Can The Income From My Business Really Replace The Income From My 9-5??
This is such a commonly asked question! When you leave your job to become self-employed the bills don't stop so this is a very valid question.
Whether or not the income from your business will be able to replace the income from your 9-5 depends on a variety of factors.
BEFORE leaving your 9-5, here are three questions you should ask yourself.
1) Have you calculated the EXACT amount that you need in order to replace your income? This number needs to be accurate and not a guess. So often I've asked people this question and they say "oh around this amount."Get in the habit of knowing your numbers, starting with the exact amount of money you need to survive on a monthly basis. This number is what I like to call the "survive number" and it's the total sum of all your NECESSARY expenses such as rent/mortgage, groceries, electricity, cell phone bill, etc. This is the first step to coming up with a strategy to replace your income.
2) Have you checked your business model lately? Check on what you offer for sale in your business and see if it lines up with your first income goal, which is to meet your survive number. For example, let's say you have a business selling lipstick and each lipstick is $10. If your survive number is $3,098 and you only offer one $10 product, this means you would need to sell 309 lipsticks every month just to kinda make ends meet. Obviously, this won't work and the next step would be to see what other products/services you can add into your business model. 3) Are you ready to really do the work? The day that you aspire to make $1,000,000 is not the day you will be a millionaire. You have to be willing to stick it out and practice patience. You can have the best plan ever before leaving your job but once you leave things may change a bit and you may have to learn some things through trial and error. If you are willing to be consistent, I guarantee you will see some results and be able to surpass the income you were making at your 9-5. Want more info and the step by step plan to replace your 9-5? Get the 7-Day Income Replacement Teleclass here .