Do you have aspirations to build your own online business, but feel held back by having a full-time job?
You're not alone. In fact, most people that start an online business currently have a full-time job that is required to pay their bills and support their lifestyle.
While it might not be easy to come up with the free time or sacrifices may be required, it is definitely possible to earn enough money from your online business so that you can quit your full-time and be free.
In this video blog, I share with you a number of strategies on how to build an online business while you have a full-time job so that you can be more productive and achieve financial freedom.
Watch the video below:
Hello, this is Stefan from Projectlifemastery.com and in this video, I'm going to share with you how to build an online business while you have a full-time job. Now, if you're someone that's watching this video right now and right now you've got a part-time or full-time job and you want to know how to escape it, maybe you have the goal, the dream, the aspirations to build your own successful and profitable online business.
You want to be able to quit your job one day and escape the 9 to 5 and have freedom to travel the world and do whatever it is that you want with your life, then this video is going to be for you. I've got a lot of great tips and advice that can help you.
I had a full-time job
At one point for me, I had a job. I had a full-time job. It's been a while ,but the last time I had a job was when I was 21 years old. I was working for the family business at the time and I was doing construction and sales and I didn't enjoy it. I didn't like it all.
I felt like I was spending all this time building someone else's dream and my dreams were getting neglected. It wasn't my passion and even though it provided for me, provided some income, I still wanted freedom. I remember I read the book, “The 4-Hour Workweek” and it just totally blew my mindset of a different reality because the Internet has changed our lives in so many ways and changed the world, that now there are so many opportunities that exist that never existed before.
The whole traditional model of going to school, get good grades, then go to university and get a job, that's fine for some people, but now there's a whole different world, a whole different opportunity that exists that society is starting to actually realize and understand a little bit more.
The whole traditional education system, maybe your parents or people in an old school mindset, they might not get it or understand it yet, but the world has shifted. There's jobs that exist, opportunities, businesses that exist that never existed before. I think it's a great opportunity for us to adapt, and it can provide us an opportunity to make money online, to travel, to live whatever kind of lifestyle you want.
I know, for me, I was once in that position. I can share with you guys what I did, some advice for you that can help you make that transition from employee to full-time entrepreneur, make a passive income or being able to travel etc. Also, at this point I've worked with thousands of people now who have been in a job and have quit their job and built their own successful online business.
I've got different training courses and helped a lot of people make that transition. I can share a lot of tips and advice from my experience of working with people because I've worked with people that are young and people that are older, people that might be watching this and you might have a very successful job.
The most important asset that you have is your time
I've worked with people that have a 6 figure income, a very successful job, they've got their family to support, a house, a mortgage, cars, all that sort of stuff, and it is a little bit more challenging because you've got other obligations and they're used to making a certain amount of money, but I've also worked with people in that scenario as well. Now, where to start? Number one, I think you've got to realize that the most important asset that you have is your time.
Time is more important than money, time is something that's depreciating. We all have time, it's a depreciating asset and learning how to utilize time is the most important thing that you have to be a master of if you want to be able to build your own online business while you have a full-time job.
The biggest thing that prevents people from being able to grow fast and efficiently in their online business is the current job they have that sucks up 8 hours of their day, the 9 to 5. Most of their time is dedicated to that job and so a lot of people, the only time they have remaining to really build their dream, their goal, their online business is on their evenings and weekends.
In order to actually be able to get out that position you're in, you're going to have to become a master of your time, a master of time management. You've got to learn how to use your time efficiently so you can build your business and grow it. Any business that you want to start and grow and make money with, it's going to require time. Sometimes it's not as much time as you might expect, but it does require time and it also requires money.
Your current job is actually a gift and a blessing
I think you also have to understand that your current job is actually a gift and a blessing, can actually be an asset to help you grow your business faster. There are some people that I work with, for example, they have unlimited time but they don't have any money. They have all this time to grow their business but don't have any money that they can invest into their business.
Often times my advice for those people is go and get a job, make some money from the job so you have money that you can invest in your business to help grow it. To build a successful online business you're going to need money to invest in training and courses and education, different software, maybe a virtual assistant, some different elements like that to help you grow your business. Maybe it's also investing in freelancers, like graphic designers or web designers, content writers, whatever it might be.
You are going to need some money without a doubt and your job is actually a blessing for you because it's an asset that can help provide some additional cash flow for you. Now, if you're one of those people that have a job and you make a certain amount of money and your expenses match your income then you're going to be trapped. It's going to be very challenging for you and you've got to really learn how to manage your money a little bit better because you should not ever be in a position where you're living paycheck to paycheck.
Your job is basically there to provide an income for you and you want to make sure that your expenses do not match that income. You want to make sure you have a positive cash flow every single month that you can use to save or invest in your business or whatever it might be.
If your expenses are matching your income you've got to deduct some of those expenses. You're going to have to budget your money, budget your finances, you might have to downgrade your lifestyle, you might have to sell your car and take the bus, take the bike, walk to work, whatever it is. You might have to move back in with your parents, I don't know, whatever you've got to do, cut back on fun and entertainment etc, quit some habits you might have, whether it's drinking coffee every day or buying cigarettes.
Whatever it is, you're going to have to somehow learn to budget your money because you're going to make it more challenging for yourself because then you're not going to have any capital that you can invest to grow your business. You are going to need some of that. View that as an asset in your business. Your job is going to help you build your business. The other piece as I mentioned is time.
Mastering your time is critical
Often, what I recommend for people, what I did for myself, is I scheduled certain days out of the week, certain chunks of time where I dedicate that time to building an online business.
For example, you work 9 to 5 but what are you doing from 6 o'clock to 11 o'clock at night? Those are the times that you're going to build your business. What are you doing on your weekends? Saturday and Sunday? Again, those are other fantastic chunks of time, opportunities that you have to focus and grow your business. I know some people, for example, they schedule the time before their job, people that wake up at 5 o'clock in the morning and spend that time to work on their business and do certain things before they go to their job.
One complaint that I often hear from people is, “I work 9 to 5. I come home and I'm tired, I'm exhausted. I just want to watch TV, I just want to do whatever.” Part of that #1 is that you've depleted your willpower all through the day. We only have so many willpower units and you want to make sure that you spend the most important part of your time, first thing in the morning, on what really matters.
That's going to be your online business, because that's what's going to provide the lifestyle, the freedom for you to be able to quit your job. For me, in my business, in my life, I always focus the start of my day doing the most important things, the most important outcomes in my business.
If you've got a business I recommend, if you can, wake up earlier, before your job, spend that time while you have the willpower, while you have the energy, put that time in, there are no distractions, put that time into your business then that's a very powerful strategy that can allow you to really accelerate your business a lot faster.
Take care of your energy
Everyone is different. Some people like it early in the morning, some people are fine during the evening time. Another piece is making sure you take care of your energy, your body. In order to be successful with anything you need energy and often when people tell me that they're tired after 8 hours of work that tells me that you haven't optimized your energy in your life. Energy really means taking good care of your health.
For me, making sure you're hydrated, deep diaphragmatic breathing, consuming foods that have water in it that are raw, that aren't cooked, that aren't processed, they have the enzymes that can actually vitalize your body and give you energy.
A lot of people, they eat so poorly, they eat foods that just kill their energy because their body has to spend so much time digesting food. If you eat food like that, it's going to make you tired. Anytime you have a big meal, you're going to want to take a nap afterward and just sit around and be tired.
You've got to make sure that you're taking good care of your health. Maybe it's also exercise. I remember one quote from Richard Branson, the founder of Virgin, he said that he was asked the question, “What's your #1 productivity tip? How do you be more productive?” Richard Branson thought about it and he said, “Exercise.”
He said, “When you exercise it actually gives you more time because when you exercise you have more energy, you feel better so you're going to be more productive”. That was really interesting and I totally agree with it, taking care of your body is going to help improve your energy.
Making sure you're sleeping well, making sure you're not dependent on coffee and caffeine because some people, they take coffee, they get through the day and then they crash. They're not going to have any energy, it's not a sustainable source of energy.
Managing energy, very important. Also understanding you're going to have to spend your evenings and weekends to grow your business. Another common issue, another conflict or complaint that I hear is that people want to have balance in their life.
You're going to have to make sacrifices
Unfortunately to build an online business you're going to have to be out of balance and you're going to have to make sacrifices in order to make that business successful, at least at the beginning stages, because during the beginning stages you've got your job, and the only other time you're going to have is your evenings and weekends.
You can't expect to build a business just spending one day out of the week and really expect to get ahead. A business is like having a baby, okay. It requires your attention, your time, your focus, your energy. Sacrifices are going to have to be made. You might have to sacrifice and give up time with your friends, time with your family.
You might have to give up watching TV and doing fun things. I know, for myself, that is one of the biggest breakthroughs that I had, is realizing in order to get what I want, part of getting what you want is understanding and realizing what you have to give up in order to get what you want.
You're going to have to give something up, whether that's watching movies or whatever it is that you do, watching TV or whatever, time with friends. Friends are going to call you, I had many my friends, “Hey Stefan, let's go” on the weekend, “let's go, let's meet some girls. Let's go to a movie, let's do this fun thing”. I said, “No guys, I can't right now. I've got to work on my business. I've got to focus.” My friends didn't really understand that, but I knew that this was more important because if I built this business I can quit my job, I can have passive income, I'd have the freedom to do whatever I want, I could travel, I could hang out with my friends at any other point.
I understood the value of that was more important than anything else. Again, it's a short-term sacrifice. I'm not saying you've got to make this forever. You might have to make it for a year, be prepared for that. That's what it takes to get to where you want to go. You might have to sacrifice, again, spending money, you might have to budget things. Again it's always a short-term sacrifice and it's always worth it in the long-term.
I look back now, I'm like, “I'm so happy that I made those sacrifices because now I'm in a position, I'm 30 years old, I can do whatever I want”. Understand long-term, you've got to focus long-term, not short-term, okay. All right, you're prepared to make sacrifices, you're budgeting, you've got some money to invest in your business, you're managing your energy, all very important things.
Scheduling your time and focus
You've got to master time and you've got to schedule your time. You've got 7 days of the week, you work from 9 to 5, you've got to schedule from 6 o'clock to maybe 10 or 11 o'clock, 3 days a week or whatever. You've got to put that on the calendar. You've got to schedule that. You've got to make that an appointment with yourself that's non-negotiable.
During those times, during those chunks of time that you decide that you're going to focus on and build your online business, you've got to make sure you stick with that. I like to schedule things on my phone or on my computer so I know that during this time, 6 o'clock to 10 o'clock, I'm working on this outcome, that's when I'm immersed in it, I've got no distractions, I've got my cell phone off, I've got off Facebook and social media, I'm primarily focused on that.
Focus is another very important thing that you also have to become good at and successful at to build a business, because one of the challenges a lot of people face that go from a job, being an employee to being an entrepreneur, there's a big struggle, there's a big transition with that. When you have a job, you get paid for your time, that's a big problem, you get paid for your time so you show up 9 to 5, you get paid for those hours.
It doesn't matter what results you produce, you get paid regardless. When you have a business you don't get paid based on your time. You can spend 4 hours a day on your business but it doesn't matter because what matters is results, you only get paid for results. When you're actually an employee you're almost in the position of being a value extractor. Oftentimes employees, some of them, not all of them, can actually be lazy.
In my case, I wasn't passionate about my job, I was lazy, I was just looking at the clock thinking about how can I get through the days so I can get my paycheck.
Those habits aren't going to allow you to build a business. You've got to make sure that you shift your habits and your focus, and focus on adding value instead, because going from a value extractor to now a value adder, which is what it takes to build a business, you've got to add value to other peoples lives, that's a transition. It's a different mentality, it's a different focus.
You've got to understand that it's not necessarily the time you spend that is important, but making sure the time you spend is focused, you're working on the most efficient, most productive things that you can be doing at any given moment to help produce results in your business, that's very very important, okay.
Understanding that, it's a little bit of a transition, your mentality is key, and also understanding that when you have a business, you have to be disciplined because when you have a job you have accountability because you've got to be 9 to 5, you've got to be there. If you're not there, you're going to be fired. You're accountable to your boss and your boss is telling you what to do.
When you have an online business you're your own boss
You're probably working at home and stuff, there are so many distractions that are there, there's so many things that are pulling you in different directions, so you've got to be a master at saying no to things that are going to distract you, no to other people so you can focus on what's important and at disciplining yourself and saying to yourself, “Okay, from this hour to this hour I'm going to work on this.”
And really force yourself to actually follow that schedule that you have for yourself. One question people ask is, “How many hours, how much time should I spend on my business?” Really, it's totally up to you. In my opinion, the more time you spend, the faster you're going to grow, the faster you're going to succeed. I'm pretty extreme, I work on my business almost every day, not because I have to, but because I want to.
I'm in a position where most of my income is passive income. I've made a lot of money online but I do it because I love it. It's a joy for me, it's my mission in life, it's not a business, it's not a job, it's my purpose, it's a mission. If you can associate your business in that way then you're going to want to spend as much time on it as possible.
Often times, a lot of people, they want to make money so they can avoid working, they can just live on the beach or whatever, but the way I've always looked at it is, let's say that you met someone, you had a partner or relationship with someone and you really loved that person, you're really excited about them, you'd probably want to spend all day with them, all the time that you have with that person because you love them so much.
Your business is the same sort of thing. You've got to love it so much that you want to spend all your time doing it and if you can have that passion for it, you're going to have a huge advantage. That's another important piece as well, really enjoying it and loving it, but dedicating as much time as possible, I know that's not realistic for everybody so I would say having a schedule, maybe it's 3 or 4 days a week, maybe it's Monday, Wednesday, Friday from 6 o'clock to 10 o'clock, you're going to focus and build your business and then at least one day on the weekend.
Immersion vs spaced repetition
You can get a lot more done when you immerse yourself as opposed to spaced repetition. Space repetition is like, “Okay, I'm going to work an hour a day.” I don't think that's the most effective way of doing things. I like to immerse myself. If I can work 10 hours straight, you get into a flow state, you get momentum, it's amazing what you can accomplish when you get into that state.
I don't like to work an hour because I can't dive into a really big project within that time, because once I get to the peak of that, the momentum of that, before you know it, the hour's over. Immersion is key and another strategy, there's really so much I can give you guys but another strategy that's been really powerful is any time you can immerse yourself for a longer period of time.
I know for myself and other people I've worked with, what they'll do is they'll take a week off from their job, so they might take their vacation week, whatever it is and they're not going on a vacation, they're going to use that time to build a business. That's how you have to think. You've got to, again, sacrifice your vacation, sacrifice the weekend so you can get ahead.
One thing they'll do is maybe they'll take a week off from their work, their vacation and they'll go somewhere, whether it's their house or maybe it's going on a trip, going somewhere that's secluded, there are no distractions but they can go somewhere and focus for that week. During that week they're going to make significant progress in their business, they're going to make a quantum leap and be totally immersed in it.
No distractions, no friends, no family, nothing that's distracting you, and it's amazing what you can accomplish in that one week. You'll get more done than you will in 3 months. It's amazing how productive you can be. I know for myself I had moments where I traveled to Thailand. I put money aside, I traveled to Thailand and South East Asia and it's very inexpensive to live there so I just lived in hostels and stuff, just trying to get by, budgeting my money but I just put all this time into building my business.
Within the 3 months, I went traveling, took a break from my job I was able to grow so much, I was able to make some money online. Once I started making money online it allowed me to grow even faster. Immersion like that is a powerful, powerful strategy.
Be smart with the money you're making
Also, understand that once you start making some money you've got to be smart with the money you're making. A lot of people, they make money, they just use that money to pay for their expenses. I did that, but now in retrospect, what I've learned is that it would be much smarter to use that money to invest back into your business, to grow it even further.
That's what I do now, and that's what I try to aim to focus on teaching people now as well. If you make 500 bucks from an online business take that money, might be worthwhile to hire someone and maybe get a virtual assistant for 3 or 4 dollars an hour that can do certain things for you. One mistake a lot of people make when they first start working in a business is they don't realize that their time is worth a certain amount of money, and they are often times doing things that are worth less than what their time is worth.
For example, if your time is worth $20 an hour but then in your business you start doing things that you could outsource to someone else that might cost 3 or 4 or 5 dollars an hour or even $10 an hour, but people spend all this time doing it, it's not a smart way of spending your time because your time is worth 20 bucks an hour. You can make that at your job.
You can spend more hours at your job to make 20 bucks an hour, so it would be more worthwhile for you to do that, work more hours at your job and get paid 20 bucks an hour and then hire someone for 3 or 4 or 5 dollars an hour in the Philippines that can do some of those repetitive, redundant things that don't require much thinking for you in your business.
Again, it's being smart about your time and being efficient with your time and not spending it on things that aren't the best use of your time. As you can see, there's many different factors, a different mentality you have to adopt to be successful in business, that's totally different to having a job.
Time is more valuable than money
Your job, you're basically valuing all the activities in your job the same way because you're getting paid the same amount of money for every activity. Business, there's many activities, but not every activity is worth the same amount of focus or time for you.
Outsourcing, using some of the money you make, building a team, investing in software, those are things, because even still having your job could help support you to pay for some of those things that can allow you to grow. Really, it's about working smarter not harder, okay. It's a combination really, working hard and smart. Hopefully, a lot of these tips have been helpful for you. I'm a big believer also in compressing time and speeding it up.
You've got to understand what I said at the beginning, time is more valuable than money. A lot of people don't realize this when they have a job. They think that they're going to build their business spending all their time just learning from forums and blogs and stuff like that and trying to put all the pieces together. That's not very efficient. You're wasting time and losing money by doing it that way.
You've got to understand that if you want to make money from your job, use some of that money, you can invest in a training program, something that's structured that can guide you step-by-step and guide you to get there much faster. That's going to save you time and money by doing it that way.
Again, that's about working smart. You've got to work smart. You've got to use your money and invest it in the right ways to build your business, but by doing it that way, again, you're going to be able to get there much faster. I do recommend, once you start making a certain amount of money in your business, maybe it's a certain amount that replaces your current income from your job, don't just quit your job right away, okay.
Before you quit your job…
You want to make sure that your business is secure and sustainable at least for 6 months before you quit your job at that income. If it's $5,000 a month or $10,000 a month, make sure you're making that consistently month after month, for at least 6 months and that it's actually secure. Business is not like a job. In a job you get paid the same amount every 2 weeks, every month, it's secure.
Business, you're going to have months of highs, months of lows, it's more up and down, okay, understand that. Also, you want to make sure you put money aside, all right. Some of the money you make, put it aside, maybe have 3 months to 6 months in earnings, have that aside for you in case you need it for an emergency and also have a backup.
For me, I always knew that if at any point I needed some extra money, right, let's say my business was just dying for 3 months, I always knew I could do some coaching. I always knew that I could get a construction job on the side and make a certain amount of money, right. I always had a backup just in case. That's another important piece as well.
Hopefully, this has been helpful for you. If you guys want some more help on how to build an online business I've got a few different training programs you guys can check out, I'll have some links below. One of those is on Kindle Publishing and I've got another one coming up on how to do affiliate marketing and build an online business that way. I'll share some links below in the description for you guys.
I want to thank you for watching this video. Make sure to leave a comment below, let me know what you think. Let me know the position you're in right now, whether you've got a job and what you're going to be doing to get out of that position so that you can build your online business. Subscribe for more videos like this. Thanks for watching.