All right, when to quit your job. What's up everyone? This is Stefan from ProjectLife
Mastery.com. In this video I'm going to answer a common question that I get from
people that are making money online. They want to know, "When should I quit my job.
Give my notice to my boss and then pursue my online business full time?" It's a
great question.
Great position to be in. One of the best decisions you'll ever make in
your life. I remember the day I quit my job. I haven't even looked back since.
My life is so much better as a result of that. I'm really happy if you're
in this position right now, it's a really amazing place to be. A really big
transition in your life. A big game changer. You want to make sure
when you make this decision, you're not making it in haste and you're protecting
your down side and you're being intelligent about it. This is
what I recommend for people that want to quit their job. First just because you're
making money online, that doesn't mean that that's going to be sustainable and
secure over the long term. Really that's one of the most important things
you're going to look at. You have to understand that the Internet is volatile.
It's always changing, things can happen. Especially if your online business
is set up in ways that are somewhat outside of your control and you have to depend on a
force outside of yourself. For example if your business is built dependent on
Amazon, then the challenge and risk of that is if Amazon decides to change something
in their business. Then you're directly affected by that or if your online business
is dependent on YouTube or Google or something that's outside of your
control like that. There's always going to be some risk associated with that, that you
really need to understand and be aware of. With that being said, I always
recommend to try and diversify your income. Also diversify
the traffic in your online business, also. I'll give you a good
example of this. For me early on in my Internet business career, I was building
different websites and ranking them in Google doing a lot of search engine
optimization. One of the challenges with that. I was making money online. One
one of the challenges
was that I was so dependent on Google that when Google changed their search algorithms,
it immediately affected my online businesses. My online businesses went
from making a certain amount of money. I think around 5,000 dollars a month
to down to making 2,000 dollars a month. That really hurt me.
That was a lot of money to me at the time. I was living off that money. I was really
really dependent on that. This was actually happening to me in
2012 by the way. I remember one of the changes happened the day that I was
going to South America. I actually had a video blog, you can go back on my
YouTube channel and see it. On How to Overcome Adversity. That was the day
that I was going to South America.
Faced some big adversity in my online businesses. Really hurt me, didn't know what I was going to do. A lot of
uncertainty. I really had to focus on just moving forward and overcoming that. That
was not a very fun or comfortable position to be in. Hopefully I can
help you avoid having to deal with that, just by making a little bit better of a
decision before you decide to quit your job. Understand, you've got to look at how
your business is set up. If you're dependent on Amazon, or Google, or Facebook, or one
of these big platforms like that. There's nothing wrong with that.
Understand I try to diversify my business. For example if you're a Kindle
publisher, one of the things that I teach is to set up another Kindle publishing
account. A KBP account, in order to do that you need to set up another
corporation or have that under another entity. You can even do that with
Amazon Seller Central, Facebook, Google, other platforms as well. What that
will allow you to do is that will help protect you. If something happens to one of
your accounts for whatever reason you get suspended, you get terminated, you get
banned. Hopefully youre following all the rules with Amazon, with Google, Facebook
and you're compliant. There's always still some risk. I've heard horror stories of people for example that
they use PayPal in their business and all of a sudden PayPal terminates their account and takes
all their money in their account. I've heard that happen with email
autoresponder
software as well where they terminate your account and all of a sudden
they basically ban you from using their services. That's happened with Kindle
Publishing and even Amazon Seller Central. Again that's primarily if you're
violating copyright or doing something that's against their terms of service.
Understand these are things that can happen. I'm not saying that they will.
You always need to anticipate and protect yourself as much as possible.
I would look at all the down side, all of the things that can happen. Have some
systems in place to help protect you from that. Setting up multiple
accounts is one strategy. If you're building a Kindle Publishing or Amazon
business and primarily you get most of the sales and income from Amazon. Then I'd also
recommend setting up Facebook pages, build an email list. Build some
assets outside of Amazon because if Amazon decides to change how they rank
things or delete some reviews which they do from time to time. Who knows
what? You want to make sure that that doesn't really effect you that much.
Diversifying your income, diversifying your traffic. If you're making some
money right now from Kindle diversify with Createspace, with Audible.
That will provide some different income streams for you also. Have an email list
with affiliate marketing. Then that way if something happens to one or two books
you may have or one or two parts of your business, then you're still making money.
You're still going to be okay. That's one piece that I recommend. Really looking at your
business and really try and protect your income
a little bit more. At a certain point in your online business, once you're making
significant money. You're going to want to invest in lawyers and even accountants to help go over your
business to make sure that you're not violating anything and you're protected
from anything that can occur in your business also. The next thing is just
because you're making money, again that doesn't mean it's sustainable. What I'd
recommend is make sure that number one you know what your expenses are. okay
You should be a master at managing your money. That means making sure
you're tracking what your rent is your mortgage, your car payments, your gasoline, your
food costs,
your Internet bill, your cell phone bill. Make sure that you're tracking, you know
exactly what your expenses are every month. Then how much you need to make in
order to pay for that lifestyle and the current expenses that you have as well.
If you can try to avoid enhancing your lifestyle, meaning buying a nicer
place or buying a nicer car, or upgrading your lifestyle. That's always more ideal
because the more expenses that you have the more money you're going to have to
make in your online business to be able to replace that, to be able to replace
your job.
Often times people that I work with, they might have a 6 figure job and make a lot of
money and it's actually more challenging for them to quit that job.
They're used to making so much money from that job that they're still a little bit
too secure at that job. I was really lucky because I quit my job when I was
21 years old. I never looked back since,
but I always kept my expenses low. If the internet thing didn't work
out, I knew I could always easily get another job to help make enough money to
pay for my expenses. That's one benefit of making sure you keep your
expenses relatively low. Now once you know how much you need to make.
I recommend that you're consistently making that amount of money for at least a few
months. At least 6 months, I'd recommend because in business it's not like your income
is stable and flat-lined like this. You might have some months where your
income goes up and then it's going to go down the next month. It goes up the next.
It's always maybe like this, up and down. You've got to make sure that
it's somewhat stable and secure. That you can expect and depend on making a
certain amount of money for a period of time. I also recommend that you have some
savings, at least three to six months of your whatever your expenses are have that put aside.
Have that saved. That's just in case something happens. Just in case
everything disappears. Just in case you have a bad or slow month in
your online business. You can have that reserve that you can depend upon that
can help pay some of your bills and expenses. You want to typically avoid getting
in debt,
credit card debt especially. Especially if it has very high interest rates. I'd
try to pay off debt as well. Those are the main things that I'd really look at.
Make sure that you're patient with it. Don't try to rush
certain decisions like this. Take your time. You have time on your
side. In some cases there could be a little bit of an advantage
having a job and having an income while you're trying to build an online business, because at least then
you'd have some money and cash flow you could invest in your business. You can
outsource and hire people to do a lot of different things for you.
Sometimes I know people they quit their job and they work at their
online business full time. They don't know what to do. You
have all this free time and all of a sudden they don't know what to do with it
because in some cases your business might not require that much time either.
It's always about working smarter, not necessarily harder. It's always
important to ensure that you factor in that you're making enough money that you
have money aside you can invest in your business.
Put aside to maybe save as well as invest in other investments also for long term.
Hopefully this video is helpful for you in helping you make that decision.
One of the best feelings you'll ever have is that moment that you go to your bosses office
and you quit. You just feel totally free. It's really exciting.
It's one of the best feelings. I remember for myself
different moments because I used to hate waking up at a certain time and having a job,
having to be somewhere. Having to listen to someone else. It's really one of
the most amazing things that you ever can experience in life. Really that you'll never
forget. Hopefully once you make that decision, you'll never have to go back. I
know for me, the pain of going back to having a job has been something that's
seriously motivated me and driven me forward even more. Just going
back to a certain lifestyle,
going back to a boss. It's hard once you've already had freedom to go
back to something like that. Anyway, if you've quit your job, maybe you're in this
position. I'd love to hear about it.
Leave a comment below.
Love to hear about your experience. I'd love to hear where you're at? If you're not quite there
yet, then no worries. There's many opportunities that I recommend.
Spend whatever time you have for the week and your evenings and your weekends.
commit yourself. In a matter of months you're going to be in a position where you're
ready to quit your job and move on to a new lifestyle. Thanks for watching this
video guys. Leave a comment below. Like this video. I'll talk to you
soon. Take care. Hey, this is Stefan and thank you so much for watching this video. If you
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