9-to-5 job can be ‘your first investor’
Daymond John didn’t leave his day job in a hurry as he built the business that made him a millionaire. He says maintaining this has made him more successful.
“I worked at Red Lobster for years while we were building FUBU,” John said. LinkedIn On Monday. “It’s not that I didn’t believe in my dreams. Because it was smart.”
In 1992, the Queens, New York native founded the clothing brand, short for “For Us, For Us,” after a modest upbringing with her single mother. John started the company with just $40, and the money he earned as a waiter at a chain restaurant helped him stay afloat and invest in his business.
“This job taught me sales and inventory, paid my bills [and] I purchased fabric and materials for my business,” wrote John, 56.
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FUBU rose to popularity in the early 1990s with a thriving product line. hip hop and rap scene. John said he took his clothes to music video shoots and had rappers take photos with his equipment. In 1996, he put out an ad to fund his business and struck a distribution deal with Samsung. he told Business Insider In February 2018. This investment reportedly helped FUBU invest. $30 million in sales within three months.
The urban streetwear brand has since generated more than $6 billion in total revenue. John’s website. John, a long-time investor judge on ABC’s “Shark Tank” program, currently serves as the company’s CEO.
‘Build slowly if necessary’
When starting a business or taking on a side hustle, you may be tempted to quit your job, especially if you’re already bringing in some money or you’re tired of working a 9-to-5 job. Experts generally recommend taking a few things into consideration before taking this risk.
According to Kevin Lao, a certified financial planner and founder of advisory firm Imagine Financial Security, these considerations include a strong business plan that clearly outlines what the product or service is, who will buy it and the money you will make, and enough money to keep yourself afloat while you build your business.
Lao saved a year’s living expenses and three months’ operating expenses before starting his company. he told CNBC in January 2022. He added that he was also clear about his company’s vision.
“Unless you have a very compelling ‘why,’ it is very difficult to be successful,” Lao said.
For John, he wrote, the job of waitressing—though not glamorous—formed the foundation of his approach to entrepreneurship and taught him an important lesson.
“People don’t realize this, but sometimes the day job is your first investor,” John wrote. “Don’t be discouraged if you don’t have the means to quit your job right away. Use it as fuel for your dreams and goals. Build slowly if you have to.”
Disclosure: CNBC owns exclusive off-network cable rights to “Shark Tank.”
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