So you started an online business some time ago and you figure that it is time you spend all day working on the site so that you can make a full-time income right? Maybe…. Before quitting your job for your online work, you need to understand that there are some serious risks to doing that, so we are going to show you EIGHT real dangers of quitting your day job for your e-business.
- Businesses, whether online or bricks and mortar, are usually seasonally. What are you going to do in the long, dry months when very little or no money comes in? Do you have the financial resources to see through this time period?
- Your business model, if you have one, could be a “fad”. Once the hype is over and users are on to something else, how will you reinvent yourself? And how quickly can you get something up and running to compensate for the lost revenue of the first venture?
- Hours worked on a website is not relative to the amount of money earned, whatever kind of online business you are in. What that means is if you make $20 for doing nothing (you set up your website and are trying to decide what to do next), it does not mean that if you work 20 hours per week, you will earn 20 times the $20. Bottom line, you are not going to quit your day job, work twenty hours the next week on your website, and find $400 in your bank account. While it is true that the more you work on your website, the more potential you have, money and time are not direct correlations. You cannot guarantee earnings this way.
- Everyone has the read the stories about someone starting a website on a shoestring and making it big-time. These stories are not the norm. You hear about them after the people have long been successful. You do not hear about the millions who failed. To gain any momentum on the internet not only takes long hours and a good strategy (business model), but it also takes money.
- Your business always depends on someone or something else. For example, if an affiliate program can no longer pay, you are out your commissions – one of many problems for a starting an online business. If your host or server goes down for some reason, you have no revenue. If the search engines change their algorithms, you could be in for some serious trouble as you watch your income fade overnight. When the hacker decides to mash up your site, your income is lost.
- When you go to your day job, you are expected to complete a certain number of tasks in a day in order to get paid. But when you are working for yourself online, it is VERY easy to get sidetracked and ultimately waste time, even days. Many people spend so much time “learning” and “reading”, that they never do anything. Money is not made by perusing. It is made by doing something concrete and having people buy something.
- Depression and poor motivation are serious issues with quitting your day job and focusing on your e-business. You have no-one else. Plus, you may in fact be trying really hard and putting in a long day’s work but you have not seen a full-time earnings. It is hard to watch your money and time being spent without getting upset or down.
- Earnings are not consistent for a long time in online business. Typically it takes years to build a consistent income. Just because you might have three good months in a row, does mean that level can be maintained. The income can drop as quickly as it came. Until you have about eight to twelve months of the same revenue, you are best served to stay at your day job.
One other thing that should be noted is that these scenarios are not “maybe this will happen”. These are all things that are happening as the norm everyday to millions of webmasters around the globe. So please, recognize the dangers of quitting your day job for your e-business.