What is up, everyone?
Welcome back to my channel.
If you are someone who is debating to quit your job to start your own business, well,
then you're in luck because this video was made for you.
Now, if you've watched my videos before, then you do know that I quit my job without a backup
plan and eventually started my own online coaching business.
Now, I don't regret my decision, but there were a lot of things that I definitely underestimated
and wish I took into consideration before I quit my job.
Now, the first harsh reality of starting a business is that even if it's an online business,
it's still going to cost you some money because even if you aren't selling products or you're
not owning a brick-and-mortar store, having an online business still comes with some hefty
startup costs, so to help you put things into perspective, I've broken down a couple of
typical fees that you might incur if you start an online business.
First of all, you probably want to consider your basic web startup costs like your web
posting, buying a domain, buying an email that links to your domain, possible themes
that you might incur, and any other application that's going to help you with customer acquisition
and branding.
For example, if you plan to do email marketing in your business, you're going to have to
invest in an email automation software like Drip, ConvertKit, or even MailChimp, and these
services run typically between $30 to $200 per month, depending on the amount of subscribers
that you have.
Now, of course, when you're first starting out, you can get away with getting free services,
but eventually, as you scale these are costs that you're going to need to consider, and
the more subscribers that you have, the more you're going to need to build a robust email
marketing system that is automated.
Eventually, you'll also want to create multiple landing pages for your business to create
your sales or marketing funnels using things like Click Funnels, Leadpages, Kajabi, or
Elementor.
These can cost you about $25 to $130 a month depending on which service that you use.
So, as you can see with these two basic examples, you can tell and do the math that monthly
fees do add up, so if you are currently in your corporate job and you're deciding whether
or not you want to start an online business, definitely do your research on possible subscriptions
you probably need to invest in and actually think if you can afford it.
Now, of course, for the purpose of this video, I only included two examples of monthly fees
that you might incur.
So, to help you out even more, in the description box below, I've actually included a free guide
that I've put together with all the possible monthly fees that I'm incurring currently
to give you an idea of the possible expenses that comes with running an online business.
I'll also include the link in the comments section so that it's easier to find, and I
really, really hope that this is going to help you have a better idea of what you're
actually going to need to financially invest in before you quit your job.
Now, the costs that I mentioned are just reoccurring monthly costs.
There are also one-time costs as well.
For example, if you want to incorporate, which you probably would eventually, that's going
to cost you about $1,200 to do it with a lawyer.
Now, of course, you can do it the DIY way and do it for less than $500, but sometimes,
there are accountants out there that are going to make you redo it if you don't do it right.
Speaking of accountants, accountants can also charge upwards to $150 to $400 an hour depending
on the type of work that they need to do, so these are also little costs here and there
that you want to consider when you're starting a business.
Again, up until this point in the video, I've only really covered some of the costs.
It doesn't even scratch the surface with the other costs that might be associated to running
your own online business, so to help you out, I've created the free PDF like I mentioned,
and it's going to be in the description box and the comments section below.
The second harsh reality of starting your own online business is that I guarantee that
you'll be working more than you do currently at your corporate job, so if you are planning
to quit your corporate job to work less hours by starting your own business, then I promise
you that you will not be happy with your decision.
I think that the issue is, is that a lot of us look at already seasoned entrepreneurs
that have their businesses on auto-pilot and therefore, can afford more time in their life,
but the issue is, is that when you are first starting out, you're not going to have your
business on auto-pilot, and you will be running everything yourself.
What I want you to know is that the scary thing of starting your own business is that
your business relies entirely on you, especially in the beginning stages when you don't have
enough capital to hire a team member or outsource any of your work because when you are starting
a business, you're essentially a one-man show, and you're going to need to have a lot of
discipline to continuously keep things moving.
This type of responsibility is actually really stressful, and that's why a lot of people
say that entrepreneurship is a really emotional ride because not only are you trying to start
a business and you're a one-man show doing everything all at once, but you're also going
through huge learning curves and you're trying to learn everything and troubleshoot problems
right at the same time, which can be very mentally exhausting.
Not to mention, when you are a one-man show starting your own business, you don't really
have someone like a manager or colleagues to run your ideas through, or to tell you
what to do, or to tell you if your work is good or not.
That's why starting a business, or being an entrepreneur, or a freelancer, or whatever
you want to call it requires a lot of self-confidence and also, a lot of self-awareness.
But what I do want to mention is that even though I work a lot more hours than I did
before in my corporate job, majority of the time, it doesn't really feel like work because
I'm genuinely really interested and really passionate about the things that I'm working
on, which is why my biggest advice to you if you are planning to quit your job to start
a business is to make sure that the business that you're starting is actually something
that you're really excited about and that you're genuinely interested in.
But not only do you need to be excited about the work that you're doing, you also have
to be willing to do it for free, which brings me to my third and last harsh reality, which
is you will not be making any money in the beginning stages of your business.
When you are starting a business, you most likely won't be making any money in the beginning.
Whether you have a service-based business or a product-based business, you're probably
going to be spending the first two to three months actually building the backend and the
backbone of your business and putting all the necessary systems in place for free.
When you do start to build traction in your business and you start making some money,
just know that that money probably is not consistent, which is one of the things that
was really hard to adjust for me because keep in mind that building strong funnels and building
a very strong brand for your business takes a while to cultivate and to grow, so unless
you've been side-hustling your business while working at your corporate job, more likely
than not, you're not going to be making money right off the gates of quitting your job,
and therefore, that is something that you need to consider and ask yourself if you're
prepared to do if you do quit cold turkey.
Personally, for me, that was one of the hardest things to adjust to.
When you work in corporate, no matter how much effort you put in, you're going to get
the same paycheck every two weeks.
You could be busting your ass and still get the same paycheck versus if you just locked
yourself in a washroom at work playing Candy Crush.
No matter what you do, you're going to get a consistent pay, and you know that it's coming
every two weeks.
On the flip side, when you are in the beginning stages of starting a business, your pay is
most likely going to be a reflection of the amount of energy and effort that you put in
into building those systems in place.
So, the thing is, is that you're going to need to front-load all the work in the beginning
stages of your business, hoping that eventually, it's going to be able to sustain itself, and
then you're going to have that consistent pay month after month, but trust me.
In the beginning, you're going to need to not take a pay and actually create those systems
in place, which sucks if you think about it because you're not going to get paid for a
while.
But the great thing of having your own business is the limitless earning potential, so yes,
you are probably going to need to front-load a lot of work.
Yes, it's going to be a scary ass emotional ride, but there is a earning potential that
can be limitless.
Now, of course, there are lots of risks and there's a lot of people that actually don't
make it in entrepreneurship, but at the same time, there are a lot of people that do, so
I think that it is all about the mindset that you are going in with your business and actually
having that grit, and that consistency, and that patience to not give up.
Now, if you want more content like this, I've recently created a private Facebook group
called The Fearless Boss Network.
To date, The Fearless Boss Network has almost 300 millennials inside.
Essentially, it is a giant mastermind of like-minded individuals like you and me who are either
entrepreneurs, goal-getters, or anyone who has a dream and wants to take the leap.
Now, in this group, we share tips, resources.
We also help out each other, and also, I personally hop in there once a week to do free trainings
depending on what the group wants, so it's like my YouTube channel, but it's very much
catered to the people that are in the group and you get one-on-one support from me.
So, if you are interested in joining the group, I'll add the link to the description and the
comments section below so that it's easier for you to find, and I would be more than
welcome to greet you inside the group.
So, guys, as always, thank you so, so much for watching this video.
I truly hope that you found it helpful, and don't forget to download the free guide below
so that you can learn more about this topic, and if not, then I'll see you in the group
hopefully.
That being said, hope you guys have a great week, hope you guys have a great life, and
I'll see you next week.
Bye.