If your entrepreneurial side is calling you more than ever, it can be hard to ignore. Are you contemplating quitting your day job to pursue your passion? There’s no easy way to do it, but taking in a few considerations before making a decision can help you decide when, how and if you should do it.
Do you have any prospective work?
You may already have a side hustle that is bringing in some extra money, which gives you a big advantage when it comes to planning your exit strategy since you already have another stream of income. Want to maximize it? You may consider telling a client that your schedule may be opening up and that you’re able to take on more work. If they can’t utilize your new availability, perhaps they can recommend you to someone who can. It’s also a great time to reach out to vendors and others in your area of focus and propose a new idea or project. Freelancers sometimes create new opportunities for themselves and if timing is right, they can pan out to be something great.
Who do you know?
When you decide to take the big leap, reconnecting with people you’ve worked with before is a great way to get some intel into prospective work and connections! When my job status changed, I reached out to those I knew for coffee and lunch meetings to catch up and to let them know what I was looking to do in case they or someone they knew could utilize my services. It also helped me refine my specialities by using them as sounding boards for what they thought my strengths were. In the end, it is what you know, but it is also often times who you know, too.
Can you forecast your recurring and upcoming expenses?
I don’t think you need to have a hefty bank account in order to make the leap, but careful planning can lessen the burden you’ll feel once you do it. If you have recurring expenses, put them in an Excel doc or your preferred platform for managing finances and see what you absolutely need. Maybe you can nix that phone insurance since the deductible is so high anyway, or get rid of that gym membership you use every once in awhile. It also will help to add in what you may need in the future. Know that a friend is getting married and travel is required? Estimate the flight and hotel accommodations and add it to your sheet. Knowing what you need to bring in monthly will allow you to effectively budget as well as figure out when you may need to pitch additional work.
Are you self-disciplined?
Most freelancers work independently. Are you good at managing your own time and workflow? Can you buckle down and make sure you’re meeting the obligations of the projects you’ll take on? If you struggle in this area, that doesn’t mean that you’ll fail. There are several tools available out there that can help you, from Wunderlist to Evernote, not to mention, appointing a friend to be an accountability partner. It will take practice and a push out of your comfort zone, but the earlier you implement a system for yourself, the easier the transition will be. It’s all about setting yourself up for success.
Where will you do your work?
Some may say this isn’t as important but I think it’s just as important as the projects you take on. One thing that you’ll want to consider is where you will do your work. Do you have a home office? Garage that you can convert into a workspace or storage of your items? A local coffee shop? Maybe rent a desk at a local coworking space? Having a dedicated place to do work will help you build a routine. You may have to try several places to find the right place for you. Just like with a traditional office space, some thrive in quiet areas and others thrive in chaotic, so if you are able to test drive different places, do it! 🙂
Now let’s get chatty!
Considering making a move? Leave your questions below!
Freelancing and loving it? Share your tips for success in the comments.