Everyone wants the internet lifestyle and make money online while enjoying time and freedom it can provide, but how do you know when is the right time to quit your day job?
Years ago I quit my day job too soon and found myself in a dangerous situation believe it or not. I got my first break online and made about $4k one month as an affiliate. I was very happy and thought that now since I just made more than at my job I could just say bye bye to my boss and not work again. When I did it, I learned some very interesting things about myself that I thought could never happen.
When I quit my job I became the laziest person you have ever seen. I would procrastinate all the time because there was nobody to hold me accountable for what I do with my time. I was earning money and I thought that it was going to last forever. I started traveling, buying things and finally totally stopped working on my business for a while. Slowly my income started to drop and things got very unpleasant. I am a positive thinker so I thought, “oh well I can repeat the things that worked and get back on track”. Well, I quickly realized that what worked for me in the past was not working anymore and I found myself in a very dark place for a while. I didn’t want to look for a job because once you experience the internet lifestyle you are hooked for life. So things started to get really bad for me, and after a while I realized that I was about to hit rock bottom. I was desperately looking for ways to make money fast because I needed to get my income back up. The problem was that I let myself be lazy for too long and I didn’t even have the funds anymore to jump start something worth pursuing. I finally made myself get a part time job so that I could gain funds to do my online marketing. I was fortunate enough to finally get another break after a while and things got back to normal. This time I didn’t let go my part time job until I had enough money in the bank to live for 2 years without bringing in a single dollar online.
I have never told this story to anyone but that’s how it was for me at one point. The fact is that you shouldn’t quit your day job unless you have some serious funds in your bank account and you have a very steady cashflow.
Of course there are people who go all in and they become wealthy fast, but believe it or not some of them in fact got lucky, or had money to jump start something solid right from the start. When you are low on funds you need to make sure your income is stable and that you are prepared to work hard as soon as you quit your day job.
Here are some things you should know before you decide to tell your boss to shove it…lol
1. Prepare to work harder than you ever worked before – It’s crucial that you fully understand this. As soon as you quit your job you need to put in a lot of time into your business. Don’t let yourself become lazy and don’t procrastinate because if you do, you will end up losing your shirt quick. You need to come up with a plan to scale up your business.
2. Make sure your income stream is scalable – The biggest mistake people make is that as soon as they find a method that brings in a comfortable income, they don’t scale and hope it will last forever. They don’t take for consideration that fact that it could be just a fluke or a loophole (yes, it happens especially online).
3. Come up with a solid business plan – You need to concentrate on building a real business. There are many business models online so find one that works for you and don’t ever stop. You need to map out your process and things you are going to do for the next few months so that you have a clear vision of how you are going to grow your income. Get a business plan!
4. Don’t depend on a single money making method – You should diversify your business and not depend on a single way to make money online. Think about it, if you just do one thing only and it stops working your income disappears fast. Methods are great but you should think ahead and develop multiple income streams so if one stops you got more that you can depend on.
5. Create cash flows – A lot of marketers want to find something that can make them rich overnight. There is no magic button that can flood your bank account with just a few clicks within hours. There isn’t! You shouldn’t waste all your time on finding something that will payout big fast. Concentrate on building solid cash flows even if they are small. Steady cash flow is more valuable than big payouts.
6. Make sure your bills are covered – Before you quit your day job make sure you can cover your monthly bills for many months without making a single dime. You want to have funds available for your business that are not part of your personal monthly spending budget.
7. It takes money to make money – I hate to tell you this but it’s absolutely true. Sure you can make some money online without spending a dime. There are methods like article marketing, blogging, and freelancing that produce some cash, but as soon as you want to scale and take it to a new level you need funds.
8. Traffic Traffic Traffic – If you want to make money online you need to know how to generate traffic, period. If you can get good at that then you will always be able to generate cash from the net, but don’t ever depend on one traffic source. Always diversify! Remember this…Traffic is the best product you can sell on the internet.
9. Don’t think about yourself – If you have a family that depends on you then you better be damn sure to have all your corners covered. If I had a wife and kids when I made my first attempt to quit my day job I would probably have lost them when things got bad. But what’s worse I would not forgive myself if that happen and things could have gotten even worse for me, who knows.
10. Don’t ever think you are successful –There is always room for improvement, so don’t stop making your business more productive. In my opinion you should never let yourself think that you have achieved your full potential because in reality you don’t know what your full potential is. As soon as you start thinking you are successful everything could just fall apart.
So that’s the reality here, and that’s what it takes to make money online. Hard work is the key word and if you still hope for the magic button then maybe the internet lifestyle is not for you. Of course there are people who got lucky and found themselves in the right place at the right time. In the early days it was way easier to make money online, but now it requires hard work, dedication, and persistence. The competition is getting stronger each and every day, so the sooner you realize the key elements that you need to make things happen the sooner you will find your success.
I am not trying to put fear in you here. I just want you to understand that there are certain things you need to think about before you decide to take the risk and quit your day job. Make sure you have a solid plan of attack and that you are 110% sure it’s going to work. There is no room for failure when you make that big step.
You need to look in the mirror and ask yourself if you can do this. Some people are motivated to work on their online business only because they have a job, but as soon as their job is no longer there they lose the ability to move forward. That was me actually. I needed to find something else to motivate me or I would just never make it.
Anyway, I wrote this post because I wanted to let you know what can happen when you become self-employed and what is required to make it in this business.
The most important thing is to take action and continue to do so without ever stopping.