 Hey, welcome back. So in this video, I wanna answer the question, should you quit your day job for an online business? Now, for those of you who don't know, or if you're new to the channel, I used to work a nine to five as a project manager. And I did this for three years. I graduated college in 2013, and I was working until 2016 in a corporate job. And since I used to be in corporate, I get questions all the time of people wondering, when is the right time to quit their job to go full-time into an online business? And that's what I wanna cover in this video today. So if you are working in a nine to five or a day job of any sort, and you're looking to go full-time into an online business, stick around for this video. I'm gonna tell you exactly how you can know when is the right time to quit and go full-time. Now real quick, before I begin, make sure you hit the like and subscribe button, helps to show it to other people who can benefit from this as well. And it also helps me, and shows me that you're enjoying the content. So go ahead, hit the like and subscribe button, and let's dive into this right now. So before I quit my job, there are three basic questions that I asked myself. And the answer to all these questions had to be yes before I couldn't leave my nine to five. So now whenever someone asked me if they should quit or not, if they're working a job and they wanna quit to start an online business or grow an online business, I tell them to ask themselves these three questions before they quit, at least in my opinion. So let's start with the first question, which is does your online business make enough money to cover the essentials? So by essentials, I mean rent, food, clothes, underwear, soap and shampoo, so you can take a shower. All of those things, your business needs to be making enough to cover those things. So whatever your costs are, whatever your costs of living are, you should be making at least that in your business before leaving your job. The reason why is the last thing you want is if you quit your job and you don't have an income anymore and you have all these bills piling up, you don't wanna be worried about that as you grow your business. It's pretty much impossible to do that because it's so distracting with all these things that you can't pay for. So especially if you have a family that relies on you or if you have a lot of expenses and bills and debt piling up, do not quit your job unless you have a business that's bringing in enough money to cover the essentials. So for me, I started my econ business which was my first business that took off while I was still working in my corporate job. And what I did was I would take the paychecks that I was making for my corporate job, I take a little bit of that, maybe 20% or so, I invested into my online business and I was growing and funding that business with the income from my nine to five. And when I left my day job, my stores were actually making about six X what I made in a year's salary. The only reason I didn't leave sooner was because I had a lot of student loan debt, I had about $56,000 in student loan debt and I wanted to completely get rid of that before I left my job. And also because of point number two or question number two, which I'll cover in a second here. But that's the first thing is does your online business make enough money to cover the essentials? You should start your online business while you're still working in your job and using some of your income to fund that business so that you're not desperate to make money and make sure that when you quit your job your online business is making enough to cover the essentials like your rent and your food and your clothes. Now the second question is do you have a three to six month minimum safety net saved up? A safety net is just saving set aside that covers your essentials or your expenses for whatever time period you pick, right? I recommend at minimum three to six months. So let's say that your total cost of living for everything involved, the main required expenses is $2,000 a month. In this case, you'd want to have $6,000 to $12,000 put aside into savings as like a safety net or emergency fund. And what a safety net does is even if you didn't make a dime it gives you peace of mind that for the next three to six months or however long your savings or your safety net is for, you can not make a dime and you'll still be able to live and get by because of that safety net. If you don't have a safety net and you quit your job and for some reason something bad happens in your business or your income stops for a month, you're gonna be freaking out because you're gonna have no way to pay for it. So for me personally, I lean towards having a larger safety net so like a six month or more because there's always emergency things that pop up or you might have a bad month in business and you need the money and you might have an extra expense that you didn't think about. So I lean towards the six month plus safety net saved up but really it depends on your risk tolerance and your current situation. So if you have a family, you might have a bigger safety net saved up if you have a lot more expenses like debts that you have to wipe out or credit card debt or student loans, you might wanna save up more than that or take those out first before you quit. But it's all gonna depend on your risk tolerance and your current situation. Now when I quit, I had about two years worth of a safety net saved up but that's only because I had two income streams. I had my online business which is making about six X more than my nine to five and then I had my nine to five as well. So I had a pretty decent amount of savings put away in a safety net before I ended up quitting but it's only because I had those two income streams. So don't feel like you need to have two years saved up before you quit. So that's the second thing. Do you have a three to six month safety net saved up? I would personally lean more towards the six month safety net so if an emergency pops up or an expense that you didn't think about you're able to cover that pretty easily. Now the third question is, can you stick with this long term? And if you can't think of yourself doing this for years, don't quit your job. Keep your job and start a side hustle. Nothing wrong with that and people make entrepreneurship seem really glamorous, right? The freedom, the money, the nice things, right? The house's cars, watches, whatever it is but it's way more difficult than you think especially when you go into it full time and it's your only way of making money and making a living and there's really no guarantees with anything, right? There's no guaranteed paycheck. There's no guaranteed growth in your business. There's no guarantee that it's gonna work out so you have to be okay with that if you quit your job full time to go into your online business. And really it's just a long term game. What's working right now? Most likely won't be working down the line. You might be doing something different. You have to be okay with that uncertainty and always evolving and getting better and leveling up and making a lot of changes along the way. So for example, shortly after I quit my job, I grew my e-com stores to over 200K per month and I was on a high. I thought I was gonna be making all this money forever. I thought it would last for years and years and years and of course that didn't happen, right? So a year goes by and I think it was a little over a year but my stores got worse, right? Sales started to drop, competitors started coming in and copying my ads and copying my products. Then as all these competitors came in, they were driving the price lower and lower and lower because they were trying to beat me out on price and I wasn't making as much money as when I first started going full time into this. So eventually I reached a point where I wasn't having fun running my e-com stores anymore and I was approached by a private buyer. He ended up buying my e-com stores back in 2018 and I went full time into services and consulting. Now, if I wasn't willing to play the long game, I could have easily gotten a high paying job with a guaranteed paycheck and maybe just started a side hustle so I didn't have to deal with all that stress and uncertainty of things working or not working out. But I love this game, right? I love entrepreneurship. I love the ups and downs and I wanted to play this for the long term. So I stuck with it. So that's the third and final thing. You need to be willing to do this full time and good times are bad for the long term, not just when the money is good. If you can't commit to the long term game with the ups and downs and you're probably better not quitting your job and starting a side hustle while you're still working that job and you have a guaranteed paycheck. So if you're thinking about quitting your job for an online business or if you're wondering my opinion and when a good time to quit is, then ask yourself those three questions, right? Number one is do you make enough from your online business to cover the essentials, right? Your rent, food, clothing, all that stuff. Number two is do you have at least a three to six month safety net saved up? I lean towards the six month or more. And number three is can you do this and stick to this long term in good times and in bad times? Not just when the money is good, right? If you can answer yes to these three questions, then I think you're in a good position to quit your job and go full time into this. Now these videos take a long time to make and edit and upload and all that stuff and research. So make sure that if you enjoy this video you got value out of it, give it a like and I'd really appreciate that. Now one more thing is if you wanna learn how to write emails that sell, which is what I do for my online business now, go to email rainmaker.com that's gonna take you to my email list and my free Facebook group where you can learn more about that. So that's it for this video. I will see you in the next one. Take it easy.