You’ve had that feeling. You’re ready to chuck the corporate world and head off on your own business adventure. You’re your own boss. No one telling you what to do. Making your own hours. Setting your own priorities.
But are you ready for that?
How do you know?
First off, it is really easy when you’re upset, pissed off, and feel like your world is caving in around you, to think the grass is greener in the freelance life.
But is it really?
First you need to cool off. Take a step back. Give it 24-48 hours minimum to get your mind straight. There is nothing more damaging to your career or life than making a bad decision because you were in a bad emotional state.
Okay. So you got through that and you’re still thinking running your own business is where your life should be headed. What next?
How financially prepared are you?
If you didn’t have income for six to 12 months, could you survive? Do you have the savings?
How far can you scale back your fixed expenses to get you through the transition? What is your rent or mortgage? Could you downsize? Do you have car loans or student loans you have to pay on each month? Or credit card debt? Better to pay that stuff down or off before backing yourself into a financial corner.
Beyond your current spending, will your plan give you room to save? If you’re spending everything you earn you’re likely to be setting yourself up for the equivalent of a job with double the stress and risk.
Relationships are next.
How are you supported? Does your spouse, friends, family support you with this decision? When the going gets tough are they going to be in your corner, helping you through the difficult times? Or are they going to say, “I told you so.” and undermine you every chance they get.
Running your own business is hard enough as it is and entrepreneurship isn’t always as glamorous as the snake oil salesmen selling get rich quick schemes would have you believe.
Did I still not scare you off?
Then check this out and see if you have what it takes.
After checking it out if you think it is the lifestyle you want but you’re not fully prepared to make the jump yet, consider doing your new venture as a side hustle. Especially if you can keep the up front costs at a minimum, you just might be able to get it rolling and then minimize the downside risk of a failure and better time the transition to full time freelancer.
Want to get a second opinion? Contact me to schedule a call to discuss it.