This is a really great question, and probably one that most members have asked themselves (or will ask eventually). Making the leap from a "side" business to a full-time enterprise is a first stage business growth investment decision. In many ways, it's the same type of decision as an IPO, a VC investment, an angel infusion, or a loan from friends -- only instead of risking a large amount of money (and someone else's money at that), you're betting a huge part of who you are and everything you might potentially become.
You are probably getting a wide range of advice from the people you know -- from "just do it" to "you'd be crazy to walk away from a good job now." So try to examine the decision objectively. Ask yourself the following questions, and ask them in the same direct and "tough" way that an outside investor would:
Is the current staff (you) competent at running this business and performing the work?
Do you have a fallback position (would you be able to quickly find a job somewhere else if this didn't work out full-time)?
Is your business growth plan (especially your marketing plan and cash flow projection) realistic, or are you just assuming/hoping that spending more time on the business will increase revenues?
Has your part-time business found a distinctive niche or competitive advantage that you can really leverage with a full-time investment?
Do you already have the necessary management and administrative systems in place (i.e., computers, financial software, accounting procedures, etc.), or will going from a side business to a full-time enterprise require you to make significant investments in technology, tools, or outsourcing in order to grow.
Is the timing good for the business to expand (as you look ahead, is your business poised to literally explode if you can be there full-time -- and is the clock ticking on that growth opportunity)?
Is making the leap now the "right" thing for you (given whatever other obligations and responsibilities you have)?
When all seven answers are "yes," you can't NOT do it -- you KNOW it's a good decision. If there is a "no" answer, it tells you exactly what to focus on in order to
make it a good decision. Hope this helps. Best wishes.
