It’s a question that every potential small business owner asks him or herself before taking the plunge: should I quit my day job and focus entirely on the new enterprise or should I keep my regular job and run the new business on the side?

Naturally, there are pros and cons to either approach. On the one hand, quitting your day job means that there are no other “work-related” distractions as you get ready to launch and run your new venture. You can dedicate yourself full-time, which not only helps to legitimize it as a real business, but it also means that you can probably get started (and become profitable) more quickly.

On the other hand, many small businesses will take some time before they are able to generate a steady flow of income. That positive cash flow can be quite the challenge and having a “regular” job with a regular income stream can provide you with that much needed assurance and peace of mind until your business starts turning a consistent profit.

If your financial situation allows, it’s usually better to take the first option rather than the second one. It carries much greater risk, to be sure, but it can help you determine more quickly whether the new business is viable or not. With the latter, you may always be left with the “some day” mentality of when you should quit the day job and focus on the new business.