Launching into self-employment is an intimidating thing.
In the beginning, I was constantly plagued with worries about whether I was actually good enough; what I would do if I lost a client; and what if the online marketing space suddenly stopped growing.
I know how scary it is to realize: your ability to hustle is the main driver behind whether or not you'll make money this month.
I totally know how incredibly stressful it can be to launch out on your own. (And for me, it's a toss up between whether or not that's actually terrifying or exhilarating!)
I was growing my business for over a year before I launched full-time.
And my husband & I were pretty methodical about prepping financially for the ups and downs of a new business.
Here are 3 things we focused on before I made the full-time leap into self-employment:
1) BECAME DEBT FREE
This one is probably not going to be for everyone. But I'd remiss if I didn't tell you about it, since it was such a big part of our plan. My husband & I had $61,000 in debt and we hustled big time to pay it all off in 3 years. During those years, we talked about me working for myself one day. I knew it was something I really wanted, but didn't have the luxury of investing time and money into a new business when we had so much outgo each month.
Our debt was holding me back from realizing & living my dreams.
Now, I (we) operate my business & my household budgets completely debt free. (Ex: when I bought a new MacBook earlier this year, I waited until I could pay cash for it.)
We used Dave Ramsey's debt snowball method to get out of debt. (PS: we went on Dave's show in 2014 to take part in a show tradition, the debt free scream.)
2) STOCKED UP $ FOR A RAINY DAY
Before I launched full-time, we also saved up 3 months of our monthly expenses for our household. (So, notice - I said full-time. I was still working in & growing my biz as a side-hustle this whole time!) This is another "Dave trick" that we love because it gave us such peace of mind. If a client pays an invoice late, or needs to pause their retainer for a month, being debt free & having cash in the bank calms the whole situation.
3) WAITED UNTIL I PROVED I COULD MAKE $
I was working with my clients for well over a year before I launched full-time. I finally resigned from my position when I hit a "tipping point". I had more demand than I could fill in the nights & weekends I was giving to my business. I knew I had to make a decision: dedicate myself (and my brain space) to my day job fully - or launch completely in my biz. Of course, I chose the latter. But not until I knew that I had a portfolio of clients - plus more in line - to fill my days and my income.
In the end, I took my time making the leap because I really want to build a lasting, successful business that brings value to my clients for years to come.
How did you prep your family's finances for solopreneur life? Tell me below, I really want to hear!
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