For the 9-5ers like myself, I'm curious at what stage you'd be willing to give in your notice. Would the sideproject have to make as much as your current salary? 50%?
What about those who aren't yet monetizing their side projects?
As the late Joseph Campbell said, “Follow your bliss.” If you can do what you’re passionate about and have a talent for, money will be a side affect. Conversely, if you fear failure and/or just launch into something solely for the sake of money, it will never work out. Be prepared for a grind. Be prepared to redefine what perseverance really means to you. You must be tenacious. You must believe in yourself and your vision. Oh, and a little luck never hurt! 😉
To me personally, I aimed for 50% steady revenue my business before leaving my corporate job, and joining government job that is shorter and pay less as gradual transition. I had another goal to cover that salary before leaving government job, however it started becoming too demanding for a government job that doesn't pay well, so I quit a bit earlier before hitting my target.
I have quit my job at the end of 2019 in order to be able to work full-time on my own. While I have not launched my product yet, there are a few things which pushed me to do so:
I believe the project is about to take off (pun intended)
There are a few side gigs which keep the money flowing
I want to prove few people wrong
I simply need to have some time and flexibility in order to be able to deliver quality
The thing making it more insane is that I'm recovering from a burn-out, so I'm burning my safety net in the process. On the other hand, I believe providing myself this freedom is a necessary step in my recovery process.
Sometimes it's just that the money you earn at a steady job is not worth the lack of horizon anymore.
Man I would take a massive pay cut to be able to just work on a side project full time. The craziest part is I don't even hate my job lol. I just love building, validating, iterating, etc. I've got something thats getting close (fingers crossed). Very exciting
This question is all about calculated risk. Do you have your finances in order? Do you have a skill you can use to make money with on your own terms to support your loftier ideas?
When I started my product business, I was working a 20 hour a week contract gig with super flexible hours. It gave me enough time to pursue my side project without running the risk of losing all my income.
So then I had a side project and an income without a totally soul-crushing "job." Risk accounted for ✅.
Now on to validation. My product sold four copies (@$35 each) in the first four months after I launched (in other words — bombed). I lucked into an affiliate partnership with someone who had a very large audience in my target demo. After the MVP version of the product did $1000 in sales due to this new partnership, I knew there was enough interest in the project to take it to the next level.
I risked some of my nest egg to hire a developer and turned the MVP into a really solid product. along with that came more affiliates and more sales. My second launch did $12k in sales and I knew at that point that I had something sustainable. I dropped all contracts in July of last year.
Every step along the way was all about weighing if I could survive an utter failure and recoup. If you can't do that, then there is really no magic number that will validate the risk.
I did it with 6 months runway. Ran out of runway and went back to work for 4 months, quite again and have never returned. I think going all in is important as you really understand how much work is involved. I would have never been able to don't on the side of a full time job.
I am currently a 9-5er and I would quit if I could make 50% of my salary. I know I could supplement the rest of my income with part time or freelance work if I needed to, and continue to grow the business from where it was then. However I am a far cry from that, just selling a short book at the moment which while its nice to have something I am selling is really not making me much money at all.
I'm not really sure how long I should hustle and how many times I will pivot before I burn myself out, but for now I'm just looking at more education related side hustles around teaching people to code with games. It is really hard maintaining energy after a full work day to keep contributing to a side project.
Depends. If I still have student loans (which I do), then I probably would stay with my 9-5 until my side revenue pays off the student loans. It's not a lot left, but I'd feel a lot more at ease knowing they're gone when I quit my job.
I agree with this thought process! I always think about the worst case scenario (which probably isn't the best all the time), and determine my risk tolerance that way
As the late Joseph Campbell said, “Follow your bliss.” If you can do what you’re passionate about and have a talent for, money will be a side affect. Conversely, if you fear failure and/or just launch into something solely for the sake of money, it will never work out. Be prepared for a grind. Be prepared to redefine what perseverance really means to you. You must be tenacious. You must believe in yourself and your vision. Oh, and a little luck never hurt! 😉
To me personally, I aimed for 50% steady revenue my business before leaving my corporate job, and joining government job that is shorter and pay less as gradual transition. I had another goal to cover that salary before leaving government job, however it started becoming too demanding for a government job that doesn't pay well, so I quit a bit earlier before hitting my target.
I gradually tuned down my full time job while income from side projects was growing. From full-time to 36 hours to 3 days, to 2 days, to zip.
I quit all work at the point where my side project nearly made equal income and growth projections looked positive.
80% of my day job income. I’ve got a wife and kid to support so nothing less will really do.
Reach $2k MRR with steady monthly growth.
I have quit my job at the end of 2019 in order to be able to work full-time on my own. While I have not launched my product yet, there are a few things which pushed me to do so:
The thing making it more insane is that I'm recovering from a burn-out, so I'm burning my safety net in the process. On the other hand, I believe providing myself this freedom is a necessary step in my recovery process.
Sometimes it's just that the money you earn at a steady job is not worth the lack of horizon anymore.
Man I would take a massive pay cut to be able to just work on a side project full time. The craziest part is I don't even hate my job lol. I just love building, validating, iterating, etc. I've got something thats getting close (fingers crossed). Very exciting
This question is all about calculated risk. Do you have your finances in order? Do you have a skill you can use to make money with on your own terms to support your loftier ideas?
When I started my product business, I was working a 20 hour a week contract gig with super flexible hours. It gave me enough time to pursue my side project without running the risk of losing all my income.
So then I had a side project and an income without a totally soul-crushing "job." Risk accounted for ✅.
Now on to validation. My product sold four copies (@$35 each) in the first four months after I launched (in other words — bombed). I lucked into an affiliate partnership with someone who had a very large audience in my target demo. After the MVP version of the product did $1000 in sales due to this new partnership, I knew there was enough interest in the project to take it to the next level.
I risked some of my nest egg to hire a developer and turned the MVP into a really solid product. along with that came more affiliates and more sales. My second launch did $12k in sales and I knew at that point that I had something sustainable. I dropped all contracts in July of last year.
Every step along the way was all about weighing if I could survive an utter failure and recoup. If you can't do that, then there is really no magic number that will validate the risk.
I did it with 6 months runway. Ran out of runway and went back to work for 4 months, quite again and have never returned. I think going all in is important as you really understand how much work is involved. I would have never been able to don't on the side of a full time job.
I am currently a 9-5er and I would quit if I could make 50% of my salary. I know I could supplement the rest of my income with part time or freelance work if I needed to, and continue to grow the business from where it was then. However I am a far cry from that, just selling a short book at the moment which while its nice to have something I am selling is really not making me much money at all.
I'm not really sure how long I should hustle and how many times I will pivot before I burn myself out, but for now I'm just looking at more education related side hustles around teaching people to code with games. It is really hard maintaining energy after a full work day to keep contributing to a side project.
Depends. If I still have student loans (which I do), then I probably would stay with my 9-5 until my side revenue pays off the student loans. It's not a lot left, but I'd feel a lot more at ease knowing they're gone when I quit my job.
150% of what I make 9 to 5. But I like what I do.
My goal is about 100 active users.
I will quit my job, and build a business from that. Using my savings as long as it's not profitable.
If I know I am going to make consistent profit of at least 50% of what I make full time that's a good benchmark to quit.
This comment was deleted a year ago.
I agree with this thought process! I always think about the worst case scenario (which probably isn't the best all the time), and determine my risk tolerance that way
This comment was deleted a year ago.
Hahah all maker routes lead to Colorado 💛⛰