Starter Story - Should you quit your job?

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This is Pat, founder of Starter Story - every week I write this email to share the lessons we learned after talking to successful founders around the world. If you're not interested, you can unsubscribe here.

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Here are this week's stories, enjoy!

Should you quit your job?

Last year we experienced something quite unique, almost 47 million Americans quit their jobs in what is now called The Great Resignation. And nearly 1 in 3 quit their jobs to start their own business.

The reasons for quitting? Being your own boss, turning your passion into profit, increasing your earning potential, setting your own schedule, etc.

But most quitters share one thing: they’re happier now.

Once you start thinking about pursuing an idea and building something for yourself, it’s hard to remove that thought. A 9 to 5 job will hardly satisfy you. If that’s you, keep reading.

These are some of the most common motivations we keep hearing from founders who quit their jobs:

#1. To do what you love

For some people, they’d rather make $0 doing something they love than making a decent salary in a cubicle.

Typically, their passions are so strong that they end up finding a way to make money anyways, which usually works out in the end. Like Jessica, who quit her job and built a $48K/month blog around her passion.

#2. For an opportunity you can’t resist

Whether you did a thorough market research or stumbled upon it by chance, once you see a vein of gold it’s hard to look away.

After helping a friend with an odd task, these brothers left their jobs to find more people with the same problem. Turns out, there were a lot. Today, their company generates $3M/year.

#3. To have more free time

This is a big one. Meetings, a long commute,... a huge chunk of hours are freed once those daily nuisances are removed from your life. Time you can spend with your loved ones or doing something that you enjoy.

Sam generates $120K/year with his website while working 90% less than he used to in his banking job.

#4. The writing is on the wall

Once your side project starts bringing in enough money consistently, it might be time to do some thinking...

This founder worked relentlessly in the evenings and weekends until he scaled the business to $10K/month and handed in his resignation.

Another example: Rick’s $72K/year tool now pays the bills, he’s loving the change from side project to full-time founder. 

#5. The need to escape the rat race

Some people are simply not cut out for the corporate world. And it’s totally OK if you don’t fit in there (I certainly didn’t).

These two friends bonded over the idea of leaving their cubicles. In one month they launched 5 products. One is making almost $500K/year.

#6. For the goal setters

If you’re on the fence about leaving your job, I have a story for you: 

Before quitting, Andrew established a strict series of goals that had to be accomplished before quitting his job. He hit all those goals, handed in his resignation, and now makes $150K/year with a very funny business.

Quick hitters

(1) This niche newsletter makes $54K/year. Newsletters are great businesses because (1) you own the channel, no algorithm dependence, (2) super low cost to start, and (3) can be about literally anything.

See more examples of newsletters that make money: trading tips ($8M/year), travel deals ($1.7M/year), sneakers collectors ($48K/year).

(2) This business became so successful ($1.2M/year) that its owner started to franchise it. Franchising is a great way to expand, strengthen a brand, and generate new revenue streams with very few additional staff.

Many companies have used this model successfully: crime scene cleanup ($14.4M/year), photo booth rental ($4.2M/year).

(3) This founder reached $216K/year by mastering Pinterest. Although sometimes reviled, Pinterest has great SEO and is a great channel to drive traffic. Those who have mastered it, reap huge benefits. Like this $13M/year countertops business, this $120K/year ecommerce store, and this $720K/year hair products brand,

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Summertime is business time

Warmer temps and longer days make people happier (science says).

But summer is more than just warmer days, it also means new leisure activities, different clothes, vacation trips, etc. In other words, new business opportunities.

Building a business around a season has many advantages. It leaves a good part of the year to prepare and strategize; seasons always come back and market changes are rarely drastic. Plus, it’s always summer somewhere. You can always target new markets or travellers visiting warmer destinations if you need to expand.

If you’re thinking about starting your own business, it’s a great season to focus on - second only to Christmas in spending. 

A great example is this founder, who started a sunglasses brand that makes $3.5M/year with just one employee.

Check out more case studies of summer-friendly businesses that are killing it:

• Beach towels -> $5M/year
• A four-way beach volleyball net -> $6M/year
• Swim trunks made from trash -> $300K/year
• Flip flops -> $500K/year
• All-in-one BBQ spatula -> $480K/year

One last thing...