When I opted for voluntary separation from my employer in 2015, it was only because I had enough security to debunk my fears. Every excuse I could think of to not work for myself for a while, was brought to naught. I have been talking to a few people who are considering self-employment, and they held some of the same fears I had.
My biggest worry was that I would not have enough work to make enough money. I would lose my house and my car and end up on the street. Somewhat dramatic, now that I think back on it. But for anyone dreaming of self-employment and needing the last little shove, I can share some suggestions based only on my experience and my context. Here are some ideas on how you can kick off the process:
Network. Tell people what you are planning. Explain how your new venture can add value to them. Take their contact details and send them details of your offering after the meeting. Don’t let them forget you.
Call in favours. Ask someone you respect to coach you so that you stay strong and look at different angles. Ask an artistic friend to help you with a logo or a look-and-feel. Buy your laptop at a cheaper price through a connection’s connection. Acknowledge all those who support you in this way, and return the favour.
Save some money. You don’t need a year or two years’ salary to set yourself up. If you’re lucky enough (yes, lucky enough - in many instances) to qualify for voluntary separation, you already have your start-up costs sorted. Do some extra work at night and on weekends for a month or four and save all the extra money as your start-up funds. If you already have the network and you already started doing some work, you’ll need less of a financial cushion than you think, because you'll already have an income.
Speak to a financial adviser. If you have a good one, he or she will help you to set up your business without discouraging you. A qualified financial adviser looks at your entire financial situation and gives you the options available to achieve your dreams. He or she will help you with the ‘how’.
Consult an accountant. It’s important to understand what paperwork you need to do and keep to sort out your tax. If you work from home, there are things you may be able to deduct from tax and receipts you need to keep to substantiate deductions. Your tax rebate can be your December salary and holiday money.
Start today and deliver excellence. Your greatest marketing asset is the work you’ve already done. You really want your clients to come back to you with more work and recommend you to others. You want to build relationships that are valuable and profitable. Even if you still have your day-job, start today.
I returned to permanent employment after 15 months of working for myself, at the same company I left 15 months ago, but in a different division. Why? Well, because I have a plan. And because I found a place where the people’s values match my own. But most importantly, because I know I can leave if I don’t like it and still make enough money to survive and even thrive.
I can’t remember when last I felt less hemmed in than I do right now, even as a corporate employee.
I wish everyone could feel that same freedom.