The Shift From Freelance To Full Time Entrepreneur: Part 1
Many successful entrepreneurs get their start doing side gigs. A programmer might pick up a few spare coding jobs throughout the month, or a window cleaner might work on houses on the weekends. If you are considering turning your hobby into a career, you’ll need to take the right steps to properly transition into your new lifestyle. The guide below explains how to shift from freelance to full time entrepreneur with minimal mistakes.
Don’t Quit Your Day Job Cold Turkey
A lot of new entrepreneurs make the mistake of quitting their job right away to pursue their passions full time. This may seem like a good idea because it marks “complete commitment,” but it’s usually a recipe for disaster. Here’s why…
- You may need to go back to your old job if the new adventure doesn’t work out. Why burn bridges that you might cross again?
- You need to have money put away to make a successful transition. (See the next section for more details)
- You may not have enough work in your new business to keep yourself busy.
- You cannot rely on “hope” to get you through the shift.
- Unfortunately, you may be in over your head.
The fact of the matter is that there are no guarantees when you become a full time entrepreneur. Even if you have a solid business plan and take all the necessary precautions, you’re still at risk of not succeeding. Try shifting into part time employment with your current job before you quit altogether. This should free up your time without removing your safety net.
Get Some Money Saved
It will probably take you a while to build up a strong client list, so make sure you have money put away to cover your bills for a few months. This money may also be used to fuel the growth of your new business, if you get it moving fairly quickly. Don’t just assume that you will make a ton of money right from the start. Some businesses take months or even years to reach a breakeven point before they are able to really see profits.
Research Job Stability In Advance
Are you entering a market with a positive future, or are you setting yourself up for failure? Do some solid market research before you commit to working full time so you don’t end up with your tail between your legs. Even if your job is lucrative right now, the money you earn won’t mean anything if it’s not consistent. Determine how much of a demand there is for your new business before you settle into it.
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