It is probably not time to quit your day job. Goes without saying.

But when will it be time to cut the cord?

Joel Libava has something to say about when to cut the cord in his recent post

John Herman, a fellow blogger, in a post today, talks about cuttin the cord. This is aimed at those of you thinking about starting a business of your own, part time. {HAHAHA} good luck.
Excerpt-
"People ask me what business they should go into to make money. When they have little or nothing to invest in a business. And another issue is the fact that they don’t want to leave their current job due to the need for income before jumping off the bridge to own a company.

Yes, we all want everything, don't we? "Give me patience", the young man preyed, "and I want it NOW."

If you have little to invest, you will surely lose little. But a little will be a lot to you.

On the other hand, I do think it is good to have a bit of desperation to season your day. Just as too much salt spoils the dish, too much desperation turns into a big bummer.

I have been an entrepreneur my whole adult life (if you count 15 years old as adult…I am not much older but not much wiser.) And I have seen how nothing works without a real commitment. Things that look easy and will only take a few hours swallow up your whole life and much of your pocketbook. "Render unto Caesar what is Caesar's" the saying goes, and you render and you render. Caesar often doesn't render back.

What I'm saying is that you have to realize the price that is paid…but that isn't enough. You need the right business idea. I have floundered around with the wrong business idea many times. And only luck brought me eventually to something that worked for me.

There are a lot of people making money doing things I wouldn't be equipped to do. "You are a good cook", my naive friend says. "You should open a restaurant." That type of thinking will make you broke and desperate.

But so will holding onto everything you have and expecting magically to get somewhere else. If you want to stay home, you can't travel. And if you travel, you will miss some of the comforts of home. If you are going to spend the money getting into a business, you need to get into the business completely. Nothing part time will usually work.

Scott Adams of Dilbert fame did it by waking up at 5:00am and writing cartoons until he had to go to work. If you carve out television time from, say, 8 to 10 at night, in one month you've gained a full work week that you can give to something else.

I happen to like the lawsuit funding business, presettlement financing, at the moment, because you get to work with attorneys who will send you cases. There is no selling. And I think the financial returns can be very good. But you aren't going to build any sort of real business without going in whole hog.

If I go back to the source, John Herman in this case, I can enjoy another snipped of the full article here by John Herman Have you tried calling an electrician?

My response to people lately is to look at being a service provider business. I made millions selling companies that I didn’t have to own once my clientele believed in my services. Have you tried calling an electrician or carpenter or plumber lately? Starting a business where you are the “business” side of finding customers and sending repairman out in various fields and splitting fees in some ways with the actual service providers could make a great deal of money for the coordinator of that company.

John has his thinking cap on. This is another good idea on his part. The idea is that electricians are lousy at marketing, and you could be good at marketing and leave the electrical work to them. You both split the profits. A business like this has a low startup cost.

The essence of what you are doing is solving problems in such a way that you don't have to give up everything, jump in with both feet, and find the pool was never filled with water to begin with. Uh oh!

That's why I look for a successful formula and copy it. That's what's good about franchising potentially. And if you can find a business with low startup costs, run from home, that requires no selling, and that lets you build a long term clientele…well, then I think you have something. And if you can do it part time to start, well, I would be all over something like that.

If you are interested in finding out a little more about this lawsuit financing business, if we ever put a franchise together, then shoot me your email and name. I've got a 9 page special report that is packed with details on the business so you can start it right now. You don't even need startup capital if you decide to go it alone. Plenty of investors will be there to back you.  Thanks!