Want to Quit Your Job and Make a Living Online?

 

You should do your homework before quit your job and make living online. By ‘homework’ I am referring to several things. You simply cannot, and rather I would say, ‘should not’ quit a day job unless you are really prepared.

Before I go ahead, I want to set up your expectations straight. If you go for employment, it would be better for you since you will earn a regular income. However, if you are a kind of willing to try again and again before you see your first set of income coming in; Then this blog will address those points. Let’s nail them straight!!

You can also read: Create Something That People Will Pay For

 

  1. Nothing is FREE on the internet

You have been used to hearing that the internet-based businesses are free or are relatively inexpensive. Isn’t it? They are NOT!! Your internet itself is not free, then how can you imagine that internet-based businesses are free of cost.

My internet package costs me around INR 510 for 28 days…. that is a little more than INR 18 per day. What I do with my allocated internet data is purely my business but if I want to start a business over the internet, then the first cost has already been measured.

 

  1. You must have certain work ethics to work from home

Wake up at 10 am or sleep at 4 am, no one will question you… because you are not answerable to anyone. That is a dump…mind it. You must have a mindset of being answerable to someone; It may be your client or your own work ethics. Nobody is a total Boss… everybody has a boss.

 

  1. Work under someone before starting your own

Most people whom I have met and have started their home-based work even before they have had employment is today going for a day-job out of necessity. Unless you work for someone in a real office environment, you will not understand how an office works, how you have to behave with men and women and how patience goes a long the way to ensuring your success.

Working in an office will teach you how to handle people with different vibes and characters. Get along with them well, so you have to be well behaved. This before quit your job and make living online will help you when you start a business of your own.

 

  1. Money in 3 months or change your strategy

Whatever business you set up from home, you should start seeing money no later than 3 months. By money, I am referring to revenue. My wife and I quit our job to start as a freelance Research Analysts and placed our bid for projects with leading freelance-job portals. I guess the month was February 2012, and we got our first project in the last week of March. The project was to write a white paper on BYOD (Bring Your Own Device).

A person I know, a young man in his early 30s, started a design and web development business based out of his home. He targeted small businesses in Australia and America and started winning projects by 5thweek and saw money in his bank account by the 8th week of starting a business.

 

  1. Discipline- both online and offline is a must

The Internet offers a lot of anonymity to a person. If I comment on a person’s video or post in a derogatory manner, it will not impact me unless my time is Terrible.

Even the most wonderful and beautiful videos on YouTube will contain 9-10 utterly negative and rubbish comments. How many group discussions on WhatsApp brings out a meaningful result?

So, be very careful with what you write and post on the internet.

Now to offline discipline….if you believe that your work will require only 5-6 hours, then allocate the remaining hours of your day for tasks that can help you or your family. This is very important. Try to keep yourself occupied. Try to create habits of not straying off the course when you sit in front of the internet.

The moment you open your browser, it persuades you to visit websites and links that have nothing to do with your primary objective. The Google Doodle is the first you would encounter… asking you to click and explore. The second will be desktop notifications that will try to capture your attention…. and slowly you stray off your goal.

And, one more thing; Try to watch porn as less than possible. Internet-based porn has made sure that men don’t visit cinema-theatres to watch adult movies. If that is the impact of internet-based porn, then it is huge. Try to keep a lid on the time you spend on such websites. That will be good for you.

 

  1. Grow before networking

The moment you set up something, you have this huge desire to network and share your knowledge with like-minded people. before quit your job and make living online you also want to learn a few things from them. All that is good!!

However, FIRST, you must start bringing revenue. This also means that you have established contact with your clients who pay you. This will take you to a different league. You will slowly start having confidence that you are something. That confidence, dear readers, is very important.

Without clients to pay you and without generating revenue, you will be more of a moron in any networking event. You will hate if people of your network/circle misunderstanding your phone call or personal visit as a sign of job-hunting or finance-help.

So, first, start generating revenue before networking.

 

  1. The barrier to entry in certain businesses

Unlike the USA or China, the Indian e-commerce market is not big. The culture of the Indians is also not similar to that of the USA or China. Key Indian metros are the major markets for online stores such as Flipkart or Amazon or you name it.

So, you want to jump in… coz someone told you that you can start an online store or buy an e-commerce template and become a Flipkart or Amazon overnight??

It doesn’t happen like that.

Understand the fact that certain industries have barriers to an entry that can be obvious or concealed. I will give you an example:

You and I cannot enter the telecom business since getting a license to operate will cost millions. Similarly, you and I cannot enter the Aviation industry as there are similar requirements that we cannot meet.

Likewise, you and I should not imagine entering the e-commerce business unless we can spend thousands of Rupees every week on advertisements. So, if you can spend INR 20000 per week on Facebook ads for a period of 12 weeks straight, then e-commerce is the right business for you. To match the brands such as Flipkart and Amazon, a new entrant has to be ready to spend several thousands of Indian Rupees initially.

Mind it, that amount will only get you the attention of the audience; It doesn’t guarantee purchase from your website.

 

  1. Managing and handling payments from clients

Not every person will be willing to sign a contract before giving you his work. So, what if he doesn’t pay you?

Reputed freelance job portals have an escrow facility. Escrow means that the client will have to deposit the agreed money on an account (Escrow) that will be released only after you have delivered his work. Here, there is a safety net for you. If the client has deposited the money in an escrow, it also means that he is serious about making payment.

If the client, no matter what, says that he will keep his word and bla bla bla, don’t start the work. Do not work until he sets up the escrow.

If you are a person who directly calls the businesses to get projects, you should ideally ask an advance. Your client might not be willing to pay you an advance since you are just beginning, but if the work is complex and require Java or server-based work, ideally, you should ask for an advance.

 

  1. Filing Returns- It’s so easy

When you start generating income, you should also know how to manage your taxes. In India, you can file your taxes online. Just put “How to file tax returns” on the browser and the Income Tax department has a decent website that will help file taxes.

You can also go to an auditor and file taxes, but I assume that you are smart to do it yourself. After all, you took the pain to start a business at home and get your clients on your own, then you will be smart enough to file taxes yourself.

You will get a loan (Housing or others) only if you show that you have filed your taxes for at least 3 years. So, better you do it from your first year of starting a business.

 

  1. Harmony at home: Harmony at work

Since the home is your workplace, before quit your job and make living online it is very crucial that you maintain a very tranquil and calm environment in your home. Your relation with a family should be good and healthy enough for them to understand that they should not disturb you on a client-call or video-chat.

Also, business setbacks are not personal setbacks. So, if you don’t win a project or the client has raised a serious objection to your performance, try to solve those issues on your work-table and not dining table. I can’t elaborate on it but it is something I have always been trying to improve.

 

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