Build Passive Income Before Quitting Your Job

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By Arthur Cundy

One of things I’ve noticed in my life and in others trying living their passion online is that there is often many barriers to cross in order to succeed.

One of them is the security of consistent income. If you leave your job how can you continue paying the bills? A passive income business doesn’t happen overnight so what should I do in the meantime?

Even if you’ve saved up some money before leaving the job to focus on your online business, there comes a point when that money will run out unless you are able to add to it.

When Gary Vaynerchuck stepped away from running the daily operations of WineLibrary.com to start WineLibrary TV he had a starting point. He business was already profitable. He had the financial cushion to focus on his online wine show until it grew to what it is today. “The Internet’s Most Passionate Wine Program”

I preach alot about following your passion and going after your own online business. But after personal experience and seeing the apprehension of others, I understand there is only so much you can do in your business if you are worried about the rent and food.

So here is what you should do.

If you are currently working at a 9-5 job:

Don’t leave your job until you are matching your income.
Start working on your passive income business after hours. Hustle hard to get the business where you want it. And when you have a godo amount of income coming in you can easily switch “jobs”.

Work less hours at your job.
If you work less hours you are able to come home earlier to work on your business for longer. You may also be able to network more since you would have more time.

Take on less responsibility.
Sometimes working after hours is not the issue it’s having the energy to stay up to work on your business that’s the problem. I know that after a regular (not hard) day at the job I can so out of it my brain literaly is tired. I don’t even want to see the computer.

If you are responsible for less at your job, it will leave you with more brain power to focus on your passion.

Try to work from home.
When you work from home at least one day a week you have more freedom over your day. You can schedule your time better. If staying up late is not your thing, you can get up early and work on your business in your pajamas. You can make/take phone calls that you can’t at the job. You can meet someone for lunch that you couldn’t if you were at the job because of the 30 minutes or hour limit you have for lunch.

Switch to a telecommuting job.
Many jobs will not allow you to work from home. Try looking for a job that will. For the reasons I stated above it can be a tremendous help to your business.

Decrease your expenses.
One of the easiest things you can do is cut out alot of your bills. Do you really need cable when you work crazy hours and are never home? Do you really need that gym membership that you hardly use? Can you bring in a roommate to help with the rent or move into a studio?

When I started focusing on my passion I decreased my expenses tremendously. I pay dramatically less rent. I live closer to things so I spend less on transportation.

With less bills, I stress less about how much money I need to make.

You still need to eat and pay bills while building your business. There are ways to ease your way into the passive income world and still have peace of mind.

photo credit: Derek E-Jay