Quit Job and Start Virtually?

I apologize if this might not be the correct category to post this thread. I have a general business related question. Although the title gives it all what I'm talking about; I'll go in details.

My friend and I would like to quit our job and go for the virtual dream. We have been trying to save some money to invest in our ideas but always fall short of meeting our deadline. We are trying to get things in line and go all in. My question here to some of you is: Should we quit our jobs and try to fulfill our dreams?

It would be really helpful if I can get some answers from experience

Thanks

 

If you looking to invest in a well established service (which you need if you wanna make a living out of it) you need to have money to invest. Small savings wont get you anywhere..startup a site from scratch takes a long time, skills and luck before it makes such revenue that you don't need any other income.

I would say that the fastest way to go online is: Invest in a established business. Until you have money to invest, don't quit your job. But hey, that's just my thoughts.

 

If it is possible try starting up without quitting your current job, so you still have an income that you can take a percentage and place for your new company. However, if you don't have the funds to invest in the company from the beginning it's going to be quite a struggle to get things up and running. Try to figure beforehand who are going to be your clients and figure if it is going to produce you enough income to actually quit your job. Analyze the situation before you take any critical decision.

 

Why not start making money virtually before you quit your job? It's good to have some seed money to start up with and it's good to have a income coming in, until you hit it big.

 

The reason I'm asking you fellows this is because I want to invest all my time doing this. I practically work 9 hours a day which leaves me 2 hours or so to do anything. Wouldn't it help if we invest most if not all our time and see where it takes you?

Thanks for all the feedback fellas

 

So you work those 9 hours, 7 days a week? I suspect you probably have two days off. Use that time, or see if your current employer is flexible and you can reduce your hours. If you work hard and make yourself invaluable then that should be easy. The internet can be a volatile place, even if you have a revenue stream one day, it can dry up the next. You need to see projects through to the finish or you will get nowhere. Working from home can sound like the perfect dream, but it's easy to burn yourself out and having another job can motivate you to produce more.

 

Hello

I asked same query some time back. You can check it out here:
https://forums.digitalpoint.com/threads/business-or-job.2640371/

Since then I have spent about more than hundred hours researching and talking to people (both online and offline) about this. Here is my finding:

1. You will get mix response as there is no correct answer. Only you can answer that. Fortunately, there is some way to figure out this decision.

2. Before quitting, you need to have 1-2 years forward plan - what will you do/not do? How will you manage funds?, etc.. Plan on paper (docs/excel will also do) so that you can match it with actual going.

3. If now is not correct time to quit, then decide milestone what will be correct time to leave job. For example, you may target savings of certain amount (your 1 year expenses at present lifestyle + start-up capital) from job and then leave.

4. There is not much to worry, most people want to quit but don't do it because of
- uncertainty in future (business can fail, (or takes time to scale!))
- variable income (people don't like variable income, they enjoy less with spikes and worry more with valleys)
- surrounding community is always pulling us down in this. And they are not wrong; how can any one give advice when they themselves never experienced or overcome their fear? So you need to take advice from right people!

5. Worst Case Scenario: You can try for 1-2 year after quitting job, if it doesn't work out, you can always find a job then. In exchange, you will become better person, more learning & experience, and no repentance in future. So there is nothing to loose!

6. Best Case Scenario: You already knew before posting you query! (Am I right?)

 

DO NOT QUIT YOUR DAY JOB!

If you do quit you job and follow your crazy idea through make sure you have a PLAN!

If you fail to plan you plan to fail!

It is cool if you can crack it online, I mean I can travel the world and work where ever I please, but I have a skill that is in demand. If you learn a new skill that everyone needs or you can find a gap in the market you can potentially make a lot of money. However, I would recommend finding that skill or gap before you quit your job.

Just my 2cents

 

"If you fail to plan you plan to fail"

That is worth more than 2 cents. This has to be " The" motivational line I have ever gotten regarding this issue. I respect everyone for pitching in with their knowledge and wisdom. I guess there is no perfect time to take action; just to go with it and having a fall back plan. Thank you all for helping me with my curiosity. I will try to pursue my dream no matter where it takes me I guess.

 

And to "Rgblogs", how has your website done for you? Have you taken the leap of faith or have you go 50-50 with your job and business. I would love to hear more on how it has turned out for you, if you don't mind please

 

Revenue increased last month and decreasing this month

50-50 will not work in my case so I have to quit. Planning to do same in couple of months

 

One dreamer to another, I wish you all the very best. I hope you get what you have hoped for. Good luck and I hope you succeed

 

Don't quit your job before your virtual business makes money! I also have a job I want to quit, but until I have my chosen income streams going strong, I can't do it. Why don't you start small, then figure out how much you need to save/make per month before you just quit? Don't pay for advertising, either. I suggest you read Crush It!:Why Now Is The Time To Cash In On Your Passion by Gary Vaynerchuk.

 

I figure my experience from a couple years ago will apply here. I had a job that I hated, and was making an "okay" side income on with eBay through mostly drop shipping. I figured if I could invest more time, I could focus more on finding items at low cost to sell on eBay for more profits along with my drop shipping sales. So I went ahead and quit (although working online wasn't the only reason, my boss was a jerk). Then eBay raised their fees, then the company I was drop shipping for went through management changes, and pretty much lost the majority of my profits.

I had to scrape by and then went back to the daily grind for the time being. I don't regret quitting the job that I couldn't stand it, but I wish I had a better plan in place before hand along with something to fall back on.

Ultimately, it's up to you, your financial situation and what you feel best. My advice would be start part-time and have a solid business plan. Currently I'm finishing up school full time at a university and have shifted more to affiliate marketing. It's always up and down, and I'll probably be looking for a summer job at least part time for more security. Plus I do get bored being at home on the computer for the majority of the day.

Good luck and wish you much success though with whatever path you decide to take.

 

But I won't suggest to quit your job right now, until you start making money online, if you do so you would be making blunder here..

 

I think you should go with your dream but with full passion....

 

That's sure a motivator! To add:

I have never seen anyone regretting from quitting job.

Yes, planning is very important which includes backup plans. To be sure, your startup may take some more time to go to a level you think, so for that you need some backup. Its like extra tyre in a car in case it gets fuss on a highway

 

If you have what to invest, you can go.

 

If you have enough money for invest and if you think that you can make a good management then you can do.

 

Don't quit your job...., there are many pit falls and sharks waiting for you in the "virtual world", if you say you are working 9 hours a day, get prepared to work 12+ hours a day, everyday. its hard work, but start part time first.., you could invest in an "established" business to find you have been conned.
do your research very carefully........., good luck