Don't Quit Your Day Job... Yet

Years ago, it seemed the only way to achieve the goal of starting a business was to quit your job, empty your savings account, and risk it all. That’s what the movies told us anyway. Fortunately for you and me, it has never been easier to get started, and it doesn’t require an astronomical leap of faith to do so. As long as you have a connection to the internet, you can begin laying the foundation for a business and start earning an additional income, all while continuing your day job!

Okay, my guess is that you didn’t start a freelance video business so that you would have to work two jobs. Your time will come! But there are some incredible benefits to building your business in addition to your full-time job. Let me give you 3 reasons why you shouldn’t quit your day job… for now.

#1 - You need money to live!

Sure, there are the outliers, but in most cases it takes a bit of time to build momentum and generate a consistent income as a business owner. Does that mean you’re not good at what you do? Not at all! But who can benefit from your work if nobody knows who you are yet? It’s perfectly normal for most new businesses to not turn a profit right away. So normal that the IRS doesn’t even expect you to be profitable for a couple of years! All this to say that despite starting a new business, you still likely have expenses and hobbies and relationships and health insurance and the list goes on and on. Having a stable income can go a long way in providing security for you and your family, freeing your emotional wellbeing to pursue this new endeavor.

There’s a difference between having a scarcity mindset versus an abundance mindset. If you go all in on this new business idea, you’ll constantly be focused on not failing and you’ll operate out of necessary caution, and be extremely risk averse. On the other hand, if you continue your day job, your needs will be met, you’ll still be able to step away and enjoy a nice dinner with family and friends, and you’ll be more willing to try new things because if it doesn’t work, no worries!

The last thing I’ll say here is that if you’re building a business from the ground up, you’ll need to play the long game. It takes time to build a presence and earn trust with prospective clients. It takes time to hone your craft and get specialized. If you quit your job, your runway for opportunity will be limited by the size of your nest egg. Be your own investor, and take advantage of a stable paycheck. Let your 9-5 fund your 5-9 until your 5-9 can fund itself.

#2 - Build it busy (you’ll be more efficient)

Have you noticed that everyone is busy? Doesn’t matter if you’re a single dude living with your parents or an ultra-mom with 3 kids, a job, volunteer commitments, and… oh yeah… a social life. We’re all busy! But busy doing what? Personally, I prefer the word “productive” because it implies that your time is spent on things believed to be of worthy pursuit. No matter how you spin it, time is our most valuable asset because it is something we can never create more of… or can you?

If you are serious about building your video business, you will squeeze it into the cracks of your day and eliminate any distractions. The beautiful thing is that since your time is limited, you won’t waste on things that don’t directly impact the growth and development of your business. Even better yet, as your business begins to turn a profit, there is a higher likelihood that the time it takes to run your business never increases. This means that when you do become profitable enough to quit your day job, you’ll go from working 50-60 hours per week (assuming you work a full-time job), down to 10-15 hours per week. In a sense you will have bought back nearly 45 hours per work, or put another way, 97.5 days per year!

What would you do if your boss told you to take 3 months off every year? Can you create more time? Of course not, and tomorrow isn’t guaranteed. But you certainly can be more efficient with the time you have and create something meaningful in the process. Build it busy and set yourself a max number of hours per week you’re willing to commit. You’ll thank yourself later.

#3 - You may just get better at your day job

One happy little consequence of building a business while continuing your day job is that as you start thinking like a business owner, this mentality will impact your work life. Success principles are universal and can be applied to any vocation in any industry. Since you are building your business as efficiently as possible, you’ll start to look for ways to be more efficient at work. You’ll care less about who gets credit for things and more about getting done what needs to get done. You’ll also pay less attention to workplace politics because you know it’s not your end game. 

Even if today is the first day of launching your business, something happens in your brain that makes you realize that life’s circumstances aren’t permanent and you’re taking action to change yours. Here’s the best part… your boss will start to take notice of this change even though it was never your intent. It’s certainly not a guarantee, but it’s also not uncommon for employees to experience a promotion or two as they’re building a business on the side and for the time that you remain employed, make it a win-win for all parties.

At the end of the day, do good work

You may not love your day job. Maybe this business idea is a last ditch effort to escape the grind. While I can respect and appreciate the feeling of being stuck, it’s not an excuse to burn bridges. If you have chosen this pursuit of building a business while continuing your day job, give to your job what is expected of you and to your business only what you’ve committed. Don’t neglect your family or play hookey because you’re excited about this new thing that hasn’t happened yet. Make the commitment to pursue excellence in every area of your life, and those around you will be positively impacted.

Lastly, I’d like to draw attention to my business coach, Graham Cochrane (www.GrahamCochrane.com) whose whole mission is to help others build “life-giving” and “effortless” businesses. I’ve followed Graham for many years from way back when he taught music production on YouTube with The Recording Revolution and even bumped into him at the Tampa airport one morning (crazy story for another time). If you’re serious about taking the action needed to bring this idea to life, I cannot recommend Graham enough, from his 2 (soon to be 3) books, to his podcast, to his YouTube channel filled with hundreds of hours of valuable content. Graham will help you build it right, while keeping the true priorities in life front and center.

Friend, in addition to video production, entrepreneurship is something that I am deeply passionate about. From deciding on a DBA vs. LLC, to building your first website, to starting your first YouTube channel, I am here and willing to help every step of the way. As always, go create something amazing, and I’m looking forward to seeing what you do next.