I’m going to tell you exactly how to make enough money to quit your job. Ever wonder how all of these people are out here talking about they make all of this money.
Quit your job soon
Well, I’ve tried almost everything in business and I can tell you what works and what doesn’t. I’m going to give you a simple step-by-step process for starting your own business. For getting it profitable so that you have money and you’re making money quickly.
I’m going to share with you the secrets of starting right so that you are profitable in weeks, not years. And I’m going to share with you the biggest mistake that I made in my business, how I lost money so that you do not do the same thing.
The first thing that you need to know when you become a business owner and a true entrepreneur is that there are so many benefits. I remember when I became a true business owner and now that I am a full-time entrepreneur that runs 6 businesses and makes over a million dollars a year, every single year consistently.
I can tell you that it is enjoyable in so many ways. One of the best ways and one of the biggest benefits of being a business owner instead of an employee is your time freedom.
Control your time to quit your job to make enough money
Being able to control your time so that you can do the things that you want to do when you want to do is very life-changing. Another just huge benefit of being a business owner versus an employee is that you get to create your paycheck. So, when I worked for other people, I was always limited by my paycheck, by my bonus, by their pay structure.
But as a business owner, I can write my check. I create how much money I make whether I take on more customers or more clients, whether I serve more products, whether I go on more speaking engagements.
Again, not only do I control my time. I also control my money. And you get to decide what it is that you want to do. There are some years that I’ll only make $2,000 or $3,000 per month and then there are other years like this one where I just grind it out to the max and I take it too well into the millions.
It’s really up to you when you decide to become a business owner. All you need to do is make that decision and start to commit to it. But there are so many benefits not even including the tax benefit.
How much money do you want to quit your job?
So, when you are talking about quitting your job and becoming a full-time entrepreneur,
the first thing that you need to do before you get into millions of dollars and all of this other crazy stuff is decide how much money it is and know how much money it is that you need to make to replace your income.
So, one of the things when I was quitting my job, I quit a job where I was making $225,000 per year. And yeah, that sounds like a lot of money but I have made that money in a month in my own business. So, the opportunity is there for you. But it comes down to what is the minimum amount that you need to replace your income.
Now, of course, when I quit my job making $225,000 a year, I did not just jump into entrepreneurship and start making $2,000 and $3,000 per month. It was less than a third of that. I broke down how much I needed to pay my bills, just my minimum bills. And then I even took it a step further.
I went and started thinking, “Well, what if I had to pay my mortgage every other month or my cardinal every other month? Or what if I could call my credit card companies and skip a month on my car note?” Things like that. You want to break it down to the absolute minimum amount that you need per month to replace your income.
Because one of the things that I find that trips up most people and it surely tripped up me is that I felt like I needed to make all of this money before I was able to quit. And the big problem with that is you’ll end up working for someone much longer than you need to.
You’ll just keep going and keep going. Let’s think about this. When I tell you, I was making $225,000 a year, that’s the number that was on my w-2. That is not how much money I saw in my bank account. I had to pay taxes, 401K deductions, social security, medicare, medical, dental, all of these things were coming out of my check.
Beware of falling into trouble when you quit your job
Probably the same thing for you. So, if you think that you need to make the same thing to quit your job, you are falling into the biggest pitfall. And what’s going to happen is you’re going to end up working for someone else much longer than you ever need to.
And you’ll never be able to get to that next income where you have your time to work in your business without that job. So, break it down. What is the minimum amount of money you need per month to quit your job? That’s the key. Whether it be $1,000 or $3,000.
I have students that have told me when they thought about it, they thought they needed to make $35,000 a year or $3,000 per month. But when they broke it down, it was only $800 or $1,200.
So again, everybody’s situation is the same. I can’t tell you what your bills are, I got a lot of kids. They all had to eat. So, my number was probably a little bit higher than yours. But what is your number? Think about that and break it down to the absolute minimum. Get rid of Netflix, get rid
of cable, get rid of all the stuff that you don’t need, and break it down to the bare minimum number.
Create a timeline to quit your job and make a decision
The next thing you need to do after you have your bare minimum number creates a timeline. When are you planning to quit your job? There is no “I’m going to quit one day or I’m going to quit next year. I’m going to quit when I can do this.”
No. When are you quitting? Write down the date and then we can reverse engineer when that date is. If you plan on quitting in 6 months or 7 months or 3 months, whatever the number is or whatever
the timeline is, make sure you write that down and then you back into it.
So, if you need for example to make $1,200 per month, maybe you can quit in 3 months because you can come up with that money
pretty quickly, then this will allow you to own your time and you’ll be able to make even more money in your business because you don’t have the job that’s taking up most of your time.
Set up the business
Before you start making clients or thinking about getting in paychecks, set up the business properly.
There are 2 reasons why you want to do that. One, it’s for your mental self. No one’s going to believe in you if you don’t read it out. If you haven’t set up your business and created a business plan, you probably aren’t convinced that you’re going to be starting a business.
You’re going to come across naysayers. Trust me. I came across all different type of people that told me I was crazy. I needed to keep working that job.
Maybe I needed to go get a Ph.D. or whatever the heck they were telling me. They were naysayers. And part of the problem is I didn’t believe in myself. I hadn’t set up my business.
I hadn’t written out my business plan. So, how could I confidently go tell other people that this is what I was doing if I hadn’t set up the business? So, there are 2 reasons why you’re gonna do it. One, to calm the naysayers because of course, they’re going to come. But it’s really for yourself.
Two, you got to convince the banks and lenders, and other people to invest in your business. You’re going to want to unlock business funding to take your business to the next level and this is going to require you to set up your business properly.
So, step 1, set up the business. Go ahead and name your business. And get an EIN. Go ahead and get the LLC or the S crop or the C corp. Get a professional business email get a professional business phone number and create your business website.
Whether you’re going to be doing a physical business, maybe you’re going to do hair or you’re going to do nails or you’re going to consult people. You’re going to need a website. Look, folks, we are at this time and you are probably watching or listening to me on some type of internet thing.
So, go ahead and make sure you are on the internet because that is where people search for businesses and that’s where you want to be found. Make sure your website looks great. You don’t have to spend a lot of money on your website. You can have websites made for free.
But again, we know what year it is, we know that the internet is not going away. And you must be able to be found on the internet to truly be a business that’s making enough money to quit your job. The next step, work on your plan. So, as I said, you created a plan, you know when you’re quitting, you know how much money you need.
Now, let’s reverse engineer and back into that date
Again, if you’re quitting in 6 months, break it down. What are you doing in month 1? In month 2? In 1, 3, 4, 5, and 6? And then quit. Yeah, I know. This is controversial. Many people will tell you, “Oh, my gosh. This is scary.”
Trust me, it’s going to be a little scary for you but as long as you start making money in your business, I promise you, once you quit that job and you don’t have to go to someone’s building or work in someone else’s business, you’ll be able to dedicate the time the effort and the energy that you need to invest in your business and create the business that will truly make you a lot of money. So, okay guys, hopefully, you learned a lot.