One of the biggest excuses around starting a new venture is lack of time. We are obsessed with being busy (and telling everyone else how busy we are!). Well, on today's episode, Steve Chou debunks that excuse. Steve ran multiple 6- and 7-figure businesses while maintaining his career as an electrical engineer! The secret? Plan for the long game and prioritize your time.
Steve's entrepreneurial journey began back in 2007 when his wife got pregnant and wanted to quit her job. He actually enjoyed his job as an electrical engineer but they weren't going to be able to live off of one salary in the Bay Area. So they had to come up with a business that could replace her income. Their potential plans ranged from opening a Kumon franchise to a creating meal prep company, and more. Eventually, they chose to start an online E-commerce business selling handkerchiefs, called Bumblebee Linens.
Keep in mind that this was before everyone was selling on Amazon and there were a million tools like shopify. Through diving in head first with a limited set of skills, Steve began to put the pieces together through trial and error (even learning how to embroider). They ended up making over $100,000 in that first year.
Because of their success, Steve began blogging about their experience at mywifequitherjob.com. Over the years, he added additional avenues to share what he's learned and teach others how to do the same. He eventually started a podcast, an online course, and a conference. He has since grown each of these platforms to 6- or 7-figure businesses.
But the most amazing part of this journey is that Steve didn't leave his full-time job until 2016 - almost 10 years after the official launch of their E-commerce store! I got to talk to him about how he was able to accomplish so much while he was still working, why he kept his job when he was making so much money from his side income, and more!
Steve's story is a great reminder that you can plan that first step forward as much as you want, but you'll never truly know what will happen until you take that leap- and it doesn't have to be a giant one either!
Here is what we chat about in this episode:
Where to find Steve:
Follow along for more:
- Why they chose to go the E-commerce route
- How to make better use of your time
- What it took to create their online businesses
- How it cay pay off to play for the long game
- Why you don't need to have everything figured out right away to take that first step
- And so much more!