First off, even though you think it is… time isn’t your biggest obstacle in starting a business. In this post I’ll line out when it’s the right time to quit your day job, how to carve out more time, and real world examples to inspire.
I was in the same position as you when I got started.
I didn’t have a real job… but I did random consulting to pay my bills… most of which I did in the offices of my clients from 9 – 5. Sounds a lot like a job right? Yep, it basically was… but without fancy health insurance benefits and paid vacations.
I slaved away from 9-5… came home, ate dinner, hung out with my wife for a couple hours… then worked a few hours every single night on my business.
Weekends? I worked on weekends too. My wife was in graduate school so she was studying for tests on weekends a lot of the time… so instead of watching TV, or wasting an entire day watching football on Sunday… I’d spend my free time working on my business. I wanted a better life more than I wanted to know if the 49ers won.
As soon as I started making as much money in my business as I was making in my “day job” I went full-time into my online publishing business.
That’s rule #1: When at all possible… don’t quit your day job until you’re making as much in your new business as you are during the day.
Why not keep working the day job so you can have double the income?
Simple, if you’re making as much in your business as your day job… odds are you’re making more per hour and enjoying your business more… so every hour you spend in your day job is actually costing you money. Put that extra focus into the new business and you’ll see it grow MUCH faster.
The follow up complaint I hear from most people after I give them that answer is… “I just don’t have any extra time. After work I’m drained and I want to spend time with my family… my time is tapped out”.
To that I say, that’s an excuse. We all have more time if our “why” is important to us.
Here are ways you can regain valuable time…
- Stop watching TV. You’d be amazed how much time you’re wasting.
- Don’t have the energy? Work out. It’ll give you more energy to get more done.
- Stop spending money on stupid things. Put more money away and invest it into your business.
- Sacrifice sleep for a while. Work a couple hours every night after your day job and wake up earlier.
- Have someone invest a pile of cash into your business so you can quit and draw a salary (unlikely for most businesses).
A buddy of mine was making $300k/yr in a high pressure sales job. Worked 60+ hours a week, has 4 kids, married… the whole shibang. He had a burning desire to gain control over his life and started his own company. He’d work from 8-7 M-F at the day job… family time from 7:30 – 9… work on his new company from 9 – 3am… then do it all over again. He did that for 2 years before quitting. Now his company does $4million/year in sales, he has full control over his life, and wouldn’t trade those “sacrifice” years for anything.
A question… think you don’t have time away from your day job to work on your business? Ask yourself: How bad do you really want it? How much are you willing to sacrifice today for a better life tomorrow? The answer will tell you a lot about yourself.