1275: How to Be Your Own Boss (& Ditch Your Day Job) by Preston Lee of I Will Teach You to Be Rich

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[00:01:00] This is Optimal Work Daily Episode 1275

[00:01:03] How to Be Your Own Boss and Ditch Your Day Job

[00:01:06] by Preston Lee of iWiltheachewtubyrich.com

[00:01:10] And I am your narrator, my name is Dan and thanks so much for joining me today as we check out

[00:01:15] another post from Rameet Sadie's site I will teach you to be rich.

[00:01:19] This time the post is from a guest writer Preston Lee

[00:01:22] and he's going to walk you through how to make the transition from working at day job

[00:01:26] to ditching that day job and becoming your own boss.

[00:01:29] So let's hear what he has to say as we optimize your life.

[00:01:36] How to Be Your Own Boss and Ditch Your Day Job by Preston Lee of iWiltheachewtubyrich.com

[00:01:43] If you decide to be your own boss it's a dramatic change from the typical

[00:01:47] 9-5 cubicle prison you've been working in.

[00:01:50] You'll become a business owner and in charge of your financial destiny and future career.

[00:01:54] You are in control. With the flexibility of working whenever and wherever you want

[00:02:00] being your own boss can be a major contributor to living a truly rich life.

[00:02:04] But that doesn't mean you should march into your manager's office,

[00:02:08] quit your job and start a business this afternoon although you could.

[00:02:12] So wondering how to be your own boss?

[00:02:15] Four tips for building a great business allowing you to be your own boss.

[00:02:19] These tips come from over a decade of coaching freelancers,

[00:02:22] side hustlers and solo for Norse. Let's dive in.

[00:02:26] Tip 1. Start on the side.

[00:02:29] If you spend a lot of time daydreaming about being your own boss or listening to podcasts

[00:02:34] about starting a business it can be tempting to just quit your job and,

[00:02:37] quote unquote, make it work. But unless you have a huge nest egg to draw on for a few months

[00:02:42] or years while you get your business running smoothly quitting your job may not necessarily

[00:02:47] be the best option. Yes, it works for some people to just quit and work from home cold turkey.

[00:02:53] But for many others they too quickly run out of money, can't earn money fast enough

[00:02:57] and then can't pay rent or put food on the table and go running back to their day job.

[00:03:02] Instead I recommend you start a side hustle first.

[00:03:06] My business which I now work from home running full time started as a side hustle.

[00:03:11] I built it up a few hours a day over seven years. When the moment was right I finally took

[00:03:16] it full time in order to be my own boss. There are a few key reasons it's a good idea to start

[00:03:21] a side hustle before taking the leap. Here are a few. A side hustle will test your dedication

[00:03:27] to running a business. If you don't have the drive or passion to run a side hustle,

[00:03:31] you won't have the passion to run a full-time business. A side hustle will help build up your

[00:03:36] financial runway. In order to build a smart business you'll need some cushion. Use funds from

[00:03:42] your full-time job and side hustle to build up some savings before taking the leap.

[00:03:47] A side hustle will test your dedication to running a business.

[00:03:50] A side hustle will help you get some traction in your business. Starting a business from scratch

[00:03:55] can be daunting, better to do it while you have the safety net of a job than when literally

[00:03:59] everything is riding on your success. And a side hustle will help you develop the skillset

[00:04:05] you need to run a business. Running a great business is nothing like the work you do daily

[00:04:09] in your cubicle, unless you're running a giant department. A side hustle will allow you to build up

[00:04:14] your entrepreneurial skillset, management skills, and see what it's like to work from home.

[00:04:19] Tip 2. Pick a simple, low-cost business model. In order to put a business idea into motion

[00:04:26] you'll need to sell a product or service. That's just simple business. If your goal is to be your

[00:04:31] own boss quickly, one fast way to get there is by picking a simple, low-cost business model

[00:04:36] like freelancing, consulting, or otherwise hiring out your own services and expertise.

[00:04:42] If you're a designer, writer, developer, artist, or otherwise creative,

[00:04:46] you already have the skillset you need to be your own boss and work from home.

[00:04:50] With a laptop, some basic supplies, and some hard work,

[00:04:53] you can begin to find potential clients for your business and become a freelance writer,

[00:04:58] designer, developer, or hundreds of other options depending on your skillset.

[00:05:02] By freelancing, you can enjoy the freedom of being your own boss without huge startup costs.

[00:05:07] You don't have to find investors with a lot of money. Right up 100-page business plan,

[00:05:12] get a degree in management skills, or lease an office in order to be a business owner or be your

[00:05:17] own boss. For some business ideas, you don't even need money to get started depending on the product

[00:05:22] or service you offer. Here are a few questions to ask yourself when determining if your business model

[00:05:27] is a good idea. Can I start this business idea with equipment and assets I already own?

[00:05:33] Do I have the technology and tools I need to start this business from home today?

[00:05:37] If not, how much will I have to spend to be up and running?

[00:05:41] How much will it cost me today to start this business idea?

[00:05:44] Can I begin operating my business today without making a huge financial investment?

[00:05:48] How quickly can this business start generating cash flow?

[00:05:52] How long until I actually earn money from this business idea?

[00:05:55] The quicker the better.

[00:05:57] Tip 3. Quit when the time is right.

[00:06:00] When I was unexpectedly let go from my day job, along with half the company I was hired by

[00:06:04] only a few months earlier, I decided it was time. I was finally going to be my own boss.

[00:06:10] After a few weeks of working for myself, I started wondering why didn't I do this a long time ago?

[00:06:16] Being my own boss has literally been one of the best things to ever happen to me.

[00:06:20] But without the push of getting laid off, I might have found myself working for someone else forever.

[00:06:25] That's a scary thought. But I've also met people who jump too soon,

[00:06:28] assuming that since they hate their job, they must be cut out for self-employment and ready to work

[00:06:33] from home even though they have no idea what product or service they could offer.

[00:06:37] That somehow they'll make a lot of money working for themselves.

[00:06:40] It rarely works that way. That's why it's critical that you quit your full time job when the timing

[00:06:45] is just right, not too soon but not too early. How can you predict the right timing?

[00:06:51] Here are a few ways.

[00:06:53] 1. Consider quitting when you have enough financial runway.

[00:06:56] For some people, a healthy financial runway amounts to three months of cushion.

[00:07:01] For others, it's two years. Considering what we all went through this past year,

[00:07:05] Rameet recommends a year's worth of cushion up from six months before COVID.

[00:07:10] 2. Consider quitting when your side hustle reaches a revenue goal.

[00:07:14] Again, this comes down to personal preference. If you're making as much or more at your

[00:07:18] side hustle than at your full-time job, putting in a fraction of the hours, maybe it's time to take

[00:07:23] the leap. 3. Don't consider quitting when you have a bad day at the office. Bad days are just part

[00:07:29] of life. Having a bad day at work is not a reason to quit your job and become an entrepreneur,

[00:07:34] unless everything else is in order.

[00:07:36] 4. Just start.

[00:07:39] Finally, my best advice to you if you're tired of working your day job and want to be your own boss

[00:07:44] is to just get started. Most people in your shoes do far too much reading articles, listening

[00:07:48] to podcasts, watching YouTube videos, developing your skill set, and daydreaming. You'll never be

[00:07:54] your own boss that way. The only way you'll ever be your own boss is to take action.

[00:07:59] Even if it's something small, like attracting your first potential clients,

[00:08:02] it can lead to eventual huge gains and put you on the path to a successful business and a rich life.

[00:08:08] So just start. Before you read or listen or watch another piece of advice,

[00:08:13] go do something. You're some simple quick wins you can tackle today if you're determined enough.

[00:08:19] Create a simple portfolio to show off your work and share that you're available for higher

[00:08:24] on your social platforms. Draft up a simple one-page business plan to kick things off right.

[00:08:29] You've got this. Before you know it, you'll be packing up your cubicle, leaving your full-time

[00:08:33] job behind, and you'll be your own boss. You just listen to the post titled How to Be Your

[00:08:42] Own Boss and Ditch Your Day job by Preston Lee of iWillTeachU2Bridge.com. You don't need me to tell

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[00:10:23] alternative assets? At new direction trust company, the answer is yes. Start today at ndtco.com.

[00:10:30] And thank you to Preston and a little bit about the site he's contributed for here. I will teach

[00:10:34] you to be rich.com. The founder of that site from each satie who I mentioned at the top of the show

[00:10:39] is the author of the New York Times best seller I will teach you to be rich and he writes for over

[00:10:43] one million monthly readers on his site where he covers psychology, personal finance, careers,

[00:10:48] and entrepreneurship. His unusual combination of psychology, analytical testing, and irreverent

[00:10:54] style led Fortune magazine to call him the new finance guru on the block. I've only heard great

[00:11:00] reviews about his book including from my wife who absolutely loved it and to be honest that kick

[00:11:05] started her interest in personal finance and an overhauling our household finances. So it's very

[00:11:10] much worth checking out and you can find it on Amazon as well as other sellers and Ramiit appears

[00:11:16] on ABC and PBS quite regularly and periodically writes for the New York Times as well. He studied

[00:11:22] social influence and persuasion at Stanford and previously co-founded PB Works, a Silicon Valley

[00:11:28] collaboration startup. So come by I will teach you to be rich.com for a lot more and thanks so much

[00:11:35] to Remete for giving us permission to narrate his work for years now. Okay that's going to do it

[00:11:40] for our episode today. Hope you enjoyed this post and that you're having a great day out there

[00:11:44] and I will see you right back here tomorrow where your optimal life awaits.