In this episode, Dr. Matt Motil talks about 5 things to consider before quitting your day job.
He teaches you how to quit your day job forever and fire your boss like he did!
He even includes an important bonus thing he found important before quitting his day job.
Let’s get started…
5 Things to Consider Before Quitting Your Day Job
1. Is this your Passion?
The number one question is would you do this for free? Almost everyone would say no, but if you make your job your passion you’ll never work another day in your life.
You need to ask yourself another question who are you trying to help? If you can answer both of these questions confidently, you are on the track to fire your boss forever!
You need to be paid what you’re worth, so take what you’re passionate about and make money with it!
If you are choosing a career to chase money, you’ll never find success.
Try out the book, Start With Why? by Simon Sinek to learn more.
2. Well Defined Personal and Business Budgets
It’s always said there is more month than money.
The key is to make a more defined personal and business budget. You need to take into perspective what it takes to live and run your business?
Take into consideration your rent, mortgage, phone bill, car payment, car insurance, heat and water bill. Take into consideration what it costs to run the business, how much inventory is, how much salary is, etc.
^These are considered your monthly expenses.
Also take into consideration, life happens. You need cash reserves for when the car breaks down, when you get sick, when you want to go on vacation, etc. These are the quarterly or annual expenses.
When you mash both your personal and business budgets, you need to KNOW that number and match that number so you can have a budget that breaks even.
3. Cash Reserves
You need to set aside cash reserve because you are bound to have bad months AKA not selling anything or not selling enough.
You need to set aside a period of 3-6 months of cash reserves in your bank account before you quit your job. If you want to be an entrepreneur you need cash reserves for your business because without them your business will shut down. Then you will become a failed entrepreneur and find yourself being an employee again.
Don’t get too comfortable with how much money you set aside. Too much reserves causes you to not try, there’s a power of being broke.
There’s a book called The Power of Broke by Daymond John that explains the hunger you create when you are broke. There’s a power behind not having enough money that makes you either push through it or give up.
4. Access to Capital/Funding
A number one question you need to ask yourself is how are you going to do deals? It is hard to be considered bankable without a steady day job.
If you are considering raising private capital, you need to make relationships with these people before you quit.
If you are considering going through the bank, you need to also make relationships with these people. You need to make sure they will still bank with you when you go from being a W2 employee to self-employed. Give them your business plan and go from there.
The last thing you want to do is quit your job and have to ask for it back!
5. Find a Mentor
Growing up we always had coaches or teachers who helped us, then when we become adults in the real world and we feel coaching isn’t needed.
No matter adult or not, there needs to be a mindset where we DO need that help or level of support. Mentors help you get to point A to point B faster. What is your time worth?
Coaching and/or having a mentor helps you get out of your own head and shows you the bigger picture of things.
Your network = net worth. You need to surround yourself with people who are doing bigger and better things.
There’s a saying “success leaves clues,” if you hang around successful people it becomes a model for you.
If you are in a relationship whether that be your spouse, life partner, or significant other you NEED their support.
You need them to get on board with your passion and back you up no matter how hard things get.
Their support means everything.
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