You can take two approaches when making this transition:
- Dive right in and freelance full-time
- Slowly transition out of your day job into freelance consulting
We’ll discuss 7 steps in this article that cover both options, so you can decide which is best for you.
Step 1: Get Your Finances In Order
Before you consider quitting your job to become a full-time freelance consultant, you’ll want to get your finances in order. Here’s what we mean:
At your job, you’re earning a steady paycheck that’s presumably comfortable to live on. Perhaps you want to make more; perhaps you could get by earning less. Consider the minimum annual and monthly income you need to achieve as a full-time freelance consultant to both:
- Be comfortable
- Hit your target income goals
These two numbers may be different, and that’s okay. Start by working to achieve the first target, and from there go up to the second earning goal.
Having these numbers determined from the beginning allows you to set a pricing strategy for clients and figure out how many clients you need at a time to be financially stable.
Step 2: Try Working Part-Time
The benefit of continuing to work part-time at your job while transitioning to becoming a full-time freelance consultant is that you mitigate risk. When quitting a job to freelance, the most significant risk for many is losing a steady paycheck and not making enough running their business.
Continuing to do some work at your job keeps those connections steady and allows you to earn a paycheck; however, your hours are cut in half, meaning you have at least 20 hours per week you can dedicate to freelance consulting.
Step 3: Consult For Your Current Company
Want a guaranteed client and to maintain connections with your colleagues? Consider asking your current company to take you on as a freelance consultant. This can be in addition to your full-time job, and it’s an excellent way to get your foot in the door with an organization that already knows the value of hiring you.
Transitioning to full-time freelance consulting for your company allows you to set your hours, control your business, and begin generating other clients.
Step 4: Find a Less Demanding Job
If you’re trying to become a full-time freelance consultant but find the demands of your day job to be, well, too much, it’s time to look for a less intense job. To build any business, you need the time and energy to do so. Your 9-5 shouldn’t sap you of that.
Plenty of jobs out there can leave you with the time and motivation at the end of the day to begin building your freelance consulting business. Then, when you’re ready, you can quit that job to become a full-time freelance consultant!
Step 5: Build a Website
Potential clients need to learn about your services, right? Your website is the perfect way to package your services and expertise so potential clients get a feel for working with you.
Your website should include:
- Information about you
- Your niche expertise
- Work experience
- Results delivered for past companies/clients
- Information about your services
Unfortunately, building a website is infamously tricky unless you’re a seasoned WordPress professional. The good news? Mylance can help you build a winning website from scratch in just a few minutes. Your Mylance site allows you to generate leads and build your business how you want. Learn more today!
Whether or not you’re a freelance blogger, consider adding a blog to your site. Writing articles consistently overtime on why you do what you do and what makes you an expert is an excellent way to generate organic traffic. This traffic should convert into business if you write informative enough articles.
Step 6: Invest in Yourself
How do startups grow into big businesses? People invest in them, so they have the resources to grow. The same goes for you and your business. Dedicate some portion of either your day job or (full-time) freelance consulting income towards increasing your skillset.
Investing in yourself can mean:
- Outsourcing parts of your business
- Purchasing skill-building courses
- Hiring a business or life coach
- Upgrading your tech stack
These types of investments are an essential part of business success.
Even if your freelance consulting business isn’t earning money yet, make it a priority to invest in your business. You need to spend money to make money!
Step 7: Eventually, Take the Plunge
Whether you choose to transition slowly into becoming a full-time freelance consultant or not, there comes a point where you have to jump. Even if you don’t feel ready (and you probably won’t), you’ll need to quit your job to freelance full-time.
There isn’t a precise formula for when to do this, but just know you likely won’t feel prepared. Everyone’s situation is different, so when you think the time’s right (and even if you aren’t feeling ready), leap!
Now, It’s Up to You
The 7 steps outlined above are great starting points for becoming a full-time freelance consultant. Whether you choose to freelance full-time immediately or slowly transition out of your 9-5, these tips should help you get there.
Remember that building a business isn’t easy, but the journey is worth it if this is your dream.