If you're thinking about quitting your cushy, but soul-crushing day job to start an online business, don't do anything until you have read this post.
In 2006, I made one of the best decisions in my life. I quit work to pursue my dream of running my own online business.
I didn't start up as a blogger or as a web designer, I started in eCommerce. Running a website selling original artwork/paintings. It was a lot of fun, but hard work.
14 years have passed and I have enjoyed every moment of it. Sure there have been ups and downs along the way, but it's all part of the process.
Before starting my online business venture, I was stuck in a dead-end job. Actually, I was stuck in several dead-end jobs but don't tell anyone.
The first dead-end job was working for a local agricultural company. The second was in sales selling high-end cookers and stoves. They were nothing more but mediocre jobs that paid mediocre wages.
My wages, in fact at the time were around $10 (£6) per hour. If you had told me that someday I'd be earning 10 X that amount from blogging and web design, I would not have believed you.
As far as career choices go, I don't have any regrets I'm pleased to say. I'm so glad that I followed my inner voice, despite people around me telling me that I needed to get a real job. The only thing is I wish I'd d' done is started my blogging and web design journey sooner.
So, should you consider quitting your job to start an online business in 2020?
Yes, 100%, yes.
And before you think that it's too late to start, it's never too late.
I know that sounds like a cliche, but darn it it's true. Now is the best time to start your online business.
You have better information and you have access to all the tech and tools you need.
Here's an interesting statistic -
97% of self-employed entrepreneurs would never go back to traditional employment.smallbizgenius
So, if it's blogging you want to do, then start now. If it's any other business you want to build, start taking steps to make that dream happen today.
OK, so before you start your own online business, let me fill you in on a few things you need to do first. These are essential if you are starting from rock bottom.
Here's some advice you probably won't want to read about but it's important. Don't quit your job before you start your business. Start your business, grow it, then quit your job.
By doing it this way, you ensure that you have a stable income coming in, even though you might hate your job so much.
This is exactly what I did in 2004. I spent a good year and a half building my eCommerce site and stock and made my first few sales before quitting my job.
When the time came for me to quit my day job in 2006, I was already making $1,500 a month from my art business. Not a huge amount of money, I know, but it was enough for me to not have a day job.
Knowledge is so valuable when you're starting an online business. You simply can't put a price on it. The more you can learn, the better you will be at running your business.
For the most part, a lot of the knowledge you need is freely available on the internet through blogs and videos.
In addition to finding the right knowledge and resource online, read educational and self-help books on internet business and entrepreneurship. Enroll in mini-courses on Udemy. Learn all about digital marketing and how to create a website. Learn as much as you can and never think you know enough.
It's exciting starting your own online business and you won't be able to help yourself but to dream big, and that's good. Remember, though, you have to take baby steps in order to reach your ultimate goal.
When I started my online business back in 2004, I didn't even have my own computer. I used the family computer when I could get my hands on it, up until I was able to afford a laptop for myself. My dream was to someday have a beautiful home office in which I could work. It took me 14-years to reach that goal.
So, don't think that you've got to go out and invest in expensive equipment to start, because you don't. Start small, take incremental steps.
Once your online business is making enough money, you can start investing in the right tools to help you grow and succeed.
Fear is one of the biggest reasons why so many people don't pursue their dreams. Fear of the unknown. Fear of failure or that it might not work. Fear that you might be wasting your time. Fear of being ridiculed by your friends and family.
When I announced that I would be quitting my job with a stable income to pursue a career as an artist, I lost everything.
My girlfriend at the time left me instantly. Even after 4 years together. My mother, as much as I love her, threatened to throw me out of the house if I didn't find another 'real' job. My friends could never take me seriously either.
It wasn't their faults they reacted this way, they didn't know any better. Any dream or passion they had were nothing more but pastimes or hobbies for them. They never saw things the way I did and still don't today. To them, fear will always get in the way of their dreams. For the most part, they know this too, which is why I'm comfortable saying it.
They were also afraid for me. Afraid that I would fail and end up jobless. But, none of that mattered to me. I didn't care if I failed, because my passion to succeed with my online business was way bigger than anything I had at the time. I hated my day job, which was one of the biggest reasons I knew I had to succeed.
As a follow on to the previous part - Don't let the opinions or fearful advice of others define your destiny. When I was in full-time work, people used to ask me -
Fabrizio, are you sure you're doing the right thing! It just sounds like you're chasing a fantasy job.
You're going to be an artist selling paintings online! That's not a proper job, is it?
Oh my! Can you imagine their reaction if I had told them I would be starting a blog for a career?
Here's the thing -
Words like these can even make you doubt your own abilities. You have to be strong and wise enough to rise above them. Heck, even when you have a fire in your belly and a mindset like Bruce Lee and think that nothing will get in your way. Sometimes just a single shred of doubt from someone can make you think twice. Don't let that happen, always follow your inner voice.
Now, let me remind you -
Quitting your job right now to go and start an online business sounds great, right? But, there is a correct way to do it. First, you need a plan or an exit strategy from your day job.
Once again, the idea is to start building your online business, your equity, your personal brand, all whilst you're still in work.
Give yourself 12-months, or more if you need to. Then make it your mission to focus on building your future proof business. Set your quit-date even and work towards that date. You can always change it later if you need more time.
If you want to quit your job and be your own boss, you've got to sacrifice a few things along the way too. At least to begin with.
Put off watching soaps on TV. Put off binge-watching Netflix. Put off wasting time scrolling through your Facebook feed. Put off playing endless hours of video games or watching random videos on YouTube. Focus your efforts on building your dream online business.
Right, with all that said, here are some useful links blog posts to help you make a cracking start on your online business or blog in 2020 -
Finally, I want to list a few of my favorite books from Amazon on starting an online business.