There is nothing worse than feeling demotivated and stuck in a job you hate. Give it enough time, and the negative emotions start to spill over into other areas of your life. Everyone keeps telling you just to quit, but that’s easier said than done.
You might well be asking yourself this question: I want to quit my job but can’t afford to. What do I do?
Let me take you through the things you should consider. I must stress this has to be your decision; I am only relaying my experience as someone who has been there and managed to escape the 9 – 5.
When we left our full-time jobs, we knew we had a business there, ready and able to pay our monthly bills; I hope this guide helps you out, you certainly aren’t alone!
What to Do When You Hate Your Job but Can’t Afford to Quit
If you feel like I was a few years ago, you’re probably having visions of strolling into your boss’s office and confidently handing over your resignation letter.
Unfortunately, when you have bills to pay, quitting your job isn’t as simple as waking up one morning and deciding to do it.
Affordability is the primary reason why so many people hold off on their entrepreneurial dreams.
So, what are your options? Is it possible to quit without a plan?
Here’s the deal.
Being an online entrepreneur comes with its stressors, particularly in the beginning, so the last thing you want is to worry about income.
Before you get excited about starting your own online business, you’re going to need to have a plan in place – it doesn’t need to be perfect, but you do need a plan.
The reality is patience is going to be your best friend during this transition. If you want to hand in that resignation letter with confidence, you need to have an exit strategy.
An exit strategy involves clarifying your current financial position and what you can expect financially once you leave your full-time job.
Let’s get into more detail.
How Do I Afford to Quit My Job?
Unless you can rely on a large amount of savings or your partner’s income, quitting without a plan is reckless.
It’s recommended that you have at least six months worth of your salary tucked away in savings before you quit your job (unless of course, you’ve built an income stream to replace that income).
How do you do this, though?
If you are serious about quitting your job and starting an online business, you will need to use your spare time wisely.
There are many ways to earn extra money online during your spare time, and Amazon is one of the best platforms to use for this.
Don’t take my word for it though – take a look at some of the pros and cons of selling on Amazon here.
Let me take you through some of the options for earning a part-time income on Amazon until you can afford to take your business full-time.
Merch by Amazon
Merch by Amazon is a route that I often recommend to creative types, that being said you don’t need to have any creative skills, you just need to learn to outsource.
Merch By Amazon is a print on demand (POD) program that Amazon launched in 2015.
How it works is you upload original designs to Amazon, which are used on different products sold on Amazon. This is anything from t-shirts to PopSockets.
Once you upload your designs, Amazon does the rest. Anytime one of your designs is sold, you earn a commission.
You can read through my full Merch by Amazon guide here for more details on this option.
We now make a nice side income from print on demand, but it took some patience and work.
(Source: Merch by Amazon)
FBA Small and Light
The Amazon FBA Small and Light program is ideal for a seller who plans on selling a product for $7 or less. The start-up costs are low, as are Amazon’s fees, making this the perfect part-time opportunity.
Of course, you will need to learn a few things about selling on Amazon if you want to know how we started having a read of this.
Amazon FBA is a game-changer; it can allow you to build a business whilst working a full-time job. The small and light program can be a good fit for beginners; it can enable you to get start with a lesser amount of capital.
If you want to learn more about the requirements of starting an FBA Small and Light business, read my guide here.
(Source: Amazon Small and Light)
If you are a creator of eBooks, arts and imagery, or audio content, you could also consider selling digital products on Amazon.
Not only can you sell from anywhere, but the overhead costs are next to nothing. Another ideal way to earn a passive income that you can then use to quit your job.
Read through this guide to find out more about what it takes to sell digital products on Amazon.
How Much Money Should I Save If I Quit My Job?
Once you have a side hustle going, how do you know when it is safe to quit your job?
Here are some things to consider for this critical calculation:
- Amount of passive income earned. Knowing how much you are currently making part-time will tell you how much you can expect to earn once you quit your job and transition to a full-time entrepreneur, however, don’t just base your future results on whats happened in the past.
- Your savings. How much money do you currently have in savings? Remember that you should ideally have six months worth of your salary saved before you tell your boss goodbye.
- Monthly expenses. What are your current monthly costs, and is it possible to cut back in any way? If you are serious about quitting your job, look at what you can live without for the next 8 – 12 months.
- New expenses. What will you need to spend in additional money to get up and running? This could be anything from stock and marketing to software and so on.
- Unexpected expenses. Since you are new to online entrepreneurship, it is also wise to plan for unforeseen costs.
How much is required to quit a job will be different for everyone. If you have a family to support, you may have to be a little more patient before you can become a full-time entrepreneur.
How We Started A Business Whilst Working Full-Time Jobs
When we started on Amazon, we were all still working full-time jobs, which means evenings and weekends were dedicated to getting the business off the ground.
It all started with 500 units of our first product, which was manufactured in the far east.
After several months, we were earning around $1,500 a week in gross sales. Nine months into the business, our monthly sales were sitting at $40,000.
We did all of this with a combined total of $2,000 in start-up capital.
With minimal experience selling online, it took time to figure out what we wanted to sell and where to find the right manufacturer. While the research was extensive at the beginning and the learning curve steep, it was all worth it in the end.
If I had to do it all again, this is what I would do differently:
How To Start A Business With $1,000
If you are eager to start earning a living online, I suggest you save at least $1,000. With this in your pocket, it is possible to build a profitable FBA business.
However, with only $1,000 available, it’s essential to take a very strategic approach, and it starts with choosing your products wisely.
In the below video, I explain how to put that capital to good use:
From Boss to Business Owner
Platforms like Amazon make it possible for anyone to quit their job. However, the journey will be different for everyone.
If you genuinely want this, you will need to practice patience and make research and learning a priority.
There are so many excellent resources that you can rely on to better understand how to start and grow an online business.
If Amazon is your platform of choice, I recommend looking at our Private Label Training; we show you exactly how we start and scale Brands on Amazon.
If you have any further questions about getting started on Amazon or you’d just like to air some thoughts, leave me a comment below.
More soon.Tags: amazon FBA, Sell on Amazon, selling on amazon, Start an Online Business