Mike Gaudreau

5 Things: Can I Leave a Day Job Now That My Online Business Is Doing So Well?

financial planning

Millions of people want to leave a day job and aspire to be the boss of their own enterprises. People are flocking to the internet to try out internet marketing because of this.

Unfortunately, most individuals will fail at it because they either don’t endure through the learning curve or they just don’t take any action. Many people give up too readily and forfeit the opportunity to excel.

That isn’t the focus of this article, though

It’s all about the people who make it. It’s about the guy who makes thousands of dollars a week from his online store. Her “women entrepreneur” blog generates $5K in monthly revenue, which is the subject of this article.

Assuming you have a day job and an internet business as a side hustle, your next thinking will likely be to quit your day job once you’ve achieved online success and a steady income.

There are a few things to keep in mind when you submit your resignation letter…

Have you set aside an emergency fund before you leave a day job?

You’ll need a cushion of 3 to 6 months’ worth of living expenses set aside. As an example, if you spend $2K a month, you’ll need a CD with a greater interest rate if you have 6K-12K saved up.

This is your emergency fund. In the event that something bad happens to your online business, this money will help you get back up and running as quickly as possible.

If you want to be safe, you should have at least a year’s worth of costs saved up. When it comes to quitting a job, you’ll need at least three to six months.

Do you earn 1.5X to 2X as much?

You should aim to make 1.5 to 2 times as much money from your online business as you do from your day job. Your online income should be making 4.5K to 6K a month if you earn 3K a month at your day job.

Another precautionary measure has been taken. A common goal for newbies is to earn $100 a day. The goal is to make the same amount of money that they do in their day job.

The problem is that they don’t comprehend how unpredictable an online business is. It’s possible to make a lot of money blogging about Christmas products during the months of October and November, but sales will begin to dwindle in January.

You may find that the next nine months of the year are a wash if you decide to quit your day job based on your final quarter revenue.

Make sure that your business is a year-round source of income for you. To avoid remorse later, don’t jump ship too quickly.

Do you have a long-term plan for your company?

The company, as previously stated, must be long-term viable. That is to say, you’ll need a well-tested company concept to get started.

E-commerce, affiliate marketing, Kindle publishing, etc. are proven models. Then you’ll have to see if it’s a long-term solution.

Dropshipping fidget spinners, for example, was a viable business for a while. Fidget spinners are no longer a topic of conversation.

Although the company strategy is viable, sales did not meet expectations. To maintain a steady income, you’ll need to find new dropshipping products.

Resign amicably when you leave a day job.

Regardless of how much you despise your boss or the job, try to depart on a nice note while quitting your day job.

As a result, if you decide to leave online marketing and find a new job, you’ll have references from your previous employer. Success is the best form of payback…… and if your online business succeeds, you won’t even have to say a word.

So, don’t burn your bridges.

Do you have the stamina for the lifestyle?

For all its advantages, online marketing has its drawbacks. First, you may find yourself working longer hours than you are accustomed to. It is true that you will have more control over your schedule, but you will also have more responsibility to make the business succeed.

Because you’ll be doing the bulk of your work alone, you’ll likely feel a sense of isolation as well. That may be too much for some folks.

It’s important to think about the drawbacks before deciding to give up your day job. Your day work as well as your internet revenue should be used to pay off your financial obligations before anything else. You won’t have to worry about debt when you leave your employment.

In the end, don’t let your emotions get in the way of your rational decision-making. As a rule of thumb, you should know when you’re ready to leave your current job—and that decision should be based on your financial well-being, not a personal dislike of the workplace or your coworkers.

Don’t let your emotions get the better of you when it comes to this situation.

If you enjoyed this post on how to leave a day job then please consider sharing it. If you would like to leave a comment using the space below or contact me via the contact form.

Mike Gaudreau

Mike Gaudreau is the owner of The Wealthy Boomers, a site devoted to helping seniors make money online. Mike resides in Montreal Canada.

You should assume the owner of this website probably has an affiliate relationship and/or another material connection, to any suppliers of goods and services that may be discussed here and may be compensated for showing advertisements or recommending products or services, or linking to the supplier’s website.

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