Quitting my 9 - 5?

by NiallR 20 replies
Hi folks,

My current online income is now the same as my day job. I do have some outstanding debts but it's all quite small.

Now the question is this. I've heard that people say you should never go working for yourself unless you're debt free.

I've also heard the argument that if you comitt to working for yourself the you will simply make it happen because you have to.

My current online income is $3,000+ per month every month for the last 12 months.

Worst comes to worst I have a website I can flip for about $15,000 to generate cash if I need to.

I'd really like your thoughts and ideas here :-)

Niall
#main internet marketing discussion forum #quitting
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  • Profile picture of the author jbsmith
    You are at a point where the plan forward is most important. So you have a good track record, but what is your plan to get to the next level?

    Yes, you are at a point where going full-time makes sense, but that means having a plan for how you will grow from $36K to double, triple that amount so that you can pay for health, benefits and begin to outsource more work so you aren't working 80-hour work weeks.

    I would focus on a strategic plan - once you feel comfortable with your plan, begin to put it into action, then you can move toward going full time.

    Jeff
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    • Profile picture of the author Jill Carpenter
      Finish clearing the debts and have enough money saved to cover your expenses for 6 months.

      While stress can bring out the best in some, if it can be avoided you'll be able to focus more on your business.
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      "May I have ten thousand marbles, please?"

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      • Profile picture of the author IMChick
        Originally Posted by avenuegirl View Post

        Finish clearing the debts and have enough money saved to cover your expenses for 6 months.

        While stress can bring out the best in some, if it can be avoided you'll be able to focus more on your business.
        This is excellent advice.
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  • Profile picture of the author richpeck
    Dear lord.

    Just quit! You'll never regret it becase you'll be able to build on your current success very easily with more time on your hands.

    It all depends on your current living costs and whether your IM income can sustain you.
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    • Profile picture of the author NiallR
      Hi folks,

      Yes my IM income can sustain me but I'd need to grow it for real comfort.

      My plan for taking it to the next level is hiring a Virtual Assistant which I did last night so they'll be working 40 hours a week for me while I'm working out my notice (3 months notice before I finish). My job is actually costing me money now because I'm doing 10 hour days and I'm normally too tired to get a lot done after work.

      My plan for growing my income is based on ramping up traffic to existing high traffic/high income sites, bum marketing on a range of domains that just didn't cut it with Adsense, flipping some old domains/sites I no longer want and also releasing 1 - 2 infoproducts myself aswell as an article directory (don't scream/laugh - I have a plan for this :-) and I'm also building out two affiliate only sites that are producing decent income each month but could do MUCH more. I'm also building out a site in a very popular niche with great income potential.

      My instinct is to resign and work hard to ramp up my income by another $2,000 a month which would give me a very strong comfort level. The infoproducts once released will push that up again over the $10,000 a month mark all going well.

      Thanks very much for your replies guys :-)

      Niall
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      • Profile picture of the author jbsmith
        Exactly Niall - great to hear you have a plan...what I would do is take that one level deeper to understand how to "operationalize" that plan.

        It would look like...

        1. 10 New artilces each week, 5 submitted to EZA, 5 submitted to blog per site
        2. 1 new press release each month
        3. 1 New infoproducts created each month
        4. Launch membership site in month 6 to improve back-end profits
        5. 15 new list follow-ups created for each niche each month (move into one-2day communication with your list)
        6. Keyword research - identify 40 new keyword phrases with associated LSI keywords each month - then becomes basis of content creation
        7. X # new videos each month to drive traffic through YouTube

        Basically taking your goals and turning them into an operational plan that will guide your VA activities as well as your own and future outsourcing.

        Next - spend some time developing the actual process, technique and methods you want your VA to use to get the job done...you don't want to spend the first month of your full-time work training your VA (or the next one, or the next one, etc...)

        Basically, this is setting up a strategic and corresponding operational plan that will pave the way to grow your business to the next level - like you see it in your head.

        Jeff
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        • Profile picture of the author NiallR
          Originally Posted by jbsmith View Post

          Exactly Niall - great to hear you have a plan...what I would do is take that one level deeper to understand how to "operationalize" that plan.

          It would look like...

          1. 10 New artilces each week, 5 submitted to EZA, 5 submitted to blog per site
          2. 1 new press release each month
          3. 1 New infoproducts created each month
          4. Launch membership site in month 6 to improve back-end profits
          5. 15 new list follow-ups created for each niche each month (move into one-2day communication with your list)
          6. Keyword research - identify 40 new keyword phrases with associated LSI keywords each month - then becomes basis of content creation
          7. X # new videos each month to drive traffic through YouTube

          Basically taking your goals and turning them into an operational plan that will guide your VA activities as well as your own and future outsourcing.

          Next - spend some time developing the actual process, technique and methods you want your VA to use to get the job done...you don't want to spend the first month of your full-time work training your VA (or the next one, or the next one, etc...)

          Basically, this is setting up a strategic and corresponding operational plan that will pave the way to grow your business to the next level - like you see it in your head.

          Jeff
          Hi Jeff,

          Thanks very much for that advice and you sound SO like my buddy Gary who gives me the exact same advice.

          I've always been a seat of the pants kinda guy but I know I need more planning.... I just hate it lol. Part of the reason why I want out of my current job.

          I will formulate my plan now though so thank you :-)
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  • Profile picture of the author Paul Buckley
    Sounds to me like you already know what you need to do. Just get it done
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    "Wise men speak because they have something to say; fools because they have to say something." -Plato

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    • Profile picture of the author NiallR
      Originally Posted by Paul Buckley View Post

      Sounds to me like you already know what you need to do. Just get it done
      Hi Paul,

      Fáilte agus go raibh mile maith agat :-)

      I think you're right. Fear is just an awful thing lol
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      • Profile picture of the author Neil Morgan
        Hi Niall

        Please note the correct spelling of Neil is below

        I posted on this sort of subject earlier today...

        http://www.warriorforum.com/main-int...ur-income.html

        Cheers,

        Neil
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        Easy email marketing automation without moving your lists.

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        • Profile picture of the author NiallR
          Originally Posted by Neil Morgan View Post

          Hi Niall

          Please note the correct spelling of Neil is below

          I posted on this sort of subject earlier today...

          http://www.warriorforum.com/main-int...ur-income.html

          Cheers,

          Neil
          Ahem..... Neil is the Scots version of Niall my friend. I was actually meant to be christened Neil but the priest refused.... ever since people have called me Niall. Go figure.

          Loved your post btw - "the sun still shines (well, not in Scotland much) and the world keeps turning." Almost word for word how I look at adversity
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      • Profile picture of the author Paul Buckley
        Originally Posted by NiallR View Post

        Hi Paul,

        Fáilte agus go raibh mile maith agat :-)

        I think you're right. Fear is just an awful thing lol
        Tá fáilte romhat
        Signature

        "Wise men speak because they have something to say; fools because they have to say something." -Plato

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  • Profile picture of the author Robert Plank
    Niall, my question to you is:
    Health insurance?

    Once you can come up with the answer to that question that satisfies you, then you can quit. :-)
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  • Profile picture of the author Monetize
    You must make this decision but my thinking is this -
    if you were able to build your revenues to $3,000 on
    a part-time basis, just imagine what you can do full-
    time. Of course, you mustn't sleep in and watch TV
    all day once you quit your day job
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  • Profile picture of the author marksmatter
    Dia duit Niall,

    That website flip gives you 5 months expenses - sounds close enough to 6 months for me! Also, what is the opportunity cost of remaining at your current job? I'll bet it's more than your salary in a just a few months.

    Or...does flipping that site mean zero income?
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    • Profile picture of the author writergirlk
      I say go for it - with all that extra time you'll be able to build your business even more! Three months notice is great - if you can increase your income by $2000 or so by the end of your job that would be a great start indeed. I went full time without having any income, out of necessity for my lifestyle. But every situation is different. Looks like you have a solid plan in place, though.
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    • Profile picture of the author NiallR
      Originally Posted by marksmatter View Post

      Dia duit Niall,

      That website flip gives you 5 months expenses - sounds close enough to 6 months for me! Also, what is the opportunity cost of remaining at your current job? I'll bet it's more than your salary in a just a few months.

      Or...does flipping that site mean zero income?
      Dia is muire duit Mark :-)

      The cost of remaining in my current job say for another 6 months?

      1. My sanity lol

      2. Countless hours of lost time for my IM business.

      My gut tells me I'm wasting time in my job and that it's costing me cash.

      Flipping the website mean zero income? No no it's just one that I've gotten kinda bored of and when that happens I sell them. Been doing that a bit over the last 2 years or so. Surprisingly good money for really small sites! That site is my lowest earner right now - would take a small income hit from it.

      What part of Ireland are you from? Finding Irish IM guys/gals is like trying to find a mermaid lol
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  • Profile picture of the author ibw13
    Banned
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    • Profile picture of the author NiallR
      Originally Posted by ibw13 View Post

      Jeez, how long did it take you to make that much per month? Is it all clickbank checks that you get or is it multiple checks?
      I've been playing with IM for about 5 years now part-time. For the first 2 years I made pocket change because I wasn't really trying. Then I went and got a couple of my sites banned by following some really bad advice.

      Once I got my head straight and replicated a working formula my income increased and has stayed that way.

      My income is a combination of Adsense, Commission Junction, a small bit of Clickbank (growing that now) and some ShareASale.

      So my real "success" has been in the last 14 months. And it's just the beginning :-)
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