When Should You Quit Your Job To Go Full Time?Jul 17, 2021
A lot of people want to start their online business for multiple reasons: long-term stability, have something of their own, live wherever they want,…
But if you are looking to take this seriously and go full time you got to know when it’s the right time.
In today’s lesson I’m going to cover:
- The 4 things you need to take into consideration before making the “jump”.
- Why you need an emergency fund to cover at least 6 months of expenses.
- AND… how to avoid making a decision out of impulsiveness and failing.
What’s up, guys?
Welcome to another video.
In this video, I want to give you my suggestion of when I think it’s a good time to quit your job, to work on your online business full time.
And I’m recording this video because a friend of mine sent me a message via WhatsApp, and I replied, and I thought it was a great topic for a video because, at the end of the day, a lot of people want to start their online business because they will live life on their terms. They want to have something of their own. They want to see stability in the long term. They want to be able to call their own shots, work wherever they want. And it’s just an amazing thing to have an online business.
I think we can both agree.
And eventually, you will want to do it full time, because once you go full time, your business skyrockets [Right?].
But you also got to know when it’s the right time to go full time.
I’ve been a full-time Internet marketer for the past six years or so, and I can tell you that it’s an amazing thing. But you have to know when to go full time, and you’ve got to take it seriously and not just like a hobby.
So I’m just going to tell you what I told my friend. Basically, she sent me the message, and I told her that the first thing that she had to consider was to have an emergency fund.
A big mistake that I see people make is that they get very emotional and very excited to quit their job and go full time on their online business. They have zero, they don’t have an emergency fund. Basically, they don’t have a backup money bag, to say it that way.
And if they go full time on their business and they don’t make the money that they were expecting to make, it can be extremely risky because you used to have to pay for your rent, for your food, for the Internet, for the electricity bill, the water bill, basically everything. Those things are not going to go away. You still need to pay for all of that stuff.
If things don’t go your way and I can tell you chances are they won’t go your way. You will need an emergency fund.
So the first thing is an emergency fund. I would suggest at least six months of monthly expenses. So if you typically spend three thousand dollars per month, then you will want to multiply that by six, and that is your emergency fund.
In this case, she already had an emergency fund for six months. So [check] to that. That’s really, really good.
The second thing that I told her is that she needs to have an income online already before she quits. This means that if she’s making, I don’t know, two thousand dollars per month on her job, she should have an income online that’s equivalent to that two thousand dollar per month, or at least whatever she spends on a monthly basis for expenses.
And the reason I told her this is because if you quit your job and you go online and maybe you have your emergency fund, but you don’t have any income online already, you have to figure things out from scratch that might take three to six months. So by then, you already made up all your emergency fund and you have to go look for a job again.
But if you already have your emergency fund, and you have an income online that you’ve been building over time while working on your job, then that’s great, because once you go full time, you won’t have to figure out everything from scratch. You won’t have to figure everything out. Basically, you already have momentum going.
In this specific case, she said that she already has her emergency fund for six months. She already has an income that is sustainable that she has had for the past six months. So that’s great. That’s another [check].
If you don’t have the income, you have to understand that just because you think you’re going to make it super-fast. I mean, just to give you an idea, it took me one full year to make my first sale online. And I’m not saying it’s going to take that long for you. In fact, most of my students make it a lot faster. But you always want to think about the worst-case scenario, not the best-case scenario.
You want to base your decisions on the worst-case scenario, not the best-case scenario because chances are that it won’t go your way. That’s just how the world works. That’s the second thing.
The third thing is that I told her that she needs to see how reliable the income that she currently has online, how reliable that is, because if it’s something that she in, for example, made make good money for a short amount of time, and she’s not sure if that’s going to be available in the next months.
I mean, even if she has the emergency fund, it’s going to be a little bit risky because why? She quit. She won’t have that income.
So if the income that is being generated online, at that point, is sustainable, in my opinion, it’s not very risky at all because you have a sustainable income online. You have the income from your job. And you also have your emergency fund. So those are three good things.
Now, the fourth thing that I told her is basically, how much she trusts her abilities to make money. And this is important because I’m just going to tell you why, a little story, when I first started out online, I was in sales.
When I was in high school, I was sending messages to people on through Facebook and Instagram, I was posting on forums and I was contacting like 30 people per day and I was giving them value, getting on a call with them and selling to them, in the end, $100 product.
And I started getting sales, 100 dollars here, 200, 300, 500, a thousand. But even if I already made, let’s say, my first 1000 hours in profit, I still was not very- I didn’t trust my abilities that much or my skills. I didn’t know if I was just getting lucky or if I truly had the skills to make money.
I remember it was one day, that I literally was working and I said, you know what? I just feel extremely confident about this process that I think I’m good at this. And I believe I have the skills that if I am left with nothing, I think with these skills, I’m confident I can make it happen. I can start making money.
So I had to build trust in my abilities. And when I filled that trust, nothing could stop me. I didn’t care if I didn’t if I dropped out of college, I didn’t care if I didn’t get a job. I didn’t care if no one believed me because I was confident in my abilities. I had I mean, the proof was in the pudding.
I was already making money, consistently generating the same process, going through the same process again and making money, closing sales, day after day, I felt confident about it.
So when you feel confident, when you trust your abilities, your skills that you are developing, you have your emergency fund, you have your income on the side, and you’re just a hardworking person overall that you’re willing to do whatever it takes.
I mean, those are the things that if you’re at that position, in my opinion, it’s just a no brainer, because once you go full time, you will be able to do a lot more because you have more time, more focus. But if you do go full time, don’t think that you can wake up at 11:00 a.m. and not do anything. That is a real business.
If you think that the Internet is like and not like a hobby, like a side thing, it’s going to go pretty wrong. So, you want to take it seriously. You want to trade your business as a real job. You wake up early, you finish your stuff, you have your schedule, you plan your day, you plan your life, and that’s basically it.
So I know those are a lot of things. But if you, on the other hand, if you have no income online, if you’ve never done it before, if you don’t have an emergency fund, it’s just extremely risky to quit your job because you’re going to get to the Internet and you’re going to get smashed in the face, like most people.
I got smashed in the face. You know, I thought it was going to be super easy. It turns out it was not that easy, as the gurus told me. And it took me months to figure things out, actually, like a year, it may not take a year for you.
It might take three months, but you can’t expect the first-month you’re going to do very, very well just because you bought a course or because of the course, told you, hey, you’re going to do very well. It doesn’t guarantee you anything.
Just be smart about it. Don’t be impulsive. Don’t make emotional decisions. Take decisions based on facts. Yeah, on facts, like how much money you’re making from your side hustle for how much time, how much money you have in case things goes things go wrong. Do you actually have the skills to make money? Do you feel that if you were left with nothing, you can build up from scratch? Are you good at social media or ads? Are you taking action daily to make this happen?
Now, if you want to quit your job and you don’t have an emergency fund, all those things, then obviously that’s completely up to you. And I’m not saying you won’t make it. Probably you will crush it. Right? Who knows?
But this is just my suggestion. I’ve worked with a ton of people, a ton of people. I have a job, and that quit their job to go full time. But I never recommend that you quit your job if you’re not prepared.
And if it doesn’t make sense for you in this specific moment of time, I also create a video on when I believe you should drop out of college, if that’s what you want to do. You’ve got to be practical about it, right?
You can’t just go and drop-out out of impulsiveness. You’ve got to do it at the right time, in my opinion, just to make the process smooth.
So I hope this helps.
If you were thinking about it and it’s a process, right, as a process, it won’t happen overnight. But just see it as a process. Take action daily, and you’ll be closer to that moment. It’s closer than you think if you take action.
So thanks for watching this video.
I hope you enjoyed it and I’ll see you in the next one.
Si te gustaría trabajar conmigo este año para ayudarte a crecer tu propio negocio en línea entonces te recomiendo unirte a Sebastian Gomez Mentoring. Te voy a dar las tareas exactas para ejecutar, soporte 24/7, y ayudarte a desarrollar la disciplina y hábitos que se necesitan para ganar.