Everyone who works online eventually reaches the point where it’s time to make a decision: Should I quit my job to work full time online? Everyone’s circumstances are different, and there’s really no definitive answer, but I’ll tell you some of the things I considered before I made my own decision.
What’s Your Financial Situation?
Trust me, I know exactly how you feel. The first time I made a substantial sale I was ready to quit my job. But $275 bucks isn’t nearly enough to keep the wolf from the door. In six months I’d made one sale and who knew when it would happen again.
Be realistic about your financial needs. In fact, over-estimate. If you typically need $2,500 a month, then double it, just to be on the safe side. Don’t forget you’re also going to have business expenses, like web hosting, an email service provider and any software programs or online programs you need.
How Consistent Is Your Online Business?
If you’ve made one sale then you’re not ready yet. You need to build up some consistency. You know what they say – Even a blind squirrel finds a nut every now and then. Don’t quit your job until your business is more predictable. In fact, unless you’re very brave, don’t quit your job until you’ve learned how to control your business so you can bring in the money whenever you need it.
What’s Your Comfort Level?
If you’re willing to live on Ramen Noodles and peanut butter and jelly for a few months, then so much the better. Take an honest look at your “needs” versus your “wants.” It’s important to understand that starting an online business is just like starting any other business. It takes a lot of long hours and hard work to get it up and running, and it might take a few years before you can consider yourself “successful.” You’re going to have lots of ups and downs while you’re getting yourself established.
There Are Only 24 Hours In A Day
Personally, I knew it was time to quit my job when my online business progressed to the point where I was actually losing money online because I had to spend time at my offline job. I think most Internet marketers reach this same point, and I also think this is the point where you really, really need to step back for a minute, before you quit your job.
There are only 24 hours in a day. Eventually we all reach that turning point – if we could only spend a few more hours a day on our online business it would finally take off and become a success.
Right now you’re probably dividing your time between your job, your commute to and from work, your family, your friends, your hobbies, and finally, your online business. Oh, and let’s not forget time for sleeping every night. And you’re thinking, “Hmmm… if I quit my job that would be 10 more hours each day I could spend on my blog. I’m so close. I know I could finally make this work if I just had more time!”
But you really don’t know that, yet, do you, because you haven’t actually done it. You just suspect it’s true. Before you quit your job, take one hour away from sleeping, take one hour away from spending time with your friends, take one hour away from your hobby. Find that extra time somewhere else and use it to build your business first, before you quit your job.
No one said it was going to be easy. If you’re single and you’re not worried about finances then by all means, quit your job whenever you’re ready to take that leap. But if there are other people who rely on you for financial support, don’t be too hasty in your decision.