Most of us started out internet marketing of a website as an adjunct to a regular, full-time job. In figuring out how to escape the rat race, you may have identified an online business as being the best alternative. But how long should you wait before you give up that day job and turn to full time internet marketing?
There is really no answer that applies to everyone; each personal situation is different and warrants varying ROI before a comfortable level of income is achieved. But there are some indications that you could be poised to work on full time internet marketing – just take a look.
First – Be Realistic
Don’t forget that becoming your own boss means there are risks involved. You must have appropriate funding, adequate staffing, and a business that shows promise of being profitable for the long run. The investment of time, money, and education comes from only one source: you.
Remember that sick days, paid medical benefits, and leaving your work behind at the end of the day will all be things of the past. Are you prepared to handle this?
Then there’s the income factor. The profitability of your online business might look good on paper but if you divide the total sales by the number of hours worked, the hourly rate might prove very enlightening.
Growth And Longevity
Okay, so you are aware of the risks and you’ve given yourself a reality check. But is your business poised to grow and be vital for the long run?
There are couple of key factors to consider when answering this question. Number one is how much the business has grown since you first started. Has it always achieved consistent, month-over-month increases in sales and profits? Or have you run into lag times when paying your bills might be difficult? If this is the case, ensure you have a large enough nest egg built up to weather the storm.
Will your business be viable in the foreseeable future? If you have based your company on selling products or services in conjunction with a passing trend, chances are you will have to re-establish the company when a new craze comes along. Technology is one of those industries that experience the greatest changes in the shortest amount of time. Yesterday’s VCR sellers and repair people have had to find new products and services to sell today – or go out of business.
The best chances of success are with an offering that stands the test of time; something that people will always need no matter the state of the economy. Having more than one stream of income and streams that are passive are also really good ideas.
Finances
Investigate funding options. If a financial institution looks at your P&L and determines that loaning you money for investing in your online business is an acceptable risk, this is a good indication that you have built a strong online business foundation. You may not be actively seeking financing right now, but after the job that pays the bills is gone, you may very well need to fall back on this resource.
It is always a good idea to have enough money set aside to pay the bills should a major catastrophe, such as extended illness or accident, occur.
While it is most people’s dream to be in a position where they can quit their day job, don’t make the decision to start full time internet marketing without putting in a lot of thought. It can be done, but don’t cut your abilities, time, and finances so short that you and your family suffer.
See you at the top of Google!
Sean Rasmussen
SEO Australia Pacific
AussieSEO.com © 2007 - 2010
Thanks Sean, you’re always spot on. Some really sane advice there – setting up on your own is a huge challenge, but it can be hugely rewarding.
Where would we be without challenges Andy
All the best mate.
Very rational advice Sean and greatly appreciated. Becoming a successful Internet Marketer means to me is to be financially independent during retirement in later life.
No problem Jill, glad you liked the article. Keep plugging away, take lots of action and learn as much as possible to achieve your goals.
Ahh to live the life of a full-time Internet Marketer – that is the dream
It is sound advise to ensure that any move you make into full-time internet marketing is going to provide you with constant growth. Both on a personal level and on a financial level.
It is a fact of life that for many, if you make a move too soon without taking into consideration all the various factors you could end up in a very difficult situation.
.-= Cemil´s last blog ..Real Law of Attraction =-.
You are doing all the right things to achieve your dreams Cemil. Keep it up mate and the dreams will become reality
About 12 months ago, Belinda and I sat down and set ourselves a time line, we set goals and when we wanted to achieve those goals, even though we wanted it now, we know that we had to be realistic. Even though sacking our boss seems a few years down the track, when I think back 12 months ago, it is amazing how far we have come and how much we have learnt. Our dream is to be full-time Internet Marketers and we feel we are finally making in roads to achieving our goals.
Cheers
Cade
.-= Cade´s last blog ..Learn & Earn from Aussie Internet Marketer Sean Rasmussen for free. =-.
Hi Sean,
For me, the decision to move to full-time internet marketing is a financial one. I think that I would want to wait until my online business was making enough money for me to comfortably live off.
Then, I would wait six months and live solely off my internet marketing income. I would just bank my salary from my day job each month. And if I didn’t have any financial problems in that six months; it would be time to quit.
Then, I will be having one heck of a party and I can’t wait.
.-= Jazz Salinger´s last blog ..Learn and Earn – It’s a Marathon Not a Sprint =-.
That sounds like a very wise plan Jazz.
Banking your day job income also gives you and additional nest egg. And Once you quit your day job because you can already live of the internet, you will have even more time to spend on your new venture which will most likely generate even more income.
I am looking forward to your party
.-= Renee´s last blog ..Sean Rasmussen – Australian Internet Marketer =-.
Hi Sean,
Not only do I see internet marketing as a future business opportunity, I also have a message to blog about that I want to get out to as many people as possible. I’m improving my blogging skills also from you and by using your wonderful book, The Year Of The Blogger.
Internet marketing is a hobby that I enjoy and want to know more about in general.
Thanks Sean for the words of wisdom on planning the shift, and adding a personal touch – we can sometimes forget what’s most important to us when we’re chasing goals and dreams.
Most of all Sean thanks for sharing your experience and creating the possibility of living an abundant life through internet marketing. It’s really changed my outlook and direction on where I want to take my career and the life I want for my family.
You’re most welcome David. Dream big mate
Great advice Sean. We did the exact thing with trading and quit our jobs to trade full time way too early. It put a lot of stress on us and we made desperate decisions. You have shown us that Going full time with internet marketing is definately possible and this is definately one of my dreams.
.-= Jackie Stenhouse´s last blog ..Anxiety Separation in Children =-.
Hi Sean
I am very fortunate that I was able to sack my boss last year when Ireplaced my income through successful strategies in options trading.
Now I want to be successful at internet marketing as another stream of income and eventually mentor others as a way of giving back.
I am always grateful for the opportunities that come my way.
Wow, Elly, I am impressed!
I have no clue about options trading, so I am full of admiration. Well done!
I am sure that you will be achieving your next goal of having a second stream of income in no time.
.-= Renee´s last blog ..Sean Rasmussen – Australian Internet Marketer =-.
Becoming a full time internet marketer is the goal for me. It will give me the opportunity to work independent of my location (as long as I have internet connection) which will allow me to visit my family more often without having to worry about my business.
Your tips on how to ween yourself of from your current job are very good, but only work partially for me as I am “my own boss” already with an offline business – so I am used to not getting paid (lol)
I really like your list tip to invest your funding options. This way you are forced to have proper book keeping and to present your business to someone else who is not clouded by emotions when evaluating the business.
.-= Renee´s last blog ..Sean Rasmussen – Australian Internet Marketer =-.
It’s more than a dream it is a goal – and with this comp, I can see it’s a realistic one. Now I just can’t wait to be free of the stress! LOL Now to find that elusive product or service that has longevity as a foundation with a couple of hot short termers to sweeten the mix.