Online Business Working Styles
Starting your own online business doesn't necessarily require you to quit your day job. Many people continue working for their employer but offer services on the side to supplement their income. One good strategy for getting started is to keep your regular job but start earning through your online business, and only quit your job when your business becomes your main income.
Don’t subject your family to unnecessary financial hardship by quitting prematurely. Build a savings buffer of at least 6 months to a year and don’t quit unless your business income is at least twice your salary.
Supplementing your income or replacing lost income through your own business is one way to hedge against economic volatility and risk. If something happens and you're laid off from your job, you still have your business to provide income until you get another, that is, if you want another job.
You may also start multiple online businesses rather than just one. You could offer a variety of services or similar services to different markets in order to generate multiple streams of income. Some service providers set up businesses that can then run with little input from them, thus earning a passive income.
Again, be sensible and don’t start a second stream of income until you have succeeded with one. Starting a business takes a lot of focus and energy and your chances to succeed are much better when you don’t split your focus and energy.
So your choices are to:
- Start an online business and generate all of your income from it.
- Work full or part-time while supplementing your income through your online business.
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