Your alarm goes off.
It’s time to get up, take a shower, get your coffee, and head out to the office.
It’s as though you’re always coasting around on autopilot.
You do this every day, and you don’t even have to think about what you’re doing anymore.
For many, the security and routine of a 9-to-5 job are not what they signed up for.
It’s possible you’ll only get two weeks off per year, the salary is terrible, the coworkers are all gossips, and the duties…well, let’s just say you didn’t need that college degree.
A growing number of people, especially Millennials, are giving up on the idea of having a traditional 9-to-5 work.
This notion of working one’s way up the corporate ladder is becoming less common.
Freelancing, starting and expanding one’s own business, and similar pursuits are seen by many Millennials as the norm.
And the numbers bear this out: independent work is on the upswing.
It’s estimated that 34% of the American workforce, or more than 50 million people, are now independent contractors.
When we look back just seven years, they only represented 15% of the labor force.
As more people learn about the financial independence of being a sole proprietor, this trend will continue to grow.
If you want to learn how to bolster yourself for quitting your job and remaining financially responsible, you’re reading the right article.
How To Make Enough Money To Quit Your Job
Plan and Create a Timetable
It’s a major step to go from being an employee to a freelancer.
Define a timeline for when you hope to accomplish that change so that it becomes more concrete. In times get rough, this might serve as a source of accountability and inspiration.
It’s also ethical to give your employer a specific date so they can plan accordingly.
You should think about your financial situation and your exit strategy from your current employment while deciding on a timeline.
Is a gradual transition possible, or are you going to make a sudden change?
Here are a few key reminders:
- When you stop working, how will your spending change? (Savings on transportation costs and gasoline could be offset by higher medical insurance premiums.)
- Does your employer have any interest in keeping you on as a consultant? (This can be beneficial for the company’s transition and secure your financial future while you learn to fly solo.)
Determine Your Goals
Freelancing is a choice that everyone makes for their own unique reasons.
Create a strategy for when you want to quit your job.
Then you can use that plan to choose what major objective you want to accomplish before you do so.
Having a lofty objective not only aids in focus but also boosts drive and productivity.
When you venture out on your own, you won’t have a boss monitoring your every move.
Making and keeping an ambitious early objective can provide you with valuable experience that will serve you well as a new entrepreneur.
Related Reading: Best Financial Goals – Get To Know Them Here.
Lay Out The Steps
After deciding what you want to do and how long you think it will take, the next step is to create a game plan for how you want to get there.
Let’s have a look at the three main things aspiring freelancers need to do:
Research, Research, Research
The fastest method to reach your objective – assuming it’s an income goal – is to harness your previous work experience.
A freelance writer, for instance, can leverage her previous experience and excellent writing skills to quickly secure high-quality writing gigs as she begins her move to solopreneurship.
While many freelancers find that their professional experience helps them move into freelancing, others find that following their passion is the best way to get started.
Once you have an inkling of what you want to do, it’s time to do some market research.
Investigate similar businesses to ensure that there’s a need for your product or service and that you can earn a living off of it.
Set Your Rates
In general, solopreneurs get to choose when they grind and when they play.
You set your own hours and your rates, and, of course, you’ll have to be reasonable.
At first, you may have to work for very little pay. You have to be prepared to accept any job that comes your way.
If you’re just starting out, you can get your foot in the door by offering to do some free or cheap labor in exchange for a recommendation or review.
You are not volunteering your time; rather, you are working for something other than money.
Once you’ve completed a few jobs and gained the social proof that comes with it, you’ll be able to charge more.
When you’ve established yourself as an expert in your field, you should charge what you’re really worth, which is more than what you’d get paid as an employee.
Let’s say your prior employment paid $40 an hour for a given task.
Do you honestly believe that your company charged the client the same rate?
No way. Probably three times as much.
You’re now in the unique position of having to play both the boss and the employee.
You call the shots.
Have a Plan B (and a Plan C) in Place
What if, three months into your freelance career, you discover that there is no demand for your services?
Or perhaps you’ve come to the unfortunate realization that your chosen profession — be it writing, design, coaching, or blog administration — isn’t exactly a moneymaker.
If failure is inevitable, do it quickly.
Recognize that you have reached a point when you must modify your current approach and carry on.
Consider options B and C if A fails to produce results. This could necessitate resuming employment.
It’s not great, and it doesn’t have to last forever, especially if you loathed your former job because of the hours.
Alternatively, you may decide to switch to a different, more lucrative strategy.
Taking your business to the next level can necessitate enrolling in a course or hiring a coach or mentor.
Having more applicable talents could increase your marketability and reliability as a service provider.
Say you started a website design company, but you’ve found it difficult to sustain a steady stream of clients.
You could shake things up by providing graphic design services for things like social media banners, blog post images, infographics, and eBook covers.
Try Your New Venture as a Side Hustle First
Most folks get their start as entrepreneurs by moonlighting while still holding down a full-time job, thereby reducing the likelihood of financial ruin should their business venture fail.
Without making a long-term commitment, you can test the waters and see if you can drum up some business on the side.
You can figure out if you want to make this your full-time gig by putting in some time freelancing or creating items for your online shop in your spare time.
But you should know that this route isn’t all sunshine and daisies.
Are you willing to give freelancing your all if you know you have the security of a steady paycheck from your day job?
Without proper motivation, it is impossible to get anything done.
As a side hustler, you still have to deal with the paperwork, billing, and invoicing that come along with running a business.
You also inevitably have to learn how to manage sales or projects.
When you’re already pressed for time, this can be a major drain.
Your experience in these extended duties will either confirm that this is the career path for you or convince you that taking on so much responsibility is too much to handle.
But many people find that a side hustle is a great way to test the branding, networking, and money waters.
This facilitates transitioning into a freelancing career full-time.
Set Up A Separate Savings Account
Use the money you make moonlighting to save up so you won’t be financially strapped when you eventually quit your day job to do this full-time.
How much cash should you put away in your emergency fund?
Experts recommend putting away three to six months of living expenses in the event of an emergency, sluggish periods at work, or a loss of clients.
However, those with dependents or fixed costs like a mortgage are advised to have six to twelve months of living expenditures set up.
Get a savings account specifically for the money you make from your new venture.
Related Reading: How To Save Money And Live Better – Dive Deeper Here.
Prepare To Take The Final Plunge
You are now working a full-time job while also running a side business.
Maybe you’ve even set up a couple of passive income streams.
You’re getting close to the deadline you set to finish your major career shift.
Here are a few items to address before you put in your resignation and turn your side hustle into your full-time gig before you cut ties with your current employer:
Secure a sufficient number of customers in advance.
If you wanted to quit your job permanently, how many gigs or projects would you need before you felt secure?
You’ve put away money for lean times, and now you’re evaluating whether or not your current clientele can cover your monthly costs.
Create a strategy to attract more customers.
When you’re a one-person show, you have to be willing to grind hard to make a sale.
Even if you have a consistent stream of work or are selling a lot of your product or service, next month could bring big changes.
Plan ahead for the possibility that a client will request fewer services or decide to stop working with you altogether.
Lower-paying customers should be phased out as higher-paying customers are brought in.
You’ll have more spare time and a higher salary as a result.
As such, it’s important to get your name out there so potential clients may find you.
One way to advertise your offerings online is by creating a website.
Schedule your days.
There won’t be a manager dividing up your day for you, so you’ll have to figure out how to maximize your time effectively on your own.
It’s tempting to take a break from your workday to grab a cup of coffee with a buddy, but remember no work, no pay.
However, many sole proprietors are familiar with the stress of having to make all the decisions and handle all aspects of their firm.
For this reason, planning your time effectively each day is crucial. The Pomodoro method is an effective time management strategy.
To maximize productivity, try this time management trick: work for 25 minutes straight, then take a five-minute break.
After working for four consecutive 25-minute “Pomodoros,” you’re allowed a 20-minute break.
You could benefit from using productivity tools to help you organize your day and get the most out of your time spent working.
And there are many who find all the structure they need in a morning of meditation or yoga before heading to the office.
Determine how you will organize your day to maximize efficiency and minimize interruptions.
Reminders Before Quitting Your Job
Be considerate and give your employer some time.
It’s important to leave on good terms with your employer, therefore giving two weeks’ notice is a must.
Without proper warning, you become a liability to your employer.
Accomplish all your pending tasks before leaving.
Do your best to wrap up loose ends before departing if you have a lot on your plate.
Even if you feel burned out, there’s no excuse to leave a mess for your former coworkers.
Leaving a lot of work for someone else to do is a surefire way to make their life harder.
It will also not paint you in the best light.
Recall all your current benefits.
You get perks in addition to your salary when you have a job.
Employment often comes with perks like health insurance and retirement programs.
These perks may no longer be available to you if you decide to stop working for a company.
It’s important to have the plan to save money for expensive items like health insurance whenever you leave your job.
Consider your PTO and Sick Day Pay
You should think about cashing in any sick or personal days you have saved up before you quit your work.
Find out if this time off is compensable by your employer.
You may feel the want to stop connecting and avoid contact with coworkers after handing in your two-week notice.
There’s really no need to be a bummer before you leave.
Take budgeting seriously.
You’ll need a savings plan and the ability to earn enough money to support yourself before you can quit your work.
The best way to maximize the money you earn is to create a budget and stick to it.
If a member of your family is dependent on your income or finances, they should be informed.
Related Reading: Best Budget Planners – Find Out Here.
The Push You Might Need To Quit Your Job
Now you know how to make enough money to quit your job. Still, you might not be feeling too confident about this massive change.
Here are a few reasons why quitting your job may be worth it.
Remember, you are the only one stopping yourself from improving a bad situation.
Your Job Has Turned Joyless
It’s natural to experience low points in one’s profession, but if those low points become regular, it’s time to start looking for something new to do with your life.
You’ve Hit A Wall In Your Career
A lack of opportunities for professional growth and advancement at work might make employees unhappy and disappointed. Maybe it’s time to venture out on your own and plot your own trajectory.
You Don’t Make Enough Money
While money shouldn’t be your top priority when searching for a new career, you should be compensated adequately for the role you occupy.
If you’ve discussed a significant income increase or other benefits with your superiors and been unsuccessful, it may be time to make more money another way.
While it is true that more and more jobs are becoming remote, relocating may still mean losing your existing position.
Talk to your boss about what you can do to keep the same job if you’re open to doing so.
If they’re not cooperative, then inform them as soon as possible after your relocation is finalized.
Maybe you want a new job or a hustle that allows you to work from anywhere anyway. Who wouldn’t want that luxury?
Your Company Is A Downward Slope
The shutdowns imposed by the pandemic have been devastating to many businesses.
Continued layoffs or furloughs may be a sign that your organization is having financial difficulties.
It’s important to undertake some covert investigating into the company’s health and to ask coworkers about it.
Then you should probably start looking for a way out if your company has turned into a sinking ship.
You Want To Create Your Own Schedule
Sometimes the hours at your present employment just don’t mesh with having a kid at home or meeting other obligations.
Check to see if you can modify your shift or make any adjustments to your present work schedule.
If your job is completely inflexible, perhaps it’s time to work for yourself.
You Can’t Stop Thinking About Quitting
Ultimately, you should leave your job if it makes you feel like quitting on a daily basis.
If you’ve always dreamt of working for yourself and making your own way in the world, then go for it!
We only have one life, and there’s no point in spending it on an unfulfilling job.
Your Company Work Culture Is Toxic
Even the ideal work environment can be ruined by a toxic group of coworkers.
Your mental and physical health may suffer as a result of this, and you may even become ill.
If you and your superiors can’t come to an agreement, it may be time to look for work that allows you to choose who you work with.
You Need A Better Work-Life Balance
It has become increasingly common for professionals to find that they choose to keep working from home or in a mixed setting.
Maybe you wish you could take more time off whenever you want.
If this is something you care about, but your current employer is unwilling to budge, it may be time to work within your own schedule.
There’s Been A Major Change In Your Life
Having a baby or any other major life transition might be a motivating factor in deciding to leave your career.
Don’t beat yourself up about leaving your job, whether you’ve decided you don’t need the money or you’ve realized you’d be happier working part-time or doing freelance work.
You should instead relish this new period of your life.
You Want To Tread A Different Career Path
One more acceptable justification for leaving one’s work is the realization that one’s current field is not a suitable fit and the subsequent desire to make a career change.
It’s important to have a well-thought-out plan for making the transition from your current job to a new one, as you may need to retrain or go back to school to find gainful employment in your desired field.
Again, the only thing standing in the way of you getting your dream job is you.
Your Values Don’t Align With Your Company’s Anymore
The satisfaction and pride you should feel when achieving duties are significantly diminished when you ignore your values or don’t agree with the company’s principles.
The amount of time spent working is too great to be spent indifferently. Why trade in your dignity for money when you can have both?
Related Reading: How To Retire By 45 – Find Out Here.
There are various ways to get money if you don’t want to work a regular corporate job.
You may escape the grind and reclaim your life by starting your own business, working part-time, or retiring early.
There are solutions to work stress besides always looking for a new one. Think about making a career switch or starting a side business to supplement your current income.
Positivity can help in any situation, so if you’re feeling overwhelmed and don’t want to work anymore, try to create a work environment that won’t drain you. Good luck!