Saturday , 29 April 2017
Before quitting your job for your online work, you need to understand that there are some serious risks to doing that, so I’m going to show you FIVE real dangers of quitting your day job for your e-business.

5 Real Dangers of Quitting Your Day Job

Cash Register Key Cufflinks

Cash Register Key Cufflinks | by: GwenDelicious

So you started an online business some time ago and you figure that it is time you spend all day working on the site so that you can make a full-time income right? Maybe…. Before quitting your job for your online work, you need to understand that there are some serious risks to doing that, so I’m going to show you FIVE real dangers of quitting your day job for your e-business. Quitting

1. Hours worked on a website are not relative to the amount of money earned, whatever kind of online business you are in. What that means is if you make $20 for doing nothing (you set up your website and are trying to decide what to do next), it does not mean that if you work 20 hours per week, you will earn 20 times the $20. Bottom line, you are not going to quit your day job, work twenty hours the next week on your website, and find $400 in your bank account. While it is true that the more you work on your website, the more potential you have, money and time are not direct correlations. You cannot guarantee earnings this way.

2. Everyone has the read the stories about someone starting a website on a shoestring and making it big-time. These stories are not the norm. You hear about them after the people have long been successful. You do not hear about the millions who failed. To gain any momentum on the internet not only takes long hours and a good strategy (business model), but it also takes money.

3. When you go to your day job, you are expected to complete a certain number of tasks in a day in order to get paid. But when you are working for yourself online, it is VERY easy to get sidetracked and ultimately waste time, even days. Many people spend so much time “learning” and “reading”, that they never do anything. Money is not made by perusing. It is made by doing something concrete and having people buy something.

4. Depression and poor motivation are serious issues with quitting your day job and focusing on your e-business. You have no-one else. Plus, you may in fact be trying really hard and putting in a long day’s work but you have not seen a full-time earnings. It is hard to watch your money and time being spent without getting upset or down.

5. Earnings are not consistent for a long time in online business. Typically it takes years to build a consistent income. Just because you might have three good months in a row, does mean that level can be maintained. The income can drop as quickly as it came. Until you have about eight to twelve months of the same revenue, you are best served to stay at your day job.

Finally, one other thing that should be noted is that these scenarios are not “maybe this will happen.” These are all things that are happening as the norm everyday to millions of webmasters around the globe. So please, recognize the dangers of quitting your day job for your e-business. My e-business isn’t ready to take off on it’s own (JacquelineJewelry), and I’m unemployed right now for a day job. I’d like the option of having a day job to supplement my fledgling e-business.

Article by : JacquelineJewelry 

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17 comments

  1. All very true & good points to think about. The ‘Quit Your Day Job’ idea can be inspiring & it’s true that nothing can happen if you don’t at least try, but there needs to be a grounding in reality. The reality is that ‘quiting your day job’ & making it on your own, at least right away is not the norm. Thank you for the tips!

  2. I hope everyone gets a dose of reality from my article. Thanks for posting it on Handmadeology.

  3. Thanks for such a blunt article. It is more the rule than the exception, I believe; and another eye opener are the US taxes for independent contractors. In reality, we pay almost 40% of our gross income to Uncle Sam. I know what the tax tables claim, but by the time Medicare, self-employment tax, that terrible minimum alternative tax take their shares, after legitimate expenses, it is cold-water-in-your-face what you actually put in your pocket as income.

  4. Great info! Very common topics that can easily get lost in the big picture. I have been seriously considering this, but after months of thinking about many of the mentioned things, I have decided to ask my employer to cut back my hours-which is in the works now. That way I still have the security of a day job. Great topic!

  5. One danger you didn’t mention is the danger of not saving enough for retirement. In a two-income household, taking time off to pursue a dream may not result in a huge dent to retirement finances, but you need an exit stategy you will go to if it doesn’t work. I say keep the day job, especially if you like it. If you don’t, use that to motivate you to really build the best e-shop you can and let your sucess there motivate you to work behind-the-scenes at securing a fulfilling day job.

  6. Thank you for being so honest…makes one stop and think twice before taking that plunge!

  7. I get stuck on #3 and end up spending too much time on the computer rather than creating. :) It is a good thing to do during the slow times. You have to constantly promote during the lean times. I set my day as if I were going to a regular day job – work my 8 hours and if sales are slow I fill those hours with promotion and working on my pictures, my copy and everything else. 8 hours work does not equal 8 hours pay – that is true. I am in my second year and all of the work I put into my shop early on is beginning to pay off now. I think if you consistently add to your shop everyday every bit of work you put into it will pay off in the end – even if you do not get paid for it right away. What you do now for no pay is an investment in your future sales.

  8. Thanks for sharing all of this great info!

  9. Great advice! And I could tell it came from experience. I’ve been unemployed since July and started Etsy in October but knew it would not be a sole income source for a very long while. I’d like the option of a day job and working Etsy part-time to build the business slowly. When I am able to get back to work, I intend to keep working on my Etsy. By the time I retire in a few years, maybe the business will have grown enough to replace my day job.

    • Brenda -Your comment mirrors my experience almost perfectly. I also intend to keep working on my etsy shop and hope it will grow enough to replace my day job when I retire. I’m looking forward to HAVING a day job ;-)

  10. This is very sound advice.Having run a retail store on the high St for thirty years (retired now) I can tell you there is not much difference between that and the www. Time spent marketing a store is not money in the till either. The best advice I can give you is slowly slowly catch the monkey. Nothing is a sure thing. I would sugest also get a good nest egg and keep it in the bank for a rainy day before you give up your day job.Good luck. Pam

  11. This is very honest and it is true. I went full time about a year ago. Luckily I had an awesome boss who allows me to do do consulting with them whenever I want/need for side work. I also brought in a room mate for extra cash.

    I have gone through all of the above scenarios in the past year.

    You don’t get paid for half of the work you do.

    Inconsistent earnings.

    Hard to stay focused and motivated. VERY easy to get sidetracked.

    Bottom line, be prepared for a very rocky and lonely voyage for at least the first year or two.

    I love the freedom and what I have accomplished, but it is by far the toughest thing I have ever done. I need it in my life though so I will press on!

    Best advice is to try and keep a side job when you decide to go full time. Have some backup plans for side money. It will help you through the rough spots and help keep your business going until you are 100% self sufficient.

    Maybe take a few practice runs. Take a week off from work and pretend you are now full time. See if you can wake up and work 12 hour days for the whole week, including Saturdays. A lot of times that is what it takes. See what you have accomplished at the end of the week and be very critical.

    You can doooo it!!!! But you have to need it, want it, live for it. It will become your life for a long time!!!

  12. Very good post! Truly most people are not self-motivated or disciplined enough to be self employed. I was in retail for a number of years,even when you do everything right, work 7 days a week, 12-16 hr days,it is never a sure thing. Gas prices raise,bad weather hits, illness ,all this and more can reflect on your business success,not to mention the stress of being total responsibility.
    I am glad you wrote this info to make a person think,good job!

  13. Thank you for the giant reality check. It can be so easy to get caught up in the idealistic dream of being a full time, financially stable creative artist when in reality, big name chain stores are doing it tough here (in Australia) so what hope do tiny stores/businesses have? I have no intention of giving up entirely, but I try not to have unrealistic expectations. This takes the pressure off so I can focus on the part I really love- making and giving. Thanks again.

  14. Another factor is health insurance. I did quit my day job in 2009, but only after 33 years which now guarantees me a steady retirement income and life and health insurance. I took a 40% paycut when I retired and I still struggle sometimes to meet my monthly expenses. I depend on my business to close the gap.

    When I’m not busy with orders and working 12-14 hour days, I spent the down time marketing and developing new product lines. Even with my back-up income, it can be very difficult. I can’t imagine business being my sole support. I would probably be homeless and depending on govt support.

  15. Good Advice, working at home, by yourself can be very de-motivating. Especially if you are a social person that likes human contact. My day job involves working from home and you either go one of 2 ways. You get nothing done or you never stop working, very few days do you hit a happy medium.
    I still hope one day to go FT in my own business!!
    BTW…
    I checked out your jewelry and it is really pretty. When I saw it, I immediately thought of candy.. Eye candy!! Very well done!

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