Starting an Online Business – When Should You Quit Your Daytime Job?

If you are working on starting an online business, then you know it takes time to do it right.

Finding the time you need to build your business and still enjoy a life with your family and friends can be a challenge — especially in the beginning.

A big temptation for many new entrepreneurs is to jump out of the frying pan into the fire. They believe the promises in the sales letters about secret internet marketing systems and magic tools that create income overnight, and the desire to be a 100% online business builder can be overwhelming.

While desire is a tremendous motivator, there are some facts about getting started online that you’ll want to consider before quitting your job.

Overnight Successes Hardly Ever Are (Overnight, that is)

Contrary to the sales letters you read, building a viable online business that will provide regular, substantial income for you and your family takes time. Sometimes not all that much time, but I’ve never seen “substantial overnight income” generated by someone who is just getting started building their online business.

You’ll want to have an income or a pile of money in the bank to live on while your business is developing.

The Path to Success Is Seldom a Straight Line

You will probably take a few wrong turns before you find the right market, product and venue for your online business. You don’t want to panic when this happens and give up on your dream. If you still have an income from your job, you will be better able to withstand the predictable ups and downs of entrepreneurship.

It Takes (Some) Money to Make Money

It takes money to start an online business. While it most likely won’t cost you anywhere near as much as getting started with a bricks and mortar business, there are costs and investments that are going to be required.

You will need good online access, a computer, a way of building your list and keeping in touch with your subscribers and customers, products to sell — you get the picture.

Learn from the Wisdom (and Mistakes) of Others

And you also need to plan that you will be investing in your education along the way, since you will want to collapse the learning curve as much as possible. Select good courses that show you what to do, how to do it, and when to do it. Buy only what you need for the next logical step in your business, not every course that comes your way. Consider hiring coaches and mentors as needed, and plan to attend a few live events in your market.

Include Business Start-Up Expenses in Your Budget

For most people, their online business startup expenses are funded by the income from their jobs. You will need to estimate those online expenses and include them in your budget. You may even find that you’ll have to give up some other expenditures in order to start your online business.

Can You Quit Your Job When Your Online Business is Profitable?

Successful business owners know that they can’t just use the initial income from their business to live on. In fact, a majority of them don’t take much, if any, profit from their businesses for quite some time. They reinvest their business profits back into the business so it can grow faster and stronger.

Does this mean you can’t use any of your hard-earned money from your online business for years and years? No, of course not. In fact, you should celebrate your successes. But don’t go crazy! Keep your long-term goals in mind, and act accordingly.

Starting an online business can be the very best thing you have ever done, and it can change your life forever. But you have to treat it like a real business to have real results.