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Knowing when to quit ... your daytime job
Over the past week or so I've been writing a series on getting started. It hasn't been the usual series that most people write for beginners and that I've written before in another place. It doesn't give a step-by-step guide to building your first site or gallery or how to choose the right sponsor, instead it's been a few random thoughts aimed at making newcomers to this industry think about some of the less obvious things they need to be planning for if they really want to succeed.

Today I want to finish of the series with a few final thoughts on some of the personal and financial factors you will need to consider as your business grows and you begin to look for that magical point on the horizon when you can quite your daytime job.

One of the first things you need to realize is that reaching that point where you can give up your weekly paycheck is not going to happen quickly. If you happen to be like most people you're going to want to quite your daytime job immediately but doing that can spell disaster.

Most people have ongoing financial commitments and no newcomer to this industry is going to make enough to meet those commitments however big or small they may be. You won't be making it in the first month and you probably won't be making it inside the first year either.

So you need to be patient. You need to keep on working for the man and collecting your paychecks while you develop your marketing skills and begin to build a steady cash flow from your online endeavors.

While you're building that cash flow spend some time listing everything that you spend money on. Make sure that you take into account your credit card payments, rent, food, clothing, electricity, hardware, software, insurance, health costs and absolutely everything that takes money out of your pocket. Then add all those figures together.

When your income from your online sales begins to reach that figure month after month then you're getting close to the point where you can begin thinking about quitting your daytime job but don't rush into making that big step just yet. Income levels in this industry can rise and fall and if you make the jump from paid employment too soon and you hit one of the income downturns you can be ruined.

Instead build up a financial buffer - put money in the bank and leave it there. At the same time work hard to pay off your credit card bills and when they're paid off destroy the cards. It is possible to operate in this industry without a credit card.

At the same time work hard to reduce all your other debt too. If you're paying off your car try to clear the debt before you quite your daytime job and do the same with any other debts that you might have. In the first few years in this industry you will be much more susceptible to fluctuations in income levels and you will be better able to survive those rises and falls if you are debt free.

Finally the time to quite your daytime job will come but you shouldn't even think about it until you income level from your online business is more than your financial commitments and you have worked hard to cut back on your expenses.

But even when you do leave your daytime job there are still more things to consider and here are just a few.

Retirement
One of the things that really bothers me about this industry is what you have left when you might want to retire. When you're working in online marketing as many of us do you are building a business ... but it's not one that has any real resale value at the end of the day. While other small business people are building equity in a business that they can sell when they want to retire small online marketers like us are not.

If you can see some way of changing that as you grow your business then I would suggest that you think seriously about taking it.

At the same time as you're building your business don't neglect the future. There will come a day when you retire so talk to a financial planner about putting money away now for that time.

Health
If you are putting in 12 and 14 hour days now don't make the mistake of thinking that you will be able to do that forever. I know that it seems to be a badge of honor in this industry to work long long hours with almost no sleep but if you do then you will ultimately pay the price.

Get into the habit of working sensible hours and stick with the habit because ultimately you will be able to work longer than those who don't work sensible hours. Make sure that you get plenty of exercise and eat sensibly too because you won't last long in this industry if you don't.

Holidays
Everyone needs a change of scenery from time to time. Even when you live in a tourist destination like I do you will still need a change of scenery. You will still need to take holidays so don't forget to put money aside for that too.

And while you're doing all that just remember not to fall back into the trap of credit card debt. It's easy to do and it's even harder to escape from a second time.

So if you're starting out in this industry or even just thinking about starting out in this industry then now is as good a time as any. You will find that it's challenging, rewarding and definitely interesting. And the way you start will have a lot to do with the way you finish.