Quitting Your Corporate Job to Start an Online Business? (3 Things to Know BEFORE You Quit!)

Quitting Your Corporate Job to Start an Online Business? (3 Things to Know BEFORE You Quit!)


What is up, everyone? Welcome back to my channel. If you are someone who is debating to quit
your job to start your own business, well, then you’re in luck because this video was
made for you. Now, if you’ve watched my videos before, then
you do know that I quit my job without a backup plan and eventually started my own online
coaching business. Now, I don’t regret my decision, but there
were a lot of things that I definitely underestimated and wish I took into consideration before
I quit my job. Now, the first harsh reality of starting a
business is that even if it’s an online business, it’s still going to cost you some money because
even if you aren’t selling products or you’re not owning a brick-and-mortar store, having
an online business still comes with some hefty startup costs, so to help you put things into
perspective, I’ve broken down a couple of typical fees that you might incur if you start
an online business. First of all, you probably want to consider
your basic web startup costs like your web posting, buying a domain, buying an email
that links to your domain, possible themes that you might incur, and any other application
that’s going to help you with customer acquisition and branding. For example, if you plan to do email marketing
in your business, you’re going to have to invest in an email automation software like
Drip, ConvertKit, or even MailChimp, and these services run typically between $30 to $200
per month, depending on the amount of subscribers that you have. Now, of course, when you’re first starting
out, you can get away with getting free services, but eventually, as you scale these are costs
that you’re going to need to consider, and the more subscribers that you have, the more
you’re going to need to build a robust email marketing system that is automated. Eventually, you’ll also want to create multiple
landing pages for your business to create your sales or marketing funnels using things
like Click Funnels, Leadpages, Kajabi, or Elementor. These can cost you about $25 to $130 a month
depending on which service that you use. So, as you can see with these two basic examples,
you can tell and do the math that monthly fees do add up, so if you are currently in
your corporate job and you’re deciding whether or not you want to start an online business,
definitely do your research on possible subscriptions you probably need to invest in and actually
think if you can afford it. Now, of course, for the purpose of this video,
I only included two examples of monthly fees that you might incur. So, to help you out even more, in the description
box below, I’ve actually included a free guide that I’ve put together with all the possible
monthly fees that I’m incurring currently to give you an idea of the possible expenses
that comes with running an online business. I’ll also include the link in the comments
section so that it’s easier to find, and I really, really hope that this is going to
help you have a better idea of what you’re actually going to need to financially invest
in before you quit your job. Now, the costs that I mentioned are just reoccurring
monthly costs. There are also one-time costs as well. For example, if you want to incorporate, which
you probably would eventually, that’s going to cost you about $1,200 to do it with a lawyer. Now, of course, you can do it the DIY way
and do it for less than $500, but sometimes, there are accountants out there that are going
to make you redo it if you don’t do it right. Speaking of accountants, accountants can also
charge upwards to $150 to $400 an hour depending on the type of work that they need to do,
so these are also little costs here and there that you want to consider when you’re starting
a business. Again, up until this point in the video, I’ve
only really covered some of the costs. It doesn’t even scratch the surface with the
other costs that might be associated to running your own online business, so to help you out,
I’ve created the free PDF like I mentioned, and it’s going to be in the description box
and the comments section below. The second harsh reality of starting your
own online business is that I guarantee that you’ll be working more than you do currently
at your corporate job, so if you are planning to quit your corporate job to work less hours
by starting your own business, then I promise you that you will not be happy with your decision. I think that the issue is, is that a lot of
us look at already seasoned entrepreneurs that have their businesses on auto-pilot and
therefore, can afford more time in their life, but the issue is, is that when you are first
starting out, you’re not going to have your business on auto-pilot, and you will be running
everything yourself. What I want you to know is that the scary
thing of starting your own business is that your business relies entirely on you, especially
in the beginning stages when you don’t have enough capital to hire a team member or outsource
any of your work because when you are starting a business, you’re essentially a one-man show,
and you’re going to need to have a lot of discipline to continuously keep things moving. This type of responsibility is actually really
stressful, and that’s why a lot of people say that entrepreneurship is a really emotional
ride because not only are you trying to start a business and you’re a one-man show doing
everything all at once, but you’re also going through huge learning curves and you’re trying
to learn everything and troubleshoot problems right at the same time, which can be very
mentally exhausting. Not to mention, when you are a one-man show
starting your own business, you don’t really have someone like a manager or colleagues
to run your ideas through, or to tell you what to do, or to tell you if your work is
good or not. That’s why starting a business, or being an
entrepreneur, or a freelancer, or whatever you want to call it requires a lot of self-confidence
and also, a lot of self-awareness. But what I do want to mention is that even
though I work a lot more hours than I did before in my corporate job, majority of the
time, it doesn’t really feel like work because I’m genuinely really interested and really
passionate about the things that I’m working on, which is why my biggest advice to you
if you are planning to quit your job to start a business is to make sure that the business
that you’re starting is actually something that you’re really excited about and that
you’re genuinely interested in. But not only do you need to be excited about
the work that you’re doing, you also have to be willing to do it for free, which brings
me to my third and last harsh reality, which is you will not be making any money in the
beginning stages of your business. When you are starting a business, you most
likely won’t be making any money in the beginning. Whether you have a service-based business
or a product-based business, you’re probably going to be spending the first two to three
months actually building the backend and the backbone of your business and putting all
the necessary systems in place for free. When you do start to build traction in your
business and you start making some money, just know that that money probably is not
consistent, which is one of the things that was really hard to adjust for me because keep
in mind that building strong funnels and building a very strong brand for your business takes
a while to cultivate and to grow, so unless you’ve been side-hustling your business while
working at your corporate job, more likely than not, you’re not going to be making money
right off the gates of quitting your job, and therefore, that is something that you
need to consider and ask yourself if you’re prepared to do if you do quit cold turkey. Personally, for me, that was one of the hardest
things to adjust to. When you work in corporate, no matter how
much effort you put in, you’re going to get the same paycheck every two weeks. You could be busting your ass and still get
the same paycheck versus if you just locked yourself in a washroom at work playing Candy
Crush. No matter what you do, you’re going to get
a consistent pay, and you know that it’s coming every two weeks. On the flip side, when you are in the beginning
stages of starting a business, your pay is most likely going to be a reflection of the
amount of energy and effort that you put in into building those systems in place. So, the thing is, is that you’re going to
need to front-load all the work in the beginning stages of your business, hoping that eventually,
it’s going to be able to sustain itself, and then you’re going to have that consistent
pay month after month, but trust me. In the beginning, you’re going to need to
not take a pay and actually create those systems in place, which sucks if you think about it
because you’re not going to get paid for a while. But the great thing of having your own business
is the limitless earning potential, so yes, you are probably going to need to front-load
a lot of work. Yes, it’s going to be a scary ass emotional
ride, but there is a earning potential that can be limitless. Now, of course, there are lots of risks and
there’s a lot of people that actually don’t make it in entrepreneurship, but at the same
time, there are a lot of people that do, so I think that it is all about the mindset that
you are going in with your business and actually having that grit, and that consistency, and
that patience to not give up. Now, if you want more content like this, I’ve
recently created a private Facebook group called The Fearless Boss Network. To date, The Fearless Boss Network has almost
300 millennials inside. Essentially, it is a giant mastermind of like-minded
individuals like you and me who are either entrepreneurs, goal-getters, or anyone who
has a dream and wants to take the leap. Now, in this group, we share tips, resources. We also help out each other, and also, I personally
hop in there once a week to do free trainings depending on what the group wants, so it’s
like my YouTube channel, but it’s very much catered to the people that are in the group
and you get one-on-one support from me. So, if you are interested in joining the group,
I’ll add the link to the description and the comments section below so that it’s easier
for you to find, and I would be more than welcome to greet you inside the group. So, guys, as always, thank you so, so much
for watching this video. I truly hope that you found it helpful, and
don’t forget to download the free guide below so that you can learn more about this topic,
and if not, then I’ll see you in the group hopefully. That being said, hope you guys have a great
week, hope you guys have a great life, and I’ll see you next week. Bye.

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About the Author: Oren Garnes

27 Comments

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  2. HI, Vanessa. Great enthusiasm as always. You have a sharp mind.

    I'm transitioning to my online business and I'm glad I took the time to make the transition. Had I quit a year ago I would have failed. I think about the knowledge and resources I had a year ago, and there's no way I would have succeeded.

    You need more than an idea and inspiration. You need to know how to manage cash flow, you need to know sales, you need systems and tools, you need coaches, and you need a plan to scale fast.

    I would rather work on my business all day than to feel worthless at my job.

  3. Vanessa these are awesome tips. I love how you mentioned that starting an online business requires more hours! I think a lot of people like the idea of the "laptop lifestyle" because they want to be mobile and travel, but they don't realize how much of a commitment starting a business still is. Great advice!

  4. Love your content vanessa! What you’re saying is a 100% true. I just started this year and barely make money at all, the startup cost is high for inventories and marketing, but I love the journey cause I love and believe what I sell!

  5. For email software and domains, websites, facebook chat bot, I use Builderall. All in one digital marketing tool. Very inexpensive price. Great software. If anyone interested, I have information and can help you get started with the software.

  6. so informative. I watched a couple of your videos and they're extremely good and valuable I am hooked. you're an inspiration not too many quit their jobs to start a business.

  7. Amen!!! Everything you said is so true!!! Entrepreneurship is an emotional roller coaster but you need to have grit and stay consistent. The biggest mistake people make is starting a business that they’re not passionate about. They end up quitting immediately. Starting with something you know a lot about or are passionate about is a must in my book. There are so many ways to turn it into a profitable business overtime

  8. Hey Vanessa! Thanks for the video, and so cool that you're growing so quickly for a new Youtuber 🙂 I would love to hear about which tools & software you did eventually decide to go for? I'm struggling to understand what I NEED to launch with vs. what the more luxury items are (Convertkit + LeadPages etc etc). Thanks!

  9. Great Video I really enjoy your content! I am going to college and working part time. I have 2 jobs and work 6 days a week. I want to start a social media marketing agency but I barely have any time to begin. I was thinking about quitting my fast food job on the weekends to start building my agency. However I don't have as much saved up as I would like. What's would your advice be for someone in my situation?

  10. Another great vid, Vanessa! I quit my 9-5 after 18 years as secretary in the medical field when the office went from mom and pop to corporate, which I hung with for 4 years, but they started putting money over care, and I started hating myself more and more because of it. But, I still wanted to help people, so my wife and I decided to start a blog site talking about living disabled to help other disabled people, because we didn't have any role models growing up. Also, we're not afraid of questions, so we invite able-bodied people to learn about us.
    This year, we started our Youtube channel with the same idea.

  11. Looooooveeee your content, you're seriously an inspiration!! I never leave comments on you tubers videos but you deserve all the success in your journey.

  12. So relatable! This is what I did before when I decided to quit the 9-5 job and be an Affiliate Marketer. One of the best decisions I made in my life. Never worked a day in my life.

  13. I have 12hr job here in singapore 6days/week. I really want now to resign but since I listen to ur inspiring advice. Thanks a lot.

  14. Can you share what kind of camera ,lights, microphone you use to do your videos. Thanks! Love your content !

  15. I'm about 5 months out from my contract at my corporate job ending. I'm trying to ramp up my product business & youtube channel before then!

  16. The 3 Things to know:

    00:50 1) Consider your basic web start-up costs.

    03:32 2) Work more hours vs. Your corporate job.

    05:45 3) You will not make money at the start.

  17. Very true. I'm going through the whole learning path right now, almost want to give up and look for a job again. I've spent so much time to go back and forth, have not officially started. Thanks for sharing.

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