If you’re thinking about making the move from employed to self-employed, you’ll want to be sure that it’s the right fit for you. For me, that choice was easy. I wanted a different lifestyle where I had the freedom to travel, live around the world, and work for myself. Upon returning to corporate America after backpacking by myself through 12 countries, I quickly discovered that a 9-5 job was not for me!
Starting an online business offers you the ability to work from wherever you want, whenever you want. I’m no longer confined to just 15 vacation days and I don’t have to endure long commutes into the office before sunrise. I can unleash and develop my creativity without any rules or regulations getting in the way. It’s not an easy transition though! You’ll no longer have the stability of a corporate salary and you’ll have to manage your own Marketing, time, and learn to run a business.
This kind of lifestyle doesn’t appeal to everyone and that’s ok! But, if like me, you’re longing to escape the office and take things at your own pace, then self-employment is the perfect choice. In this guide, I’ve put together 5 ways to make the transition from full-time employment to being self-employed business owner. From changing the way you work at your current job, to creating your own business and digital products/services.
5 Ways To Switch From Employed, To Self-Employed
Do your current job, remotely
Maybe you enjoy your current job and you’re just fed up with commuting into the office everyday. Traveling to and from work can really eat into our free time which in turn leaves us feeling wiped out. The solution? Ask your current employer whether there are any opportunities to work remotely. If that’s not an option, offer your services contractually or on a freelance basis instead. Contract and freelance work often provides more flexibility and is a great step on your entrepreneurial journey.
Offer your services to other companies
If you are unable to work remotely for your current organisation, offer your services to other companies. There are plenty of employers looking for contractors and freelancers. If you like what you do, this is a fairly easy switch from employment to self employment. Along the way, you’ll also build a network of people that contract to you, creating long term working relationships and future collaborations.
Join freelance marketplaces
When you’re first starting out, it can be difficult to know where to begin. Luckily, for entrepreneurs, there are now plenty of ways to find work online. Freelance marketplaces offer an entire database of opportunities, enabling you to build your profile and find clients. Websites like Upwork and Fiver are a great choice for both newcomers and more experienced freelancers. All you need to do is set up a profile, decide on your hourly rate and start searching for jobs. It’s also a great way to get to know your market and understand the type of work available. With so much competition out there, it can take a little while to secure work on these platforms. Try not to feel deflated if things don’t kick off straight away. It just takes a little perseverance.
Collaborate with others in your space
As an entrepreneur, collaboration is a key skill that you will need to develop and finesse. Start by connecting with other freelancers working in your line of work. Often, you’ll find that they have too much work of their own and are looking to source it out. Once you have built these connections, you may start to see a steady flow of work. You can also use these connections to ask questions and develop ideas. Just be sure to return the favour when the opportunity arises.
Create a digital resource
Once you have started to promote yourself online and are more confident in your journey of self employment, you may want to look at other ways to make money. One of my favorite options is to create a digital project such as an ebook or online course. While it takes a while to develop these resources, once it is up and running it offers both time and location freedom. For example, if you launch an ebook, the money will keep rolling in without you really needing to do anything aside from marketing it. Selling your own digital products online can not only build your audience but it can also enhance your skill set.
My Top Tips for Making the Switch to Self-Employed:
Now that you know the how-tos, take a look at my top tips for making the move from being employed to self-employed.
Invest in learning the business side of creativity
If you want to fast-track your success as an entrepreneur, learn from people who have achieved what you want in your life and business. At The Wanderlover, we help you reach your first $5k/month inside the Wanderlover Business Academy, and further your business growth within Private Coaching. We know that it is possible to achieve time freedom, location freedom, and financial freedom, and want you to make your dreams a reality!
Be strict with your time
Going from a corporate structure to working remotely poolside has both pros and cons. While it sounds like a dream, this type of lifestyle can lead to severe procrastination if it is not properly managed. It’s so easy to treat yourself to an early cocktail and get chatting with another like minded entrepreneur by the pool. Before you know it, minutes turn to hours and the day has gone. To ensure this doesn’t happen, create a schedule for the week and stick to it. You can give yourself plenty of scheduled downtime so long as you stick to it and get the work done.
Prepare and plan for taxes
Likek Benjamin Franklin once said, “Nothing is certain except death and taxes”. One of the biggest changes when moving to self employment is that taxes become your responsibility. The most important thing you can do is to seek advice from a professional tax advisor. This way, you’ll avoid any nasty surprises. I also recommend taking a percentage of all your earnings and sticking it into a tax saving pot, so when that time comes around, you have a fund to dip into and won’t be panicking trying to get it together.
Don’t be afraid to make the transition
Transitioning from employment to self employment is a big change but if it’s something you want to do, then go for it. Fear can often get in the way of achieving our goals so that’s why we need to look at changing our mindset. Even a simple mindfulness app can work wonders. Switching to an entrepreneurial state of mind will enable you to accomplish your dreams. You can’t get better than that!