Let me take you all down memory lane of how I shuffled between my 9-to-5 and my freelance business. At first it started off as an avenue to make extra money doing what I love. With a lot of hard work and dedication, I turned my freelance business into my main source of income and said goodbye to my structured life.
Just like me, you’re probably juggling freelance projects with the work you have to do at your office. Sometimes it’s difficult to tell when is the right time to finally leave your 9-to-5 job and pursue what you love full-time. Here are a few pointers that can help you make the decision to leave your 9-to-5.
Do you have enough saved up for living expenses that will last you for some months?
Starting a business is a journey of uncertainties. In a 9-to-5 you know that you’re entitled to a specific fixed salary. But when you go freelancing full-time your income can vary from month to month. To cushion any downtime, it’s good to know you have enough saved up just in case.
If you have enough saved up to sustain you and your family for a couple of months then this is a sign you can go freelancing full-time.
Do you have a steady client-base?
Clients are what keep the business going. As a freelancer, its important to make sure that you have steady number of clients coming in before you can make the leap into pursuing your freelance career full-time.
Don’t leave your 9-to-5 job because you’re booked solid for the month. Make sure you have clients coming in every month such that you can almost bank on it. If your freelance business hasn’t gotten to that stage yet then focus on building your client base and getting steady retainers.
Are you earning more in your freelance business than you do in your 9-to-5?
While you’re saving up to venture into full-time freelancing, a good indicator that it’s time to dive full-time as a freelancer is if you’re earning more than you do at your 9-to-5.
If you weren’t freelancing you would have lived on your salary. It would have covered your monthly expenses. So if you want to go in full-time as a freelancer you need to ensure you earn the same amount consistently for a couple of months.
Are you willing to do all it takes to make your freelance career a success?
To be successful as a freelancer, you need to have your mindset fixed on succeeding. It takes work to grow a business. Are you determined to remain committed to putting in the work no matter what happens? You will experience ups and downs but if you push through then you will succeed.
Many freelancers fail not because they were not talented but because they were not ready to face all the challenges head on and persist till the end. Successful freelancers constantly build their network, develop products, sell their expertise and they are consistent at it.
If you’re not ready to stomach the challenges but still desire to go into freelancing full-time then work on your mindset daily. Position yourself as an entrepreneur in your mind. Sooner or later you’ll know you’re ready.
Are you running your own business full-time? How did you take the bold step?