The Deadbeat’s Frame Work for Quitting your Job & Going Full Time Online
Have you ever been sold on the idea of making money online full time and quitting your day job?
Or perhaps you’ve bought a couple of products, hoping it’ll take your online efforts to the highest level where you don’t need a day job?
Well, I have being making money online full time for years now and in this post, I’m going to be sharing with you some golden tips on how you can achieve a very good living online… for free.
Should I Quit or Should I Stay Put?
Now I’m not going to tell you to quit your day job per se to begin working full time on your online projects. Likewise, however I will tell you this: Please don’t quit of making money online either…
But I’m going to help you make the right decision…
Jeff Bezos, the founder of Amazon, today he is worth $66.4billion but in 1994, he too was faced with the biggest decision of his life: should he quit his “well-paying” job as NYC hedge fund manager to create an online bookstore… or should he stay put.
He was able to make the right decision quitting his high paying day job and betting right on the internet because of a thought process he came up with and dubbed the “Regret Minimization Framework”…
“The framework I found which made the decision incredibly easy was what I called – which only a nerd would call – a ‘regret minimization framework’. So I wanted to project myself forward to age 80 and say, ‘Okay, now I’m looking back on my life. I want to have minimized the number of regrets I have.”
Jeff Bezos, CEO & President of Amazon.com
When you have the big-picture , you tend to make the right decisions –
“I knew that when I was 80 I was not going to regret having tried this. I was not going to regret trying to participate in this thing called the Internet that I thought was going to be a really big deal. And I knew that if I failed, I wouldn’t regret that. But I knew the one thing I might regret is not ever having tried. And I knew that that would haunt me everyday. So when I thought about it that way, it was an incredibly easy decision.”
Like Jeff Bezos, you might be faced with the similar decision of whether to or not to quit your job and focus squarely on your online projects.
If it helps, think of the “regret minimization framework” – think of your days end when you’ve become old at 80 –
Would having been tied to a job with a 401k savings plan really worth it?
Would you have regretted not being able to live where you want or go on all those lovely vacations? You would definitely regret the freedom it brings and all the awesome stuff that comes along with a home business….
One big mistake that I see often, is people think that they have found the make money online gold pot and then they are quick to quit their day job, this however isn’t the right way to do it…
But the reality is an internet business is like every business out there – it is going to take an initial time period before you start earning an income to be able to both re-invest back into your business and sustain your daily needs.
For Jeff Bezos, it took over six years for Amazon to make revenue of over $1 billion with a $5 million profit.
In the first couple of years, there were little or no profits. Bezos was in no hurry to rake in a profit because he wanted to keep prices low while reinvesting as much revenue as possible back into the company to sustain growth.
That’s a long time of hard work; how long do you think you’d be able to get your business up – One month? Six month? Maybe – it really depends on you.
But anyways, I’d advise you don’t quit your day job just yet whilst you’re getting your online business up. You should sacrifice your spare time – yes, time you spend watching the latest movies on Netflix and grabbing coffee with friends at Starbucks.
So, take time from those spare times and build your online business up slowly whilst you work at your day job which provides your daily needs.
Build it up slowly but surely until you gain confidence from a business standpoint that you can actually make this work full time before you think of quitting your 9 to 5.
The worst emotional state you can be in is worrying whether you’re going to have money to pay the bills. You’ll never be able to make a successful business online when you’re freaking out about unpaid bills.
Which is why I’d say before you jump in and quit your job, you will seriously need to think about having a safety net and some large amounts of savings…
You need at least six months of savings before you go all in with building your business online. This is extremely important to the growth of your online business as your already saved up cash will easily enable you to keep re-investing profits generated.
Develop Life Skills
Just like any good thing which requires some effort to achieve – you’re going to need to develop some life skills to make your online business a success
If you’re going to succeed, you are going to need to learn new habits – you need to get rid of:
- Procrastinating: Procrastination is the thief of time! You need to know you have limited time to make your online business a success. Philosophers say fear and not mainly laziness is the root of procrastination…your fear of your idea failing might be putting you off from working towards it but as Mark Zuckerberg puts it – Move fast and break things – so be happy to fail fast! Then you can can learn from your failures fast and make progress fast!
- Impulse web surfing: Now, that your work is online; where you have over one billion things online to get sidetracked by – for instance like working on your products and it pops up in your head that you have to check your Facebook. The Best way to counter this is to write down your distracting thoughts on a notepad and check on them later when you’re done with important stuffs.
- Eating Junk Food: Our minds and our bodies are connected in a number of important ways, high-fat, high-sugar lunches make us sleepy and have low energy. So it’s important you eat lots of proteins and healthy fats, also don’t forget to hit the gym 3 times a week at least if not everyday as it keeps the body healthy and the mind sharp.
- Multitasking: If you want to really succeed, you need to be able to have concentrated efforts on one particular thing. You don’t want to be building a Youtube channel and an affiliate marketing blog simultaneously – you’re going to make mess of both.
So you need to replace these productivity killers with:
- Self Confidence
You’re going to need all 4 of these traits, they will go a long way in helping you build a big successful business online…you just can’t without them
If you have any questions, let me know in the comment area about quitting your job to start your online business.
See you later… Deadbeat!
-Dan “The Deadbeat” Brock