From Side Hustle to Full-Time
by Tanya Ganian
Tuesday, June 7, 2019
(TRANSCRIBED FROM AUDIO)
Speaker 1: (00:02)
Poolside boss encourages entrepreneurs to launch their own online business to create passive income and to be self employed. And so why would I make a podcast encouraging you to keep your nine to five job? Now I see a lot of marketers out there marketing their online courses and a lot of them are making it sound like it takes 30 days before the money starts rolling in.
Speaker 1: (01:05)
And I’m here to say it isn’t
Most people I talk to, they have this notion that there’s a freedom attached to owning your own business but it’s more condensed work. So as an employee, you might clock in nine to five five days a week, and usually about 40 hours a week. As an entrepreneur, you’re clocking in about 10 to 15 hours a day at the beginning or sometimes even more until it becomes about 10 to 15 hours a day, three times a week or four times a week. But entrepreneurs label work differently than nine to five employees.
Speaker 1: (02:01)
For employees, work usually involves completing tasks, usually in an office at a desk or on the road. Whereas for entrepreneurs, networking is considered to be about 80% part of their business. That’s work because the end goal, the main reason that the entrepreneur is there is to create business. So entrepreneurs are on almost all of the time. What they consider work and what a nine to five employee considers work is very different.
Launching an online business is a little bit different. Work doesn’t involve as much networking. When you’re an entrepreneur in the online forum and you want to launch an online business, it involves selling your knowledge product or a service. Online entrepreneurs usually are on their desktop or on the phone. Their end goal as an online entrepreneur is to create passive income. Passive income is money that comes in, whether you’re sleeping or you’re eating or you’re traveling without you making or creating anything to generate any type of income.
Speaker 1: (03:15)
So that sounds like a great scenario, doesn’t it? For me, it’s the most ideal life. It’s the most ideal way of living. As a new mom, I want to be able to create that time so that I can fix my schedule according to my children’s schedule, according to what I feel like doing. If I want to take all of August off, I want to be able to do it without affecting my income. And so creating passive income for me is extremely important because of the way or the lifestyle that I want to live. So I can hear you. Everybody wants that, but everybody doesn’t want that. For one thing. It’s not everyone’s goal. The lifestyle involved getting there is also not for everybody. I don’t want to make it sound easy. Getting there is not easy. Getting there involves a lot more work than you can ever imagine.
Speaker 1: (04:12)
Think of it as paying your dues basically. So when you see somebody who’s multimillionaire pulling in seven figures a month and it’s mostly passive income, they have online businesses set up. Trust me, they worked extremely hard for that. You don’t see the amount of work and the amount of time and dedication and frustration that’s involved in order to set something like that up. So everyone can’t do that. It’s not for everybody but there’s no guarantee that all of your hard work is going to get you there. So you have to approach it realistically and you certainly hundred percent cannot quit your job. Do not leave your nine to five job without having these four things.
Number one, you will need a budget.
Speaker 1: (05:14)
Even if you launch your product for free, even if you create all your content for free, even if you don’t pay for a single course online or have no mentor, you’ll still need money to buy ads on social media to make that kind of money that the big players talk about. Is there a way around it? There really is. There’s a way around doing it without paying for Facebook ads and that’s gonna lead me to my second point.
Number two, you’re going to need time, so if you don’t have the cash to get there quickly, you’ll need time. Even if you buy ads, you’ll still need time because you can dump $30,000 in ads and you’re going to get 3000 people who are going to click on your link and you’re a newcomer in the game. You have not really gained anybody’s trust.
Speaker 1: (06:08)
There is no information about you or your business out there. It’s a lot more difficult to move forward, so you will need time to build everything, even if it takes you 30 days to build and 10 days to launch and another two weeks to advertise, so you’ll need money during that time. Money and time are two things that you absolutely need before you start seeing any kind of traction in your online business.
The third thing that you’re going to need that nobody talks about is a following. Obscurity is your worst enemy. The less people know who you are, the less they know about your project, the less they know about your business, the less they know about your course, the less they know about your services and your products, and the less money you’re going to make. You need to get out of obscurity. The one who gets the most attention is going to get the most sales and in order to build a following, you need number one money number two time.
Speaker 1: (07:15)
So do not quit your day job if you don’t have a budget time and you don’t have a following, the bigger your following, the more sales you’re going to make.
The fourth thing that you’re going to need in order to quit your day job is consistency. You’re going to have to find a way to be consistent in your work. You’ll have to show up consistently, always. This means that you’re going to have to commit to the work and you’re going to have to see it through. If you quit your nine to five job and his first day Monday and you roll up your sleeves and you’re like, I’m in this, I’m doing this, let’s go, and you’re all motivated on Monday and you’re motivated on Tuesday and Wednesday. You know what? You deserve a day off and Thursday you’re a little slower to start. And who works on Fridays?
Speaker 1: (08:10)
Who’s self employed and works on Fridays? And then you take Fridays off and you deserve Saturday, Sunday off. And you know what? I’ll start again on Monday while if you work this way and it’s very easy to fall into this kind of trap where nobody is there to govern you, you have no boss. When that motivation is gone, that’s when your commitment has to kick in and you will have to remain consistent. And show up consistently and produce consistently until you can start generating that passive income. And that comes with time. It comes with money and it comes with a big following. So the ideal thing that you can do is use your nine to five job to fund your business until your business can stand on its own. This takes time. It could take a year, it could take two years. And to be perfectly frank, it’s the easiest way to launch your own business.
Speaker 1: (09:09)
You could do it that way, or you can choose the stressful way of launching a business. You can quit your job, move into basement, spend 22 hours on Instagram, building a following. If you could live through the stress of waiting for your stripe account to show a single sale while you rack up your credit cards for Facebook ads. Do it. People have done it, people have done it and have succeeded and they’ve succeeded big. But there are also others who haven’t. So I want to suggest to you that you keep your nine to five job and use the funds to grow your business, to buy yourself time to buy herself ads to increase your followers, to get out of obscurity and to give yourself that cushion you need to launch it properly. I don’t want to make it sound like it’s not doable. It is extremely doable.
Speaker 1: (10:03)
I know for sure that most successful online business owners who have been able to create passive income have kept their nine to five job until their business took off and was able to stand on their own two feet. And it gives you that freedom to screw up, to make mistakes without the frustration and the stress involved in how are you going to pay the bills? How are you going to pay for Facebook ads? I mean, at the end of the day, you don’t want to choose between food and Facebook ads because we both know Facebook ads is gonna win.