statement:
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It seems like "How do I become an entrepreneur?" " obscure question.
However, before we explore how to earn an income without a traditional job, there are some issues that should be addressed (unless you engage in illegal activities, the situation is different).
First, you use the word "escape." Running away from something means you're running away from something unwelcome. Either you don't like the job or you don't like the "traditional nine-to-five." If it's the former, find a job you like. If it's the latter, like yourself, why would the traditional nine-to-five make you so annoyed.
Second, unless you're already doing something else to compensate for that huge income, you can't really leave your job without losing "a lot of income." If you earn 7.5w per year in your current job and your side hustle brings in 5.5w/year, you will have to lower your standard of living or raise your side hustle to make up for the 2w/year difference. Otherwise you don't have an income at all.
Third, your mindset about work needs to change. The job is
- A: You do something because it is the passion you feel in the depths of your soul (aka "profession" or calling)
- B: Something you put up with in order to pay your bills and enjoy yourself on the weekends
- C: What you use to achieve ultimate financial independence/financial freedom.
A will help you drive C, B is what most people do, and C is how people end up doing A.
Of course, work can be a mix of all of them, but it's usually one of them. Now let's talk about some of the things you've done to "transition" to a different career than the traditional nine-to-five.
In order to generate revenue in a nine-to-five situation, you just need to [insert here] a few things.
- All income is value-based — even if you have a normal job, your pay is only based on the perceived value of what you bring to the free market. Software engineers are paid more than janitors. Actuaries are paid more than waiters. If you can't offer a product or service that is valuable to the market, you won't be able to survive on your own.
- You should only leave your job unless you already have a side hustle that could be a full-time job – most people who work for themselves are doing something before they leave work. When I was fired in 2017, I was already accumulating skills as a consultant, so I didn't immediately go looking for another job. If someone doesn't have a side hustle, they'll need to quickly find another job.
- Marketing and sales are everything – a business survives because it can market itself well and then sell itself and its products/services to demanding consumers. There are two reasons for the failure of the company: lack of visibility and low sales. Lack of awareness leads to low sales and failure.
- Let your bottom line be your ceiling – if you're not profitable, your business is just treading water. Most businesses focus on gross revenue, not profitability. Income is how much money you make in total, not how much money you have left after deducting expenses. If you don't focus on bottom-line profitability, you're simply postponing the inevitable, which is business failure.
- Don't be greedy – Greed is the number one killer of income and profitability. Greed can be defined as trying to get the maximum result with little or no results. In the world of business, finance and entrepreneurship, there is always a cost, whether it's time, money or effort. Greed has destroyed/destroyed many companies and businesses that do well. They try to occupy markets where they don't have a business, release products they don't have a business release, and get "assets" that are actually a lot of liabilities. You need to do the right things in the right order. Unless you have a large cash buffer before you expand.