Many people dream of taking a leap of faith and starting a business or pursuing their dreams. However, a day job can be the very thing that is holding them back from success. In this article, we break down 5 Reasons Why You Need To Quit Your Day Job.
1. You Can Make More Money
As the owner of your business, you control how much money you make. For example, if you own a digital marketing agency where you help dentists get more patients the more clients you have the more money you’ll make.
So, if you currently have 1 client that you charge $1,500 per month you’ll make around $18,000 per year. Now, if you take on 7 additional clients you’ll make $126,000. The more clients you take on, the more money you’ll make.
In business, it’s all a matter of the numbers. Once you know the cost of bringing in 1 customer and their lifetime value, you can then determine how to increase that lifetime value by either increasing prices, delivering more value, or creating additional products and services.
2. You Can Have More Time
Another benefit of owning your own business is that you can have more time if you structure your business the right way. Many business owners work in their business in the beginning, which is ok, but the goal should be to remove yourself from the equation.
Optimally, you want to be able to earn money from your business while you are away from your business. Not only can you earn more money this way, but you also have the ability to decide how you spend your time.
With most jobs, the amount of money you earn is directly linked to your time. So, if you aren’t putting in time, you won’t make money. With this formula, the amount of money you make will always be capped because there is only 24 hours in the day and you can’t work all 24.
3. You Can Call The Shots
Being your own boss brings a new set of challenges, but also freedom. I don’t know about you but I hate taking orders from people, I love being in charge and doing what I want to do.
While working for someone else, you are always beholden to your boss. In most environments, what they say goes. If you disagree with what they say enough times, soon you’ll be out the door in the blink of an eye.
Also, since someone else calls the shots they also control how long you are working for them. They can fire you without a moment’s notice, let alone a warning. So much for security.
4. You Can Take Care of Friends & Family
By being an entrepreneur, you also have the benefits of taking care of your friends and family. Being a boss is not just about the money.
It’s more about what the money does for you. You can use your money to help friends and family and provide opportunities for them. If you want, you can even hire some of them to work with you in your business.
Also, many successful entrepreneurs give back to the family. This can be in the form of retiring parents, paying off sibling’s debt, or even taking your family on multiple vacations throughout the year. The feeling of giving friends and family a lifestyle they never experienced before is priceless.
5. You Can Have More Freedom
Money gives you options. As a business owner, you have the freedom to design your life how you want. I think that most people if given the choice, wouldn’t work as much as they do, but they have to because of bills and expenses.
With unlimited income potential, you can reach a level where your bills and expenses are so minimal that you don’t have to worry about money. You can focus on other important things outside of money.
Things like health, relationships, and giving back are a few things you can focus more attention on. Or you can travel around the world, the point is, you control how you live your life. The best part about it is that once you get a taste of this type of freedom, you’ll never look back.
Thanks for reading 5 Reasons Why You Need To Quit Your Day Job. For a list of six figure businesses you can start, download our free guide here: 25 Six Figure Businesses You Can Start Today.