Today we’re talking about the path to quitting your day job.
If you’re starting your own business because you want the freedom, flexibility and financial independence that comes with being your own boss, then I want you to know that it’s totally possible.
It takes time, patience and action, but it’s possible.
Today I’m going to share with you what the path to quitting my day job looked like for me, and some key takeaways for you as you start on this path.
From the very first day that I decided to start a side hustle, I believed that it was possible for me to turn it into my full time job. I’ve never been so sure about anything in my life.
I mean, sure, I’ve wanted things before, like to lose the 30 extra pounds I’ve been carrying around with me ever since I can remember. But the difference there is that I’ve never really believed that it’s POSSIBLE to lose that weight.
But I’ve believed deep down from day 1 that I could do this, and that belief is what has driven me forward.
In my first year, I was a little impatient and naive. I thought it would take me a year to build up the business to the point where I could quit. All I needed to do in my mind was make enough money to replace my day job income. I wasn’t figuring in taxes or expenses or the fact that I was still trying to figure out how to get traction, find my voice and find my ideal client online. And that first year went by FAST.
At the start of year two, I was again determined to be able to quit by the end of the year, however, sometime during that year, my attitude about quitting totally changed. I had worked on shifting my mindset about my dayjob – I’ll share more about that in later pep talks – and it no longer seemed so urgent to quit.
My new goal was to build up my business as big as I could while working full time, because why not make all the money I possibly could? I wanted to bring in double what I was making at my day job so that I could pay myself the same paycheck and have enough left over for expenses and taxes. And then let’s get our cars paid off, let me invest in professional branding and more powerful systems to run my business. Let me indulge in hiring someone to clean our house every week because I can afford it now, and let me tell you, it’s amazing. Let me build a strong FOUNDATION so that it’s solid when I do quit.
So by year three, I was ready. I knew I had reached maximum capacity for the time I could put into the business. I was spending more money than I needed to outsourcing work because I didn’t have the time to do it. I had hit the goal of double my day job income a few times, but it wasn’t sustainable due to my work schedule. So that’s when I decided to put in my 7-month notice. And yes, you heard that right, 7 month notice. I’ll share more about that on a later pep talk.
So some key takeaways that I want to point out here is that creating a business that replaces your day job doesn’t happen overnight. It doesn’t have to take 3 years, but but it does require time. And in order to not lose motivation or quit right before things really start to take off, it’s important to have something driving you. My belief that it was possible drove me, and the passion for helping people and the validation I got when I did helped me to keep going.
Another key takeaway is using that steady paycheck a safety net while you’re investing the money you’re making back into building a strong foundation in the business so that you have something solid to move into when you do quit.
Growing it as big as you can while working full time forces you to put systems and processes in place that you’ll be glad that you did when you go full time.
And finally, reward yourself for all that hard work along the way. Pay yourself. I waited too long to do that consistently – but hiring someone to clean my house once a week, and signing up for Blue Apron to have dinner figured out for me 90% of the way – those were luxuries I wouldn’t have indulged in had I not had the extra money from the side hustle. And they helped me to have more time too, which as you know, you can never get enough of!
So I hope seeing my path helps you believe that it really is possible to create a side hustle, nurture it and grow it to the point where it can become your only job, and I’ll see you tomorrow!
Show Notes:
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