At what point do you quit your day job?
I have a side business that just started and is doing well but it's a lot of work especially with a day job and a young family.
In the past two months, Iris.fm has grown to $2750 a month before expenses. I'm still trying to figure out simple scalable ways to market it like adwords but at some point to add features, update design, answer support, fix bugs, add blog posts, help articles, demo videos, foster online communities, etc its just too much.
My day job is going really well but at some point I won't be able to do both.
Any advice?
No one can answer this for you. It varies, depends on many variables. Before expense doesn't matter, only after expense and what you can afford. How fast is it growing? How much effort is it taking to grow, to maintain, etc. What income will it replace if you quit your job? Are you the only one earning salary? If not, will your partner's salary cover and hold the family? Do you have enough savings? Will you have to buy health insurance? How long can you go without a job? Too many things to consider. You have to figure this out yourself.
For me. I'm not quitting until I make 1.5x minimum my wages sustained for at least 1 year.
Yea that's a good formula!