eCommerce Lifestyle
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When To Quit Your Job

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In my recent Q&A on Instagram, I got a lot of questions about the start up phase of building an online store using the Drop Ship Lifestyle model.


    "Do I need to quit my job before starting a dropshipping store?"

    "Do you recommend having a job before starting dropshipping?"


And other variations of those two…


So in this new episode, I talk about whether you should quit your job or not while building a dropshipping store.


As always, if you have any questions and suggestions, please feel free to leave a comment below. Don’t forget to share this with someone who needs to hear it.

What's Covered in This Episode:

  • Balancing time
  • Evaluating financial obligations
The podcast is also available on all major podcast players including, Stitcher and Spotify.

Links From This Episode:

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Transcript

What's up everybody? Anton Kraly here from eCommerce Lifestyle and welcome back to the podcast. So today I wanted to hop on here real quick, get an episode recorded and talk about when to quit your job. Now, this is something, it's a topic that I think gets some people excited, but it also gets some people stressed out and they just don't even want to think about it. And it's because people have different risk tolerances. It's because people are at different places in life. People have different obligations, which is why I really stay away from this topic normally. But what happened yesterday is I was doing a Q&A on Instagram. By the way, if you don't follow the account on Instagram, just search for Drop Ship Lifestyle. And I do Q&As there. I try to do it once a week, every two weeks.

And what happened is I posted and I said if anybody has any questions on drop shipping, e-commerce, digital marketing, whatever, just ask and I'll do my best to answer them. What happened is we had a lot of questions come in around this exact topic. And I pulled screenshots of a couple of them. One was, do I need to quit my job before starting a drop shipping store? Another one was, do you recommend having a job before starting drop shipping? And then there were just other variations of that, all related to having a job while building a business. So I gave my answer to the person that asked that in the 30 seconds that Instagram stories allows. But what I wanted to do is just spend a little bit more time in a podcast episode and go a little bit deeper into my thoughts on this because obviously people have the question. So hopefully this episode, while I don't think it's the end all be all, can at least give you my thoughts on this.

So I think the first thing that is important for everybody to know is that in my coaching program, Drop Ship Lifestyle, that's you can go to dropshiplifestyle.com where I have our flagship course, what I've noticed since I started that program since 2013 is we have a ton of success stories, people that signed up that built huge businesses, that when they signed up... I didn't know this. They told me later. But when they signed up, they didn't have a job. Maybe they were in between work or they just were traveling or they were just unemployed. And they got into the program, some of them with money they had saved, some of them with credit card or financing. And I don't know, again, I don't know what percentage of the people in that situation that sign up are in this situation. But I know I've heard from a lot of our successful members that they started in that situation.

So on one hand it might make you think like it did to me, "Okay, why am I hearing so many success stories from people that started in my program?" Again, this is all anecdotal, but people that started and got great results that didn't have a job. Was it because they had more free time? Or was it because they had that sense of urgency? And after speaking to them, I even interviewed a lot of them for the podcast because I wanted to find this out. I really don't think it's because they had that extra time. I think it's because were more in that space where they needed to make something work.

And maybe for some of them, they needed to make it work because they were unemployed and they couldn't find another job. Maybe some of them needed to make it work because they recently relocated somewhere overseas or they were doing the digital nomad thing, but they needed to find a way to make something work. So they just did what needed to be done. So again, from my conversations with these members, I don't think it was because they had extra free time on their hands. I think it was because they needed to make it work and they felt that urgency. So just keep that in mind. If you've heard my podcast interviews with Drop Ship Lifestyle members, and they said that they were down to their last dollar and in-between jobs when they built a business, I think it's because that's why, because they were down to the last dollar and needed to make it work.

Now, the next thing that I just wanted to make clear is that you do not need to put in full-time hours to make this work. And this is another thing I kind of pulled from my conversations with those Drop Ship Lifestyle members. Even though they didn't have jobs, the specific segment I'm talking about right now, when they were building, they still weren't putting in 12 hour days. It's not like they set their alarm and woke up and showered and shaved and sat at the computer and got to work. Sure, some of them did. But a lot of them still did it in their spare time, which really is the goal of everything at least that I do when I teach at Drop Ship Lifestyle.

So once you're up and running, and this is the key, once you've built the foundation, you should be able to manage that in about 15 to 30 minutes per day. If you cannot, that most likely means you need to do better with delegating and outsourcing and automating. Now in the beginning, when you're building, of course you can spend 30 minutes a day starting from zero, but it's going to take you a lot longer if you're only putting in 30 minutes a day as you build. So what I typically recommend people do is find a way, while you still have a job, to block out an hour or two a day, whether that be before work or after work, definitely on the weekends and put that time into the building phase. So make the time. Put in a little more time upfront because that pays off over time.

Now the third thing that you want to consider is what are your financial obligations? Like I talked about in the beginning of this episode, everybody is in a different situation. When I first built my first e-commerce store in 2007, I was paying rent. So I had rent for an apartment. I had a car that I actually took over somebody's lease. So I was paying a lease and insurance and then just normal day-to-day lifestyle stuff. So for me, I actually had another business, but I didn't get rid of that business and say, "Okay, I'm going to go build an e-commerce store and hope it works." I was doing them simultaneously. You might've heard me tell this story before, but I was actually bringing my laptop to a local library when I was done with my other business. And I was putting in the hours then and on the weekends, same thing. So I built it side by side. I didn't just drop one thing and jump in and hope that things would work out.

So keep that in mind. Another thing, maybe your situation is different. I know my obligations now are a lot different than they were in 2007 or 2008. So do you have family? Do you have a husband or a wife? Do you have children? Do you have debt you have to pay off? And if any of those things are true, what I would say is I think it would be irresponsible if you didn't get another job or quit your job from day one to build your e-commerce store. I totally get the "I'm going to make this thing work" and I'm the same way. But at least for me personally, I would want that safety net. I would want that security so that I can know, okay, even if it's a small paycheck, whatever, I'll have that coming in as I build.

And again, for me personally, I can use that as motivation to do the other thing. So going back to when I first got started, my other business was a delivery route for a bakery in Brooklyn in New York. And I hated it. So I had it, I hated it, but I still did it because I knew I would get paid. Every time I sold the huge boxes of cookies wholesale to all the grocery stores, I knew how much money I was making. And then the hours that I put in after for my e-commerce business, even though I didn't make money the first, I don't know, a few weeks as I built it, I at least had other money coming in. I didn't feel that extra pressure. Even though I didn't even have family obligations back then, I still just wanted to have some source of a revenue coming in.

And I should also mention, I'm not saying any of this like, "Oh yeah, you should definitely get a job because e-commerce doesn't work or because drop shipping is not going to work for you." In fact, I think it's the complete opposite, but the reason I'm saying this is based on experience. So over the past decade plus I have had business ideas, store ideas that in my mind were guaranteed home runs that have been base hits at best. And I've also learned many times that things normally take longer than expected. So it's not because it's not going to work. It's not because you're not good enough or smart enough or it's not a good business. It's because it's better to have a safety net to fall back on.

And I should also mention, I'm not saying any of this like, "Oh yeah, you should definitely get a job because e-commerce doesn't work or because drop shipping is not going to work for you." In fact, I think it's the complete opposite, but the reason I'm saying this is based on experience. So over the past decade plus I have had business ideas, store ideas that in my mind were guaranteed home runs that have been base hits at best. And I've also learned many times that things normally take longer than expected. So it's not because it's not going to work. It's not because you're not good enough or smart enough or it's not a good business. It's because it's better to have a safety net to fall back on.

So moving on to the next point, finally, when people should quit, if at all. For some people, it really is never. We have many members of Drop Ship Lifestyle that have been with us for a while that are running seven figure stores that had jobs when they started that built these seven figure businesses while they worked full time that never quit their jobs. And it's because having a job isn't the worst thing in the world. Some people love their jobs. Some people like their jobs. Some people like the security and benefits and community they get with their jobs. So there really is no point where it's like, "Oh, you better quit now so you can grow your business bigger." Because again, we have tons of success stories in Drop Ship Lifestyle that have built, and that are building seven figure stores while working full time. So don't think it has to be done at any point.

Now for everybody else that does want to quit. Maybe it's because you feel like you're undervalued at work or you're not appreciated or you're underpaid and there's not room for advancement. And you want the freedom to travel and to literally live life on your terms. I totally get that. That's how I got into this. But if that's you, what I typically advise people is build your store, like I mentioned, in the mornings, on the nights, on the weekends. And get it to a point where you have three months, at least three months consecutively where your profit, not your revenue, but your profit from your online store beats or at least the matches what you make from your other job. And then after that, make that decision. Do you want to put in two weeks notice then? If yes, awesome. More power to you. Now you'll have more time that you can put into your business if you want, or that you can use to do whatever you want with, like play golf all the time like I do. That's that's your choice.

But the reason I like that three month period of consecutively matching or beating your normal income is because during that period, now you have two incomes. You literally have a dual income, so you can bank more of it. You can save it. You can start building a bankroll. And also you can prove to yourself that you're making this work over time and you'll be learning lessons over those three months of how to make it bigger and how to maintain it. Now for some people, again, maybe you wait another three months with a dual income. Maybe you wait a year, maybe you never quit. Again, there's no fixed answer, but for most people, again, this is coming from how I feel personally about it. I wouldn't want to get into any business without having that safety net.

And I'm telling you, even if you work 50 hours a week, you can find the time to build your store. You do not need to quit to make it work. And if you have big financial obligations, again, debt, a mortgage, a family, whatever that may be, and you're in between jobs, I'll tell you personally, if I was just starting, and knowing what I know, I would be looking for a job and trying to lock in anything just to get some type of secure income. And I would prioritize that over building my Shopify store, because I would want that security knowing that then I can build that in my spare time, have two incomes and then walk away from my job knowing the money is there. It's coming in and I have a real asset.

So that's my longer answer to that Instagram question. Hope the person that asked that is listening. I already forgot the username and it disappears in 24 hours. So I apologize, but yeah, guys, hope you got value from this. If you have any questions, you want to talk about this or ask anything specifically, always feel free to email me at [email protected] If you're brand new and you want the quickest path to e-commerce success, that would be my drop ship blueprint. You can get everything you need to learn more about that and get enrolled at dropshiplifestyle.com. And as always, if you got value from this podcast, do me a favor, leave us a review over on Apple Podcasts. I will leave a link to do that in the description. I read all of them. I really appreciate it. So thanks again. Appreciate you guys. And I will talk to you on Monday for the next episode of the podcast. See you.

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