Why start your own business: It’s not just about financial security, it’s also an investment in your own happiness
When I was working for Canada's biggest furniture store The Brick I knew that it will not be long term. Although I saw a very clear path to upper management. I was young and had energy to climb up the corporate ladder in order to earn a good living and afford a million dollar home + a good lifestyle. But I was not happy and feeling fulfilled. Beside that I didn't wanted to turn 50 and ask this question to myself what did I do with my whole life? Did I pursue my passions? Did I live the life I wanted to live?
Most of us drag ourselves to work + Job can be very unpredictable, at any point you can lose your job. The company could decide to sell, could go out of business, could no longer need your position… you just never know!
How did I transitioned from a comfortable job (financial) to a new business:
Mid 2012 my brother and partner in Rapid Boost, Sam came to me and showed me how digital marketing is set to grow in next 5 years. After doing more research we saw a huge opportunity. Only problem was how can we replace 8 to 10k in monthly income which was paying the bills.
We started Rapid Boost as a side business and started to generate some revenue. First year we did around 130k and there was no profit. But we were building a business from groundup and we took it to 6 figures in the first year.
In Dec 2012 I quit from Brick to focus on Rapid Boost Marketing. My first cheque was $2500 although at the Brick I was use to seeing $5500 salary per month. Within 3 months my monthly income was $4000 and I was much more happier and was spending quality time with my family and doing things which I love.
My journey from job to business:
2012 Feb, Started Rapid Boost part time
2012 Dec, Left my job as Rapid Boost was doing 6+ figures
2013 income was just 38,000
2014 income went above 80,000
2015 income incresed further when I personally made 6 figuers
2016 we took Rapid Boost to 2+ million in sales
That's me and Tania on our 4th trip in 2016
This transition was not easy, but it was totally worth it.
3 kind of businesses you can start today working part time or as a side hustle using your own skills and with minimum investment:
- Provide services (Tutoring, Walking a dog, Writing, Photographer etc.)
- Sell physical products (Ecommerce store)
- Sell digital products (Books, courses, ebooks, paid content etc.)
Today Abhi Gohar is joining us from Real Estate Deal Talk and Summit & Crowne. Abhi’s entrepreneurial career began....
Listen to the podcast
If we look at the whole week most heart attacks happen on Monday morning, which is not surprising as people hate their jobs. Either you are happy at your job and it is very fulfilling, which is not true in most cases. Other option is to have your own business so you can have a freedom and option to design your life.
Let me give you few reasons you should have your own business:
You are never too late to start your own business and here why:
Why I left my job?
I was hired by The Brick to work on online marketing and digital media in 2010. At that time my base salary was 60k + 30k in bonuses + 10K in other rewards. I left The Brick in 2012 and as I wanted to truly do what I loved. It took us 3 years to get to 2+ million in sales and replace my salary at The Brick.
But here is what business was able to get me beside usual things like I run my own schedule:
- Took 8 vacations in total in 2016
- Attended all the weddings and funerals in my family
- Spoke in front of over 5,000 people for the first time
- Working on the book which is set to release in early 2017
- Recognized as top 30 under 30
- Setup a investment fund (Passive income)
- Launched a podcast in 2016
In 2016 I followed my passion and it was very very rewarding.
Let's say you are ready to quit your job or start your business. You got 3 options:
Find out your productivity score and 3 tools to help you be super productive in 2017
We all have limited time here and that's the only resource you have to manage it very wisely. Being more productive is all about figuring out how you want to live your life and making it possible achieve your dreams.
Here are 3 tools to help you become more productive + take your productivity test:
Lastpass (My favorite tool)
It's like your personal password assistant who will do the job for you. LastPass remembers all your passwords, like your ex remembers all your girlfriends. One LastPass can be used across several browsers, devices, storing various passwords in your vault and auditing your passwords in order to help you create better, more secure passwords. You don't have to remember them and waste time entering the password again and again. LastPass is pretty secure. Recommended by CNet, and with a straight 5-star rating from PC Magazine, it’s safe to say that LastPass keeps you safe.
Rescue Time (Don't waste your time)
Love this app! Every entrepreneur who controls their own time should have this app peroid.
Find your ideal work‑life balance.With so many distractions and possibilities in your digital life, it's easy to get scattered. RescueTime helps entrepreneurs understand your daily habits so you can focus and be more productive tasks which will actually help you grow your business. Entrepreneurs tend to burn their time on unproductive things.
Feature I really like in this app is detailed reports show which applications and websites you spent time on. Additional reports show how much time you spent in different categories, how productive you were, and whether you achieved your goals.
Mr Number (Mobile App)
We all get tons of spam calls and texts. There is a way to block them. This google app Mr. Number makes it easy to block unwanted calls as well as identify & stop spam, scam, unwanted calls and fraud. Here are some of key features of this app:
- Block calls and SMS texts* from anyone, an area code or the entire world
- Stop cold callers, telemarketers and debt collectors before they waste your time
- Intercept calls from noname, private/unknown numbers and hang up** or send to voice mail
- Report spam calls and SMS texts to warn other users so it's like a community which shares the info
Productivity calculator that estimates how efficient you are with time and task management. We created Productivity Score after realizing there were no quick, visually appealing productivity calculators out there that were actually FREE
How Productive are you? Take this test
Don't give up 9 to 5 so you can buy yourself a job!
I talk to soo many entrepreneurs who want to be in retail or service base industries, but the repeating pattern is they all talk about working in their business. Which is a bit alarming. There are millions of entrepreneurs who call themselves entrepreneurs but they merely work in their business as an employee. Their business cannot run without them. If they leave things fall apart and they cannot take long vacations or one day if they don't feel like working they cannot do that.
Lets talk about few real life examples of people I know.
Example # 1:
I talked to an accountant recently. He runs a successful accounting firm in western Canada doing over 3 million in annual sales. Although he makes healthy 15 to 20% bottomline, but he cannot take a vacation of more then 2 weeks. His business is dependent on him. His staff needs him there. In this case his systems and processes are not that good which can make sure he doesn't have to be there all the time.
Example # 2:
This is a family friend of ours who owns 5 subway restaurants. Combined all 5 restaurants do over 2.5 mill in sales. But due to high labor and rent costs business only has a 5% bottomline. Also, he works in the business 60 hours a week. Sometimes he had to work 18 hours because they cannot get staff for breakfast and it was mandotory from the franchise.
These 2 examples are classic examples of entrepreneurs making a decent living, but they are mere employees in their own business. Business predominately dictates their life.
Example # 3:
This entrepreneur runs a bookkeeping firm doing just little over 500,000 in annual revenue. His business makes 20% bottomline and he doesn't work in his business. It consistently pays him 100,000 a year. He travels and also volunteers in Africa 3 to 4 months a year.
This is an example of building a business rather then getting a job. First 2 examples, both the entrepreneurs were doing over 7 figuers in sales, but their business cannot run without them.
Alot of people who can relate to example 1 and 2 ask themselves these questions: Am I satisfied with my work? Does it meet my needs and fulfill my desires?
Example 3 is where more fulfilling because your finances are taken care off and you can now focus on what you love doing. Which can be volunteering full time, taking time off to spend with kids or even travelling. At that time you are not working in your business you are working on it and at the same time pursing your passions.