How to Build a Business that Lets You Quit Your Job

Introduction (0s)

• Many people have jobs that pay the bills and are reasonably fun, but may not be their dream job, and they may be thinking of doing something different (9s).
• The idea of starting a business that lets you quit your job can be alluring, but the main challenge is finding the time to do so (28s).
• This video is part of the "Business Class" series, which explores strategies and tools to help start and grow an online business, with the goal of achieving "fun, fulfillment, and financial freedom" (40s).
• The host, Ali, has been doing online business for over a decade, having built and sold a six-figure business while in medical school, and growing another business to six figures while working full-time as a doctor (48s).
• Ali's current business generates seven figures a year in profit and allows him to live a life he loves, and he aims to share his knowledge and experience in this series (1m2s).
• The focus of this video is on finding the time to build a business while having a full-time job, and it will present a four-step system to achieve this (1m35s).
• The four-step system is based on Ali's personal experience and that of his entrepreneurial friends, and it is hoped to be actionable and helpful (1m44s).
• The video is sponsored by HubSpot, and more information about them will be provided later (1m52s).

The Reality Check: Your True Time Inventory (1m56s)

• Building a business while working a full-time job requires effective time management, and one way to achieve this is by conducting a "reality check" of one's true time inventory (1m56s).
• A useful exercise to manage time is to allocate the 168 hours available in a week, as everyone has the same amount of time, but differs in how it is used (2m42s).
• To start, create a new calendar and block out non-negotiables, such as sleep, work, and commuting time (2m55s).
• Allocate time for sleep, assuming 8 hours per night, which accounts for 56 hours of the 168 hours in a week (3m17s).
• Block out time for work, assuming a standard 9-to-5 job, which accounts for 40 hours per week (3m35s).
• Add time for commuting to and from work, and for basic life tasks such as chores, cooking, and cleaning, which accounts for an additional 21 hours per week (3m46s).
• After allocating time for non-negotiables, the remaining time is considered "flexible time," which can be used for business or other activities, and is approximately 41 hours per week (4m19s).
• It is essential to customize the calendar to fit individual needs, including family commitments or other responsibilities, and to regularly review and adjust the time allocation (4m29s).
• The goal is not to spend a specific amount of time on business, but to understand where time is being spent and to make intentional decisions about how to allocate it (4m42s).
• Building a successful business on the side within a couple of years typically requires spending 10 to 15 hours a week on the business outside of life-related obligations, although it's possible to do it with less or more time (4m55s).
• The quality of time spent on the business is more important than the quantity, so it's essential to be strategic and prioritize how time is used (5m20s).
• Identifying "golden hours" - high-quality time blocks that work best for an individual's personality, energy levels, and chronotype - is crucial for making progress on the business (5m30s).
• Golden hours can vary from person to person; for example, someone who is not a morning person may find their golden hours in the evening, while others may prefer early morning or afternoon time slots (5m32s).
• It's essential to schedule non-negotiable time blocks dedicated to working on the business, making it a part of daily life, such as Monday and Tuesday evenings or Saturday mornings (7m3s).
• Having a day job can take up at least 50 hours a week, leaving limited time for other activities, including building a business (7m37s).
• Examples of successful business builders include the author, who used 6:00-9:00 p.m. as their golden hours for working on their YouTube channel, and Tintin, who dedicates Monday and Tuesday evenings to working on his business (6m14s).
• Scheduling dedicated time for the business helps make it a priority and increases the likelihood of success (7m29s).
• Quitting a day job to start a business is not recommended unless one has a massive safety net, no financial responsibilities, and confidence in their life circumstances (7m38s).
• Having a job while building a business removes financial insecurity, which can cause bad business decisions, and forces one to be strategic with their time (8m20s).
• Having a day job allows one to test business ideas and iterate without risking their livelihood, as most businesses fail (9m52s).
• Having all the time in the world can be counterproductive, as it can lead to procrastination and a lack of focus, as seen in the concept of Parkinson's law, where work expands to fill the allocated time (9m18s).
• It's recommended to use 10-15 hours a week to build a business while having a day job, and only quit the day job when the business is generating plenty of money (10m9s).
• Having a day job provides a sense of urgency and focus, which can be lost when one has too much free time, as seen in the example of making three videos a week while working 60 hours as a doctor, but only making half a video a week after quitting the job (9m21s).
• Building a business on the side can potentially allow one to quit their day job, and a helpful resource for this is the "Millions Copywriting Crash Course", which is available for free download through a link in the description (10m20s).
• Copywriting is one of the best ways to start earning money online, and the crash course provides key frameworks and approaches that have helped Sam and Shan, hosts of the "My First Million" podcast, build multi-million dollar businesses through writing (10m31s).
• The crash course covers topics such as writing a great story, 14 chat GBT prompts, and Shan's three-step writing framework, all of which are available for free (10m43s).
• The "Anatomy of a Great Story" section in the crash course provides unique ideas and examples around copywriting that may not be found in other resources (10m51s).
• The resource was created by HubSpot, who are the sponsors of the video, and a free resource is available in the video description (11m0s).
• To build a business, it's essential to determine how many hours are available to invest in the business and identify the "golden hours" when energy levels are at a reasonable point to invest in the business (11m6s).

The Want Factor: Why Discipline Isn’t Enough (11m20s)

• To build a successful business, it's crucial to determine how much time you want to spend on it, rather than how much time you should spend on it, as enjoyment is a more efficient motivator than discipline (11m32s).
• The difference between wanting to work on a business and feeling forced to do so can lead to burnout, as seen in the example of a doctor who tried to start an agency but eventually quit due to lack of enjoyment (11m49s).
• Having fun while working on a business is essential, as it makes the process more sustainable and enjoyable, allowing you to spend more time on it without feeling burnt out (12m10s).
• The concept of business can be thought of as a game, where enjoyment and interest in the work are key to success, rather than just seeking financial gain (12m38s).
• It's essential to ask yourself how many hours you want to spend working on your business, whether it's 10 hours a week or 3 hours a week, and find a balance that works for you (13m14s).
• If you're only working on a business for the end result, such as financial gain, rather than enjoying the process, you're likely to burn out and struggle to succeed (13m58s).
• Discipline is not enough to guarantee success in business; enjoyment and interest in the work are more important factors in achieving long-term success (13m43s).
• People who succeed in business are those who enjoy working on their business, as it takes time, experimentation, trial and error, and dealing with rejection, making it a massive emotional, spiritual, and personal development journey (14m5s).
• To build a business, one needs to be honest with themselves about how much time they want to spend working on it and if they're excited by the thought of spending time on their business outside of their day job (14m47s).
• It's essential to find a way to enjoy the process of building a business, and being conservative with the amount of time spent on it is key, starting with 2 to 5 hours a week and adjusting as needed (15m20s).
• Starting small and seeing how it feels is recommended, as it's better to start with a manageable amount of time and increase it later, rather than starting with too much time and burning out (15m34s).
• If someone is not excited by the idea of building their own business, it's probably not for them, as it's not worth creating a second prison for themselves (15m51s).
• Building a business is not for everyone, and it's essential to consider whether it's the right path for oneself before starting (15m58s).
• A free 7-Day Focus crash course is available, which provides evidence-based principles, strategies, and tools to improve focus, as focus and consistency are common struggles for many people (16m19s).
• Many business owners start their ventures thinking it will give them more free time, but often they end up working more hours than they did in their previous jobs, trading a 9-to-5 for a 24/7 schedule (17m0s).
• Despite the potential for more hours, business owners can have more freedom to do what they want, work from anywhere, and earn more money, but it's essential to enjoy the process (17m22s).
• If someone doesn't enjoy the process of building a business, they may be signing up for another job that is more stressful, emotionally taxing, and has uncertain pay (17m35s).
• It's crucial to be honest with oneself about whether starting a business aligns with their values and what they will enjoy, and it's okay to try it out to see if it's a good fit (17m58s).
• Reducing the time it takes to transition between different activities can help with juggling multiple tasks, and sometimes it's helpful to stop a task when time runs out and resume it the next day (19m8s).
• Nat Eliason, a friend with a newsletter, shares a story about competing in tough assault courses, but the story is not fully told in this part of the video (19m17s).
• Building a business alongside a day job requires efficient use of time, specifically reducing the transition time between different activities, rather than just being efficient in the available time (20m10s).
• A key skill to improve is the transition periods between different tasks, similar to how athletes in obstacle course competitions focus on reducing the time it takes to transition between activities (19m41s).
• Reducing transition time can significantly impact productivity, as wasting time on transitions can result in lost time that could be used for business-building activities (19m55s).
• A common example of a long transition period is the time it takes to start working on a business after coming home from a day job, which can be filled with non-essential activities such as checking emails or social media (20m35s).
• Improving transition periods can make it easier to make time to build a business alongside a full-time job, allowing for more efficient use of available time (21m3s).
• The goal is to minimize the time spent on transitions, such as the time it takes to start working on a business after coming home, and instead use that time for productive activities (20m29s).
• By reducing transition time, individuals can make the most of their available time, such as the "golden hours" of 6:00 to 8:00 p.m., and make progress on building their business (20m24s).

The Time Creation Formula: Finding Hidden Hours (21m10s)

• To create more quality hours, it's essential to manage time effectively, especially when building a business outside of a day job, and one way to do this is by cutting down on non-essential activities such as watching TV shows. (21m12s)
• Implementing a rule to limit TV watching to only when with friends can immediately free up a significant amount of time, which can then be used for more productive activities such as getting ahead in work or building a business. (21m36s)
• Conducting a strategic entertainment audit can help identify hours spent on entertainment that are not being used efficiently and effectively, allowing for a more intentional approach to leisure time. (22m16s)
• Randomly scrolling through social media or watching YouTube videos without intention is often not an effective use of time, and being more intentional about how to entertain oneself can lead to a more fulfilling experience. (22m45s)
• Approaching entertainment in a more strategic way can also help reduce the amount of time needed for leisure activities, as focused and guilt-free time can be more enjoyable than mindless scrolling. (23m27s)
• By being more intentional with entertainment time, it's possible to cut down on the overall amount of time spent on leisure activities while still enjoying oneself. (23m50s)
• Building a business that lets you quit your job requires putting in the work, as there is no way to achieve this goal without effort in a capitalist society (24m18s).
• The concept of "work versus chill" suggests that individuals must choose how much they want to work and how much they want to relax, and those who want to build a successful business must lean towards the work end of the spectrum (24m25s).
• To build a business that lets you quit your job, you must be willing to make sacrifices, such as reducing entertainment time, and invest that time into your business (23m59s).
• No one who has succeeded in building a business that lets them quit their job has done so without a period of grind and hustle (25m31s).
• Having a team and processes in place can eventually allow for a more relaxed work schedule, as seen in the example of a friend who works one day a month and earns $5 million in profit per year (25m11s).
• The goal of building a business that lets you quit your job requires prioritizing what you value more: the ability to do what you love and live a life of fun, fulfillment, and financial freedom, or leisure activities like watching Netflix (26m1s).
• It's essential to want to invest time and effort into your business, rather than feeling forced to do so, as this mindset is crucial for success (26m31s).
• Building a business that lets you quit your job requires a mindset shift from feeling forced to work on it to being excited about it, as the former approach is unsustainable in the long term (26m46s).
• Creating time for the business involves reducing or squeezing less important activities, such as watching TV shows, and using that time to work on the business instead (27m7s).
• Working on the business can be enjoyable, especially when done in a productive environment like a university library with friends who are also working on their own projects (27m11s).
• Weekends can be a great time to make progress on the business, and waking up early on Saturday and Sunday mornings can provide a few hours of focused work time before spending the rest of the day with family (27m46s).
• Viewing weekends as a massive container of time can help create a sense of excitement and motivation to work on the business and build a dream life (28m18s).
• Taking breaks and recharging is important, but many entrepreneurs enjoy working on their businesses so much that they choose to do it on weekends some of the time (28m32s).
• If you have a rule against working on weekends, you need to find time elsewhere to make progress on your business (29m8s).
• To build a business that lets you quit your job, it's essential to utilize the currency of time effectively, as without it, nothing will happen (29m16s).
• One way to do this is by using micro moments, such as the 10 minutes spent standing in line at the checkout or between meetings, to work on something related to your business (29m24s).
• Even with just a phone, you can accomplish tasks like creating a sales page using AI tools like ChatGPT or Claude in a short amount of time (29m41s).
• By utilizing these micro moments, you can make progress on your business strategy or plan your next YouTube video (29m53s).
• Having a "menu of options" for tasks to complete during these micro moments can help you stay productive and focused on your business goals (30m52s).
• Prioritizing tasks and identifying the most important ones to complete during your "golden hours of focus time" is also crucial for making progress on your business (30m57s).

Time Stacking: The Magic of Overlap (31m5s)

• Time stacking involves finding more time to work on a business by utilizing "repurposed time," which is time spent doing something else that can also be used to work on the business in some capacity (31m6s).
• Examples of repurposed time include listening to business-themed audiobooks or podcasts during daily commutes, or watching YouTube videos from other business owners while doing household chores (31m28s).
• The concept of repurposed time can also be applied to activities like walking or skateboarding, where one can listen to business-related content or create content using an app like Voice Pal (32m0s).
• Voice Pal is an app that acts as a ghostwriter, allowing users to record their thoughts and ideas, which are then turned into a first draft (32m24s).
• With the power of AI, transcription, and fast internet, it is possible to do a significant amount of content creation, including writing emails, sales pages, or email sequences, while doing other activities (32m59s).
• The goal of time stacking is not to fill every moment with work, but to find ways to be more productive and efficient, while also enjoying the process and avoiding burnout (33m33s).
• Repurpose time is not the same as deep work focus time, and certain tasks, such as client calls or complex problem-solving, require dedicated time and space (33m41s).
• Some activities should be kept separate and not combined with others, such as listening to an audiobook about business while spending time with family (34m1s).
• Having pure and intentional downtime is useful, and the goal is to be more intentional with time usage, rather than optimizing every minute (34m7s).
• Using time effectively, such as listening to business audiobooks during commutes, can provide opportunities for learning and growth (34m17s).
• A challenge is presented to pick one activity to overlap with another task to help work on a business, and to consider signing up for an email list for more information on building a business (35m36s).
• The email list will include behind-the-scenes information on building an online education business, as well as insights from other mentors and entrepreneurs (34m49s).
• The email list will also include book summaries, powerful questions, and recordings of coaching calls, all available for free to subscribers (35m22s).
• A playlist of videos and interviews with expert entrepreneurs is recommended for those looking to start a business and gain a better understanding of the possibilities (35m50s).
• The speaker is expressing gratitude to the viewers for watching and wishes them a lovely day (36m8s).
• The speaker is looking forward to seeing the viewers in the next video (36m14s).
• The video ends with a farewell message (36m15s).