I get tons of email from people who have a full-time job they truly hate and dream of quitting to start a business doing work they really love. They all have the same question – How do I quit my job and start a business while continuing to pay my bills?
Most of the advice you find on this topic will tell you to save up three months of living expenses, so you have time to transition into building your business. This assumes that you make enough money at your full-time job to pay your bills and put some in savings. But onlyl 49% of people who have a full-time job are living above the poverty line. Seriously.
Saving three months worth of living expenses could take years, which makes the idea of starting a business seem utterly impossible. I have another way.
- Figure Out How Much Money You Need. The first step is figuring out how much money you need to earn each month. You should come up with two numbers. One number is how much you have to earn in order to pay the bills and get food on the table. The other number is how much you have to earn in order to have a happy life.
- Find Something to Sell. Every business needs something to sell. You can sell a product or a service or a mix of both, but you need to know what it is you are going to sell. Figuring out how to package your skills into services or develop a line of products takes time. So you should work on figuring out what it is you are going to sell while you still have a full-time job.
- Start a Freelance Business. The best way to transition from a full-time job to starting a business is freelancing. You can package your existing skills into sell-able services, start taking clients and bring money in right away. The best part? You can take freelance clients on while you have a full-time job!
- Price your services. Your should price your freelance services in a way that will allow you to quit your full-time job. Figure out what you need to charge per hour in order to hit your income goals. Now double your price. You do not want to spend 40 hours a week freelancing for other clients. Freelancing is your chance to transition into whatever business you dream of building. So you should plan to spend only 50% of your time freelancing and the other 50% of your time will be spent building your larger business. Figure out what you need to charge per hour if you are spending only 50% of your time freelancing, but need to hit your minimum income goals.
- Start Finding Freelance Clients. Now its time to start finding some regular freelance work! It is important that you set aside a little time every week to work on building your business. It can be five or ten hours in the beginning. The key is to make it a regular habit.Start pitching your services to potential clients and close as many deals as quickly as you can. You will have the income you need to quit your full-time job once you have booked 20 hours a week in freelance work.
- Quit your job! The best entrepreneurs dont just quit their full-time job. They negotiate a deal that helps them grow their business. Would your current employer consider hiring you on a contract or freelance basis? Is there any chance they would allow you to work from home? Having the security of regular freelance income will give you power in negotiating a deal with your current employer.
You will now be free to pursue your business full-time. The extra time you have can be used to secure more freelance clients and grow your practice, or will allow you to build a different type of business that you would like to pursue.
The key to quitting your full-time job and starting a business is creating a smart plan that allows you to make the transition with a sense of security. We are hosting an intensive six-week online business accelerator for anyone who is dreaming of quitting their job and starting a full-time business. We are going to walk you through each step of building a profitable online business that allows you to do work that you love. You can get access to the entire program for $197 if you sign up before May 31st. Learn more here.