Hey, so I’m going to go over in this video how to quit your job and start your own business. And I have three S’s to kind of guide you on how to do this.
So these are the three s’s to quitting your job and starting your own business. And I’m making these three S’s as shorthand to help you get started. Just a little primer about me. I quit my job back in 2012, and I started my own business by 2015 my business was doing over a million dollars per year and at this point in 2019 which is where we’re at now. My business does roughly half a million dollars per month. Last year my business did around $5 million. So point being you can do it, it’s very possible, and I’m going to show you the best way.
How so the first ‘S’ is save. When you’re thinking about quitting your job and starting your own business, start saving. Okay, you want to hope for the best of course, but prepare for the worst. Have you heard that line? Hope for the best. Prepare for the worst because the fact of the matter is, as an entrepreneur, income is like this okay. When you’re working a job, income is a steady line. You’re always making that same amount of money per month. Now you can make far greater amounts of money as an entrepreneur, but it’s; still, you’re going to have high months and you’re going to have low months and working for yourself is not consistent.
Now, what I did when I started thinking about quitting my job, what happened was I went to ask my boss for a raise. It was June 2012 I had added an extra hundred thousand dollars a month in profitability to my bosses company. I was working directly under my boss at an ad agency, and I believed, okay, I added an extra hundred thousand dollars in profitability per month. It’s probably a good time to ask for a raise or some sort of incentive plan or bonus plan or equity plan or something, right? I ask for that raise, and I remember, you know, I justified everything. I laid everything out for him. I, you know, I had spreadsheets, I’d everything to justify my value to the company, and I remember him saying, “Or what?”. He just stared at me, and I was quiet, but I just, I can tell you I wanted to reach across the desk and freakin’ strangle that old man. It was so annoying. I’d added so much value. It was very annoying, and that’s when I decided I need to start saving. So live frugally as possible and save as much money.
The second ‘S’ is strategizing. Part of the strategy for running your own business if you want to make at least 50% more than what you were making at your job. Okay. Because once again, entrepreneurship has highs and lows and the tides can shift the amount of money you’re making. You know, I’ve gone from in my business making six figures, you know, hundreds of thousands of dollars per month to losing money in a single month. That’s the difference a single month has made in my business just because of changing business situations.
So things can change very dramatically. Or if you’re doing a business where you’re very reliant on one client or one, you know, marketing strategy or one sales strategy or you know, certain government law things can change very quickly. So you want to strategize. My rule of thumb is 1.5 times whatever you’re making. If you’re making $5,000 a month, you want to be making at least seven and a half thousand dollars a month on your own before you quit your job. If you are making $10,000 a month, you want to be making at least $15,000 a month on your own because again, things are not as consistent.
And if you couple that with saving, you know that’s a really good situation to really allow yourself to be running your own business for the long term because what isn’t a good situation is quitting your job. Something happens in your first couple of months as an entrepreneur, and you lose some of your income and then having to go back to work three months later, and it happens. It happens all the time. It’s because people didn’t save because people didn’t strategize. So keep that in mind.
When I was working my job, what I did was I was making $6,000 a month at my job. I didn’t quit until I was making $10,000 a month on the side. Does that make sense? So outside of my job, outside of my nine to five job, I was making $10,000 a month income. I’m working mornings and nights basically. You know, the way I did that was I was running an ad agency at the time, you know my own, you know, I was freelancing, I was working at an ad agency, and I was freelancing managing Google ads words accounts. And what I did was at nights I went to places where I’d find these high-end clients would hire expensive freelancers. That’s what I did. And I service their accounts at nights too. So I was constantly trying to do this and make this money so that I could quit. But again, I didn’t quit until I was making quite a bit more than what my job was paying me. And that gave me that buffer.
So third ‘S’ stands for start. And this is probably the most important thing is what’s funny is after I decided I was going to quit my job, I actually decided that month June 2012 after I had that horrible conversation with my boss where he said, or what I had decided that I’m going to quit. Now, what’s funny is there’s so much paralysis. I was so scared to quit my job because I knew, you know, in the back of my mind, you know, and everybody wants you to work a job, right. Your friends, your family. You know, you have coworkers. It’s a big deal when you quit a job. You know, there’s a lot of things that go with it. And for months I just let the decision linger. I was scared actually to do anything about it. But what you’ve got to do it.
It didn’t change until I actually went to this Tony Robbins event called a Unleash the Power within and this was in August, so a couple months later and you know he, he does this thing called the Dickens Process where he has you imagine what your life is going to be like and you can do this right now is imagine what your life is going to be like. If you don’t quit your job a year from now, then imagine what your life is going to look like. If you don’t quit your job five years from now, that imagine what your life is going to be like if you don’t quit your job 25 years from now. You know it’s a, it’s a visualization exercise, and I did this nice. I realized my life is going to be nothing like what I want it to be. You know, if I, for me it wasn’t just quitting my job, it was just working a job not being my own employer, and I realized I just needed to do it, and I could delay this decision. I could delay it for months. I could delay it for years. And it’s very easy to delay quitting your job, but you got to do it at some time. And the thing was just start, and you figure stuff out, but you just have to start at some point.
That’s the hardest decision to make. But once I started, things fell into place. What’s funny is after I quit my job I was making, I went from making $6,000 a month in my job to after I quit, I was making $30,000 a month, you know, working for myself and I was 23 at the time. So once you really do it, things can fall in place. You know, just a little encouragement from me to you is if you’re going at it from a good place to it, you know, you have to make that decision. You have to start somewhere.
Now, I hope you enjoy this video. I hope you enjoyed some of this information and let me know in the comments, what was most helpful to you? Was it, knowing to save. Was it knowing about strategizing a one and a half or was it just starting? You know, maybe a little story from me about, you know, how I got started and how long it took me, let me know in the comments. What was the most helpful to you, like this video and subscribe to this channel if you want to learn more about, you know, how you can work remotely, how you can work for yourself? And also some giveaways. You know, I do a business model called affiliate marketing, and I’ve more information on that, and I do giveaways about that sometimes. So make sure you subscribe.
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