Working for yourself is harder than you thought and much harder.
I recommend starting your venture as sideline and making this successful prior to dive into it full-time. Your new venture sideline will give you an idea of hours you’ll have to full-time working for yourself.
Many entrepreneurs have no idea how tricky it can be to run a business and how much extra work to deal with all the overhead of running the business. You need to start your business on the side while you have your full-time job, you’ll get a thought of what it feels to work in longer days and to run the new business.
If you fail, you’ll still have the income from your job and it might take you more than a few tries to create a successful venture that can sustain you. Would you rather spend years saving up enough money to take one shot at it and expect that it pan out, or have enough runway to give tries until you finally get something that stable.
How much do you really work?
Set a way to track your hours during the day so that you could see where your time was going and what your available time is and will found that you was usually getting only around 3-5 hours of actual work done during a day. It hardly believes it. You were working harder than ever, but I was producing only half of my potential capacity each day.
You’ll immediately begin to wonder how much work you were actually getting done during a day at my regular job, before you quit. You thought back through your typical working day and you tried to figure out how you were spending your time.
You will see that most of your hours are in FB Messages, answer personal emails, and so on. There is no sense denying it and it probably adds up to about an hour each day. When you’re working for yourself, you tend to work much harder, because you only make money when you’re working.
It’s important to realize that you can’t necessarily plan eight hours’ worth of work into your working day when you work for yourself. You can figure you’d be giving yourself an extra eight hours a day to get things done. Because you was working three to four hours each evening on your side business while holding your regular job, you thought you could work just eight hours a day and now get twice as much work done. You were completely wrong and it almost caused me to become discouraged and give up.
Example of how a software developer might make the change to self-employment.
John Doe has been a software developer for about 15 years. He likes his job, but he really wants to become a freelancer and work for himself. He likes the idea of having the flexibility and freedom of choosing his clients and deciding what to work on and when.
Now, John Doe has been thoughts about making the jump for quite a while.
The first thing John Doe did was to start cutting his wasted then wants to have some breathing room when he change to self-employment, so he has saved an entire year’s worth of living expenses to cover him at least through the first year.
John Doe figures that if he can make half of what he needs to live during the first year of his freelancing, he’ll have enough savings to last him two years. That’s plenty of time to get his venture to realize it isn’t going to work out. Don’t save a year’s worth of salary, but a year’s worth of expenses—what you need to live. He’s willing to make that sacrifice to pursue his dream.)
John Doe also started devoting about 15 hours each week to freelancing while he still kept his regular job. He spends about the 3 hours each day doing freelance work. He spends 5 hours each week working on getting new business and advertising. John Doe made sure to start doing these six months before he planned on quitting his job so that he’d be sure that he’d have some guaranteed income coming in and not feel so much pressure when he quit his job.
Joe calculated the exact day he’d quit in advance and has had it on his calendar for over a year. When that day comes, Joe hands in his two-week notice and begins his dream. He’s financially and mentally prepared for the transition.
Calculate exactly how much money you’ll need to earn each month to live. You might be surprised to find out how high it is right now. If you want to get “free” quicker, you’ll need to figure out a way to reduce that amount so that your side business will need to bring in less income.
Start tracking your time every day at work. Get an idea of how you’re spending your time currently each day. Now, figure out how much of that time is actual productive time where you’re actually doing real hard productive work—you might be surprised by the results.