No one can tell you 100% when you are ready to step into the role of a full time freelancer or entrepreneur. It’s hard to give you an exact timeline of when you should jump in full time. In this episode we go over a few tips and pointers in setting you up to help make that transition to being your own boss a lot easier and stress free.
Listen To the Podcast Now
Know what you’re good at
- Are there a lot of people looking for your skill
- What are the skills that contractors get hired for in your field
- What can you do differently?
How much risk are you willing to take
- The most risk-averse you are, the more of a runway you should create before making that jump
- Build up that client base
- Moonlight gigs to start building that warchest
Be honest with yourself
- Freelancing and becoming an entrepreneur takes effort that some may not want to do
- There is nothing wrong with working for another company
“Plan B”
- My ‘Plan B’ was to work for someone else….I was already doing my fallback plan
- You wont know your success unless you try
Calculate how much you need to live per month
- Rent
- Food
- Utilities
Warchest
- Grab about 4-6 months of savings to help make the plunge easier
- If you don’t succeed, you have something to fall back on
Know your worth in your field
- Research companies based on position, location, and average page
- Find out what people in your field are making
- Look up similar positions you’re attempting to go for
- Find out how much you are worth
- What skills are worth in the market you’re attempting to go into
- Find your ideal company and compensation range
- Local and nationwide
- Find what others are being paid to help you gauge your worth