I am a finance blogger. I wanted to be a graphic designer but somehow switched to a new career that I loved immediately and still stick to. The transition from a 9-hour work (though I used to stay in office more than 10 hours) to freelancing was not an easy one.
Like most of us, I was in double minds whether to give up certainty of getting income on the 10th of every month and brace up challenges of working for myself, which definitely involves a lot of insecurity. However, I started freelancing when I was still in office and had good rapport with my clients. Finally, I accepted the challenge despite my family members’ pleading against it and there is no looking back since them.
I underwent rough patches but overcame. Everyone has to suffer ups and downs whatever he/she does – service or business. You may be kicked out of your job all on a sudden or the person you are working for may wind up business. Those who are brave enough to overcome odds are the winners in life. Having confidence is most important. So, before submitting your resignation, ask yourself three simple questions to assess if you are really ready to take the plunge.
Will you be able to maintain your lifestyle?
A handsome salary or a hefty return from business always provides us financial strength. Depending on your income or average return from your business, you lead a certain lifestyle. Before I took up full-time freelancing, I tried to be sure if I would be able to earn enough to have the same amount of comfort. You may have to sacrifice when you are just taking off but believe me, it’s worth doing. In business, income is never fixed. Sometimes you make more and sometimes less. Assess the financial risks you are going to face in freelancing work before quitting your job.
Do you have clear ideas about your clients & competitors?
By the time I left my office for good and ever, I had a good number of clients. I asked them to give me more works. You need to be sure about who your customers will be. In my field, I have many competitors, most of whom I don’t know. If it is possible, try to evaluate what kind of competition you are going to encounter. Like me, you should start identifying both your competitors and clients when you are still working in an organization. Remember that your current employer is also going to be your competitor after you start your own business.
Are you ready to take risks?
No risk, no return! That’s what we often talk and tout. Nothing goes on a linear curve when it comes to return from business. Sometimes, it surges, other times, it dips down. When you make a larger sum of money, you’re elated. Profit, penny, pound and dollar sound good when they tinkle your box frequently and in a larger sum. But when you lose, you will feel doomed, distressed and disappointed. So it is important to keep yourself motivated always whether come hell or high water.