“Don’t quit your day job.” When starting a new venture no matter what it is, it is important to have income coming in to support yourself. You generally do not make money off the bat with new hustles. You have to do both your day job and your startup businesses at the same time/hustle. I have some friends making well into the 6 figures and keeping the day job. There are a few reasons for this, security, resources, money, loans and time.
Everyone wants to feel secure. Having something to fall back on is great. You don’t have to take the leap all at once. Jobs can be started around your current job. Shoe money was able to not only keep his job (kinda) but work on his money making second job while at work. Basically you can make loot, plant seeds for your new ventures and use your available resources. It is possible that you can make a few faxes, calls, and even work on your second job while collecting checks until you get fired as did Shoe or bounce.
Money is important in paying bills and getting new things started. You could just bank money until you can do whatever business you want, or can you. With flipping houses you need to get loans for the houses. You can have 20% down but you need to show steady income to get a loan for the rest of the amount. Sure there are loans you can get without the steady income but they generally have higher interest rates.
You can save up 100% as well and buy the house with cash. There are benefits to this, such as getting a lower price for your purchase. But then how are you going to support yourself? Who knows how long it will be before you turn profit (and good profit). After you get the house you can pull out the equity, but to do so, you have to get a loan, and will need to show steady income. Also why wait until you have saved up 100% when you can start now. Make 600% then start quit.
Timing is key. There is no need to keep putting things off, figure out a strategy for what you want to do and start. So when it is time to quit your day job you will be ready.
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December 31st, 2007 at 4:36 am
[...] Original post by Hustle Strategy [...]
January 7th, 2008 at 9:40 am
You are absolutely right. You got to be sure that your new venture not will flush your economy down the drain if it´s not getting profitable. I have my own web marketing company. And Im getting in to the blogging business and Im dedicated on making money later on. But I can do you without risking everyting. Thanks for good post.