When Is The Right Time To Quit Your Day Job In Order To Focus Full Time On Your Online Business
Yuli Azarch | August 29, 2015 | No Comments on When Is The Right Time To Quit Your Day Job In Order To Focus Full Time On Your Online Business
You may be at this stage right now, wondering the same question: Should I quit my day job and focus full time on my business or not?
If you are at that stage, asking yourself the same question, it means you already started having an online income and you are seeing some results. Money is coming in. Many people who just start creating their online business ponder on the same topic.
The way I see it, there are two ways to look at it. There’s the safe way and there is the less safe way. Depending on the risk tolerance which you have.
1) The less safe way
the less safe way is straightforward: doesn’t matter how stable your online business is, quit your day job NOW, and focus all of your time on your online business. If you think about it, there is really nothing to lose. If all hell breaks loose, you can always go back to your day job. Ask yourself why are you creating your online business, and focus on that on mind. Quitting your day job will allow you to get to your end result a lot faster. When I just started a few years ago, this is what I have done. I’ve burned all of my bridges, I told myself there’s no way I’m not going to do anything else. I’m going to create a long term online business and I’ve done it. Even when I didn’t have enough stable income and barely survived (I actually had debt in the bank, and I could barely cover my monthly expenses of rent and food). I absolutely knew I had to do it, I knew why I want it, and I focused full time which made sure I started getting results a lot faster.
A question you can ask yourself that I use a lot when taking risks is “What is the worst that could happen if I take that decision, and that risk?” and really think about the answer. Usually, the worst thing that can happen for myself, is I will lose some money, I will learn from it, and worst case scenario on the planet I will go and be a waiter to earn money (In other words, NOTHING TO LOSE, but the brain cannot see it clearly until you write it down and really think about it). We make things in our heads bigger then they are, and worse.
I actually don’t recommend this if your prone to low tolerance of risk and
2) The safe way
the safe way would be the other way. I actually recommend this to most of my friends as well as all people who ask me about such advice. If you’re having a day job right now, and you really need certainty and to feel safe that you will have all of your monthly expenses covered and more, before quitting your day job which brings you security now, and you are at that stage, meaning you are getting results. You earn money online. To take the next step, you are going to have to scale your business to start creating online income to earn an equivalent amount of money of which you earn in your day job. Once you get to this point, replicate this for 3 months. Once you are here, I would say it is very safe to quit your day job, and start focusing full time on your online business, which in turn will allow you to scale things in a faster and serious way. You can get started with one hour a day, two hours a day. Whatever time you can invest in it, just get something running until you start seeing results and the more you start seeing results, the more confident you become and the bigger and better results you will probably want.
If your business is new, it may not be stable enough. You can get some result one month and the next month can absolutely be zero results and the income can drop to zero. I have been there. It will happen in the beginning, and it will become more stable once you get more experience under your belt. That is why I recommend waiting a few months for it to stablize and show stability with the income you are getting. If you are there though, don’t think about it anymore. Quit your job. NOW. Don’t wait any longer. Go send an email to your boss now, or pick up the phone, before you stop reading this. Focus only on your online business.
You can also do a simple math, and see how much time you spend in your work, and how much time you spend on your business, and see your income hour. If you have a day job, 9-5, so you spend 8 hours on your day job. Usually people spend two to three hours in the evenings on their business. Making this calculation, gives you even more safety.
I personally recommend that way usually. For the reason that is is pretty safe. Most people are not prone to high risks. It’s a really great way to get things going without risking anything really. Your job is still there and if something fails you can always go back to it and this way you can start working on yourself and on your freedom.
Share your thoughts below.