Hello, this is Rob cabin. So how can we start a successful business and when should we do it? The best way is to find some way of earning money from home in your spare time. So you could start a web design and development business from home you could do translating, copywriting or editing from home, you could do consulting, you could sell products, either physical products through eBay and Amazon or digital products. But earning money from something other than your job while you still have a job makes freedom easier and far less stressful. It doesn't matter if it's only a small amount of money at first, it doesn't matter if it's the same work you do.

As you do in your boss's office. This is very common, but making money independently is empowering and it breeds confidence. It may seem hard at first, just like burning all that time. View the space shuttle has to do in order to get into orbit, but it's your passion. Your Side gig is your passion. So when is the best time to do this?

Well, I would say obviously now, but of course, it's a difficult question to answer. And in this set of videos, I'm talking to various people various case studies of people who've set up successful businesses. Now the length of time it takes before your business is profitable. Sometimes that is referred to as the runway. And some of the people I've spoken to have waited for their side gigs income to match the income from their day job before they give up work and work on their business full time. But some didn't wait that long and they just went for it.

Some jumped with six months worth of savings. So they had a six month runway and somehow a year's worth of money in the bank account. So if the business didn't make any money for Yeah, they'd still be able to pay the rent and feed themselves for that year. But no one I talked to said that they wish they stayed in their job longer. They're on the entrepreneurial path now and there's no regrets and they're not looking back. But you just have to find some way of making money that you're good at and you enjoy and you do it in your spare time until you leave work.

It's that simple, and you can do it. One way to make the runway longer is minimalism. So buying only what you need to survive and cutting back on all the extravagances and luxuries. So you could look at your recurring monthly expenses. Maybe you don't need to buy that TV subscription service. As an entrepreneur, you'll really watch less TV.

One of my case studies Eva Sarna realized she was working in Canada to pay for an apartment and a car. She didn't need the apartment. She didn't need the car. She did Both of them, and she left work and went on to be a freelance writer in Guatemala. So minimalism might be something you could look into, to get rid of your possessions, sell them, and cut down your monthly expenditure in order to make the transition from work to entrepreneurship much easier. So what have we learned in this video, think of some service that people will pay you for, that you enjoy, and you can do in your spare time.

Find people in your network, that you can provide that service too. So you can start making money and spend less money. This is what I didn't say. So this is what you should avoid spending money now on website design. try and do it yourself. spending money on something stupid, a shiny object that you see online, like targeted Facebook ads.

I'm not saying these are bad. per se, but maybe it's not something you need to do when you're just starting out. So try and avoid those expensive get rich quick products that slimy expensive courses and programs. They are not for you. And don't worry about spending ages thinking of amazing big idea, the next Facebook or the next Google that no one has ever thought of. It's much more likely you'll be able to run your own business by doing something for other people that you already know about.

Okay, this is Rob covered. I'll see you in the next video.