your focus is divided. This can make you feel drained, burnt out, and overwhelmed. You might feel you have too much to do. It's important to think if you can handle both without overloading yourself. You might need to choose which one is more important.
Assessing Your Energy, Time, and Financial Resources
Before you dive in, look at how much energy and time you really have. Think about your mental and physical strength for your tasks. Also, see if you can manage your job and side hustle and still take care of yourself. Checking your finances is key too. Make sure you can live comfortably as you make this change.
Think about the excitement and the tough parts of managing a job and a side hustle. But, really understanding what it takes to be an entrepreneur, the challenges of focusing on two things, and knowing your limits in terms of energy, time, and money is crucial. This reflection helps you decide if you should keep going with both or choose one. Finding a good balance is the key to keep your passion alive and reach success in your business.
The Critical Moment: Making the Choice to Quit Your Job
Quitting your job is serious business. It's a moment when you must decide to commit to your side hustle instead. This choice can change the course of your life.
First, look at your money situation. Check how much you have saved and spend. Also, figure out how much you could make from your side hustle. Make sure you have a good financial plan for the switch.
Think about what makes you happy too. Does your side hustle fulfill you? Is it something you're passionate about? Doing what you love full-time can bring a lot of joy.
Also, think about your side business's potential. Look at the market and where your business is heading. Do you see it growing enough to support you? This will help you decide if quitting is the right move.
Choosing to quit is a personal decision. Be sure to consider all angles and maybe talk to people who can offer advice. At this critical time, think deeply and make a choice that feels right for you and your future.
Investment and Reward: The Benefits of Prioritizing Your Side Hustle
Focusing on your side hustle can change your career path. If you spend more time and effort on it, you'll get rewards beyond a normal job. We'll look at why it's smart to give your side hustle serious time and effort.
Why More Time Leads to Faster Growth
Putting more effort into your side hustle can make it grow quicker. A full-time job limits your time and what you can do. But with a side hustle, you can enhance and grow it. This lets you find new chances, make your products better, and get more customers. Doing this can lead to quick growth and more success.
Articles that might interest you
Regaining Work-Life Balance by Controlling Your Schedule
Working on your side hustle lets you control your time better and find a great work-life balance. Jobs have set hours and little flexibility. But a side hustle lets you choose when to work. This means you can do your work when you're most alert or focus on your family. This balance can lower your stress, make you happier, and keep you healthy.
Unlimited Income Potential vs. Salary Cap
One big perk of a side hustle is its unlimited earning potential. Unlike a job that caps your salary, your side hustle has no limit. The more time and work you put in, the more you can earn. This could help you get more money than from your regular job. To do this, find a good niche, offer value to your customers, and improve your business plan constantly.
Choosing to focus on your side hustle means taking charge of your financial and work future. The upsides are clear - quicker growth, a better balance between work and life, and the chance to earn more money. Whether you make your side hustle your main job or just earn from it on the side, the benefits are there for the taking.
The Entrepreneur's Mindset: When Passion Outweighs the Paycheck
Choosing an entrepreneur's mindset means valuing passion more than a safe income. Rather than just earnings, these visionaries strive for a meaningful, purposeful work life. They believe this path offers fulfillment not found in routine jobs.
A deep passion turns your side gig into more than a cash opportunity. It inspires you and motivates you to tackle difficulties and reach success. This fresh view lets you break free from job constraints and explore the endless chances in entrepreneurship.
For entrepreneurs, passion is the driving force behind their dreams, and dedication fuels their vision. They define success by personal growth and the positive change they bring, not just by money.
By choosing passion and the risks of entrepreneurship, you unlock boundless options. You lead your life in a way that reflects your dreams and values. This level of control over your future is unmatched by financial stability alone.
"Passion is energy. Feel the power that comes from focusing on what excites you." - Oprah Winfrey
Working in line with your passion transforms your journey. It shifts work from a burden to a fulfilling adventure. Personal joy and contentment overtake mere financial rewards.
Do you dream of your project, feel thrill when working on it, and ready to invest all you can? Then, it's time to put passion first, ahead of a predictable salary. Let your entrepreneurial mindset and passion drive you to unparalleled success and satisfaction.
Keep in mind, true success isn't just about money, but the influence and joy in your career. So, dare to chase your passion, even if it means not as steady a paycheck.
Articles that might interest you
Side Hustle, Quit Your Job: Gauging the Right Time to Make the Leap
Deciding when to quit your job for your side hustle is big. It needs a lot of thought on different things. We'll talk about how to know when you should focus on your side hustle full-time. We will look into signs of success and what you need to think about before quitting.
The Indicators of Side Hustle Success
Knowing when to quit starts with looking at your side hustle's success. A steady income is key. This shows it can pay your bills. If your customers are growing, it means there's a need for what you offer. Also, good feedback tells you you're doing something right.
Personal Considerations Before Quitting
Your personal situation is crucial before you quit. Check your finances. Do you have enough saved up? Can you handle the ups and downs of working for yourself? Family support is also very important. Take time to think about these things and make sure you're ready.
Consider both your business's health and your personal feelings. Don't forget there's no perfect time for everyone. Trust your gut and think everything through.
Financial Foundation: The Importance of a Cash Cushion
Thinking of leaving your job for your side hustle? It's crucial to have a solid financial plan first. A cash cushion is a must. It acts as a safety net during the move to working for yourself.
Self-employment means your money might not always be stable. A cash cushion lets you handle surprise expenses without worry. It lowers the financial risks of depending only on your side hustle.
Building up a cash cushion takes planning and self-control. Set a part of your monthly income aside for savings. Try to save up three to six months of living costs. This will be a support if your business slows or if you face big bills.
It's also key to be smart about spending when you start working for yourself. Review your budget closely. See where you can spend less or cut out things you don't need. This boosts your savings and gives you confidence knowing you're financially secure.
Getting your finances in order and saving up a cash cushion is the best start. It'll give you the confidence to focus on making your side hustle a full-time success. You'll worry less about your finances and enjoy growing your business more.
Articles that might interest you
Validating Your Side Hustle Through Proven Business Models
After coming up with your side hustle idea, it's vital to check its potential with proven business models. Test the market to make sure people want your product or service. This step helps you get feedback, earn money, and decide how to move forward.
Testing the Market: From Idea to Income
Testing your market is crucial. It shows you if people are interested and who your competitors are.
To do this, try these strategies:
Ask your target audience questions through surveys or interviews to learn what they think about your idea.
Make a simple version of your product or service (MVP) to show its potential.
Use social media and online ads to find more potential customers and gather their feedback.
Give your product away for free at first, or offer big discounts, to get early fans and their reviews.
Market tests can prove your side hustle's worth and help you make it better based on what customers say. This feedback loop is essential for growing steadily.
Scaling Your Venture: Ensuring Sustainable Growth
Making your hustle grow is crucial for it to last long.
To do this, work on approaches that support lasting growth:
Design a business model that can handle more customers without losing quality.
Look for ways to team up with others or collaborate to get to new markets.
Use tools and technology to make work easier and more efficient.
Keep an eye on market changes to spot chances to grow or try new things.
Scaling your business takes planning, flexibility, and keeping up with what your customers need. By doing this, your side hustle can continue growing and be successful over time.
The Psychological Transition: From Side Project to Main Focus
Switching from a side project to your focus is a big mental change. It needs real passion, grit, and a readiness to face sacrifices. These sacrifices could mean changes in how you live on this path to being an entrepreneur.
Passion and Perseverance in Entrepreneurship
Passion drives a successful side job becoming a full-time job. It keeps you going in the rough beginnings where problems can come up. Having a real love for your work strengthens your resolve to beat hurdles and move ahead.
Articles that might interest you
Perseverance is just as vital. It means sticking to your aims and dealing with blocks. To make a side job work, you need patience, bounce back from hits, and the strength to push through, even in tough times.
Remember, passion and perseverance go together. Loving what you do helps you keep on, even in dark moments, and find the courage to move ahead.
Confronting the Sacrifices and Lifestyle Changes
Changing from a side venture to your main gig involves cuts and lifestyle switches. Being ready for these and seeing them as needed for success is key.
These cuts could be about money, time off from fun, or changes in what you do daily. It’s vital to think through what you’re ok parting with and understand how this fits your goals.
Expect your life to change as you give more time to your side operation. Your daily habits and how you balance work and life might shift. But, these changes can offer more freedom and happiness as time goes on.
Remember, making sacrifices and changing your life are just a stage. They’re chances to develop and get closer to your dream of being your own boss.
Understanding the Risks and Crafting a Contingency Plan
Diving into your side hustle full time can be thrilling. Yet, it's vital to know the risks. Understanding and planning for these risks will help you stay financially stable and succeed in your business.
One big risk is not knowing how much money you'll make regularly. Starting your own business means your income can vary a lot. It's key to prepare for this financially. Try to earn money in different ways. This might include selling various things or services, looking into earning money without active work, or starting other related businesses.
"Crafting a contingency plan is like building a safety net under your entrepreneurial journey."
There's also the risk of facing problems and slow progress. Business beginnings can be tough. Issues like shifts in what people want, competition, or unexpectedly high costs can pop up. Knowing others in the business world can be a big help. Working with fellow business people, industry experts, and mentors can provide advice and help during hard times.
It's also important to think about the personal risks. Starting your own business can demand a lot of time and focus. This might affect your time with family and friends. Think about what you'll have to give up. Knowing these personal risks and talking openly with your close ones can make these challenges easier on everyone.
Diversify your income sources to mitigate financial risks.
Build a strong professional network for support during challenging times.
Evaluate personal sacrifices and maintain open communication with loved ones.
Creating a plan for when things go wrong is like a safety net for your business journey. It gives you the strength to face uncertainties. By understanding the risks and planning well, you can lower the negative effects of setbacks. This can boost your business success chances and your own confidence.
Conclusion
Thinking about quitting your job for your side hustle is a big step. In this article, we've looked at why it's challenging yet rewarding. We discussed balancing a job with a side hustle, the perks of focusing on your passion, and how being financially ready matters. By considering these points, you can figure out if it's time for a change.
It's crucial to think about your own situation and how successful your side hustle is. Watch for signs like steady earnings and a growing fan base. It's also smart to save some money to fall back on. And don’t forget to have a backup plan in case things don't go as expected.
The choice to leave your job for your dream is yours. It means thinking about what you love, your determination, and what you're willing to give up. Listen to your gut and keep your focus on the future. With the right planning and understanding of your needs, you can boldly step into a future that matches your dreams.
