There’s really only one business model you can choose if you're looking to replace a day job with your own business (unless of course, you don’t need the income…).
A lot of our clients have the goal of replacing their day job, and that’s where I was a few years ago, too. When I first started my health and nutrition business, I had a day job that was great by most people’s standards: it paid good money, it was fairly fun, and my boss was fantastic. But the truth is, that job wasn’t my passion: it was in the entertainment industry and wasn’t really making a difference in the world.
Meanwhile, I had this passion for nutrition and health that I wanted to share with the world … but having two toddlers and a teenager, I knew I didn’t have time for hobbies.
I needed to create a business, but here’s the thing: I had a full-time day job that supported my family of five. I had only my evenings and weekends for this new business. I went through some of the math to see whether I should become a nutritionist or a health coach, seeing people one-on-one and helping them with their diet. Diet was something I was fine-tuning for myself and my family and getting great results, so I toyed around with the idea of coaching others through the same questions.
BUT, when I really looked into the numbers, I ultimately realized it couldn’t work. I had such a finite amount of hours in the week, there was NO WAY that coaching in my evenings and weekends would ever replace my six-figure day job income.
I started whittling down my options in terms of what business models could work for me. I decided it had to be something that I could do at any time of day, any day of the week, something that could produce income for me while I was working on my day job, and even while I was sleeping.
Of course, that business model is passive income.
Again, I chose passive income as my business model partly by default, because I had no other choice. I would have probably become a health coach one-on-one if I had the ability to just do something full-time for three months and not have to make an income.
But the truth of the matter is, most people will never be in that situation. If you have a day job and you want to replace it with your passion, then I’m here to tell you: Do the math. How can you possibly replace your day job income in your evenings and weekends if your business model isn’t leverageable?
(I’ll wait …)
Yeah, no. I’ve already done the math. The truth is, it’s not possible.
You need to choose the right business model, one that’s actually going to achieve your goals and desires.
It might take a while for your new business to fully replace your day job income, but if you pick the right model, it is actually possible.
When you set up your new business, make sure that you’re following the right strategy to get where you want to go. This is something we teach our clients: the strategy, the support, and the mindset that they need in order to reach their business goals, and to reach them quickly. It can take you ten years if you want, or it can take you just a few months.
In the meantime, leave me a comment below and tell me: What is it that you’re looking to create? What is the passion that you want to replace your day job with? And what is the business model you’re planning to use in order to get that going? I’d love to start a conversation with you in the comments!