When Should I Quit My 9–5 Job and Go All In On My Business?

There are plenty aspiring and part-time gym owners currently pondering this question. They keep the full-time gig to pay the bills…

There are plenty of aspiring and part-time gym owners currently pondering this question. They keep the full-time gig to pay the bills, maintain health insurance and provide for themselves and/or family — while operating their gym on the side. They are constantly in an internal battle between what they’ve always known and what they have only dreamed of — it keeps them awake at night, clouds their decision making and leaves them wondering “what if…”

My experience with this dilemma was a bit more straightforward. I was a successful consultant for a large globo-gym when I started my own company and operated it part-time. I was working 60 hours per week between the two until I realized that I was no longer moving the performance marker in either company. Fate would have it that the corporate office discovered my side project and terminated my employment immediately. This was a blessing in disguise. Though I had not planned for the sudden departure of my income, health insurance, and “peace of mind” that comes with a full-time job — it was the best thing to have ever happened to me.

The truth of the matter was this — I started my own business with the end game in mind, to make it my full-time career. It just so happened that someone else ripped off the bandaid. But I wasn’t scared. I wasn’t worried. Subconsciously, I had been praying for this moment. I knew exactly what had to be done and I knew that I was more than capable of doing it. Fast forward to all that has been accomplished with my company at 30 years old and my only regret was not getting started sooner.

However, this question cannot be answered by anyone except you. It’s too situational and too many variables are present. Hopefully, I can help create the framework to lead you to make the right decision. If you’re still stuck — please feel free to contact me. I’d be more than happy to listen and give advice.

In my opinion, there are two schools of thought on this:

You go all in. Today. Wait no longer. If this is what you really want, you’ll make it work.

Wait. Save up. Play it safe. Don’t ditch a steady paycheck, health benefits and put your livelihood in jeopardy quite yet. Play both sides for as long as you can.

So which one do you go with? Run through this checklist and have a very honest conversation with yourself or a business mentor and then make your decision.

Assess Your Tolerance for Risk

The problem with a full-time job is that it makes you comfortable with a certain lifestyle. You’re able to pay your bills, enjoy health benefits, be proactive in planning for your retirement, etc. However, that level of comfort is something you are going to have to sacrifice. You’re going to have to assess your tolerance for risk — which needs to be high, especially in today’s growing market. You’re going to have to figure out if you’re willing to risk everything for very little reward (at least in the beginning).

Do you have the capital needed to support this venture? Have you done the appropriate forecasting using “less-than-ideal” scenarios? Are you OK with having to take 3 Benadryl every night just to sleep because your mind won’t stop racing with worry? Have you accepted the fact that you’ll work twice as many hours as you did at your current job — and get paid next to nothing in the early stages?

If you want in on this game, you’ve got to have the stomach for it. This is not for the timid or those who want to pass the ball when the game is on the line. But if you accept all the risks, you’ll reap the ultimate reward.

Get Support From Those Who Are Dependent On You

I’ve consulted with individuals who are ready to step up to the plate of business ownership but know that it would place their family’s livelihood in jeopardy. This avatar is typically someone who has family members who are 100% financially dependent on them. If your wife is pregnant, you just bought a home, and you’re responsible for the rent at your parent’s retirement community — you’re going to need the support of these people.

This is a heart-wrenching situation for many aspiring entrepreneurs who want to fulfill their purpose in life while still providing for their loved ones. I believe an open, honest, and thorough line of communication with those individuals is needed before you can proceed with your grand plan. Do not come home and surprise your wife and kids that Daddy quit his job and is going to go out and blow their savings on barbells and rowers.

If you have a family that is dependent on you, you already own a business in my opinion. Family Inc. is your top priority and it is absolutely paramount that if you pursue your dream of opening up a gym that they are 100% behind you. Do a Google search for the divorce rates of entrepreneurs and you’ll see that creating a supportive infrastructure at home is required if you want to see success in your business.

Self-Audit Yourself

Before you put in that two-week notice, do me a favor. Write down all the roles that will be required in the business — coach, janitor, marketing, sales, customer service, HR, maintenance, billing, retention control, accounting, administration, etc. Now place a big X next to all the roles that you know you are a less-than-ideal candidate. If you don’t have any X’s….you’ve already fucked up.

Assess yourself. What are your strengths and weaknesses? Realize that you can’t handle every single task yourself and even if you can, you’re not the right person for them all. Having an honest conversation with yourself before pursuing this dream can save you a world of headaches down the road later. Successful business owners surround themselves with people who are better suited for specific roles and empower themselves and their employees to maximize those genetic talents.

While it’s very romantic to try and throw yourself on the “I Can Do It All!” grenade; You’ll soon find that it won’t just be you that is blown to pieces — but your members, employees, and business will fall casualty to your cavalier approach.

Talk to Those Who Have Done It Already (both successes and failures)

“We fail at the margins of our experience”. This is a line that many of us have used when talking fitness to our athletes, but for those of you who aren’t sure whether they should take the plunge into entrepreneurship — I want you to use this phrase in your due diligence process that I’m laying out before you quit your 9–5 job.

I’m not gonna bullshit you. You have no idea what you’re getting into. None. I don’t care what you think you know. Until you’ve actually built a business, you don’t have a fucking clue.

But you need a clue. You need to know, or at least hear from someone else who has been through the trenches of starting something from nothing. Reach out to local business owners. Introduce yourself and ask if you can buy them lunch and pick their brain. Don’t just limit yourself to fitness professionals either. You can learn a ton from leaders in other industries and ask about their wins and losses. I’m a firm believer that you learn more from other’s mistakes than you can from their victories.

You may look into finding a business mentor who can help guide you through the warfare that you are about to experience. There are several of us in this space, myself included, that work with gym owners on a daily basis to help them achieve business success. If you want your gym to be successful, you’ve got to ask for help at the right times.

The bottom line is this — a true entrepreneur knows nothing else. If you’ve been battling yourself every day working for someone else…then, assess the checklist above and if you’re even just 50% certain that you should do this, go ALL IN on yourself.

Because you know what’s worse than striking out?

Living with the regret that you never stepped up to the plate when you had the opportunity.