It feels like when people talk about freelancing full-time and becoming self-employed, they either say, “It’s impossible,” or “DROP EVERYTHING RIGHT NOW AND LEAP FOR YOUR DREAMS YOU COWARD.”

I have various health issues that meant I couldn’t really do the second one. I knew I wanted to get out of the corporate 9-5, but I also knew that if I needed a surgery and didn’t have money for it, I could die.

So I came up with a plan to carefully switch from working full-time as a Business Analyst (no, I don’t know what it means, either) to working full-time as a writer.

My plan took about a year to execute, so it’s not like I waited a super long time to make it happen (even though it felt long)…

But you can take the basic outline of the steps I followed and stretch them out or condense them as needed for your situation.

If you’re emotionally ready to become self-employed, but not financially (or maybe not emotionally actually, now that you think about it), follow these steps to carefully make your dreams a reality in a reasonable time-frame!

IMPORTANT DISCLAIMER

I am not a financial advisor. I am a comedian.

Please consider your own financial needs carefully and get more input from people you trust as you make your plan.

Phase 1: Gather Money and Know-How

The first step is to build up your savings and knowledge so you can rely on both later when needed.

How much savings should you have? The minimum is three months of expenses. A financial advisor would probably tell you save closer to half a year, but the exact amount is up to you.

The point is that you want to have enough money saved up so that if you’re slow getting started, have an emergency, or have slow months later on, you’ll have savings to fall back on.

An obvious but annoyingly necessary tip for growing your savings.

To help your savings grow faster during this period, reduce your expenses to the absolute minimum.

Keep in mind, this state of strict spending is not permanent, but the more you don’t spend now, the faster you can get to the freedom of freelancing full-time.

What if saving that much is impossible for you right now?

Three to six months of savings is generally good to have, even if you aren’t planning to freelance full time.

If you can’t save enough money, due to your current work situation or financial obligations, then it might not be the right time for you to freelance full-time.

Start with freelancing as a side hustle and see if that helps you start saving.

But if you’re living paycheck to paycheck, freelancing just isn’t secure enough to support your expenses.

Boost your skills.

While you are squirreling away your nut, as it were, consider your skills. How can you improve them? What certifications can you get to help prove you know what you’re doing?

When you start freelancing, you’ll want to be able to prove your abilities right away, so take the time now to take classes online and get certifications in your interest area.

Phase 2: Get Your First Gig

You don’t actually have to finish Phase 1 to start this phase. You can get your first gig whenever you’d like.

Starting to freelance on the side will even help you finish Phase 1 faster, because you can put all the money you make with your first freelance gigs into your savings.

However, getting started is challenging, so be aware of burnout. Depending on how strenuous your full-time job is, you may have to carefully balance things, so start with the easiest, lowest-commitment freelance contracts you can find.

The first year of freelancing is VERY challenging, but it does get easier, so keep the light at the end of the tunnel in mind!

Here’s where to find your first freelance gig: https://www.makegoodcreativetips.com/blog/where-to-find-freelance-jobs-for-creatives

And here’s how to win it once you’ve found it: https://www.makegoodcreativetips.com/blog/how-to-get-your-first-freelance-gig

Phase 3: Increase the Freelance!

Once you’ve won your first gig and saved up at least three months of expenses, it’s time to start increasing the amount of time you spend freelancing, as opposed to full-time work.

Here are some ways to do this:

• Take PTO

• Ask for reduced hours

• Find a new job that is remote, part-time, or less stressful

This phase can look a lot of different ways. For me, it meant getting reduced hours at my full-time job and using those hours to focus on freelancing.

It may also look like a new job that’s still stable but not quite full-time. It might also mean putting less energy into your full-time job so you can focus that energy on freelancing.

Ignore the haters, like your boss.

During this phase, if you don’t take the “find a new job” route, your full-time workplace will be a jerk about this. They want your entire soul. They do not want to share you with any of your other passions.

This is probably why you want to freelance in the first place, so resist their attempts to control your entire life or guilt trip you.

Keep increasing the amount of time and energy you put into freelancing while lowering how much you spend on full-time work.

Phase 4: Take the Leap

At some point in Phase 3, you will notice that you are mostly making money from freelancing and not your “day job.” NICE. Congratulations!

But when should you take the leap?

I recommend that you make at least 80% of your monthly expenses from freelancing alone before dropping everything else and freelancing full-time.

I say 80% because that means it should be fairly simple, when you are freelancing full-time, to find more contracts and make up the difference.

You may need a slight dip in your savings at first, but it likely won’t take long to get up to full capacity.

Phase 4: Let’s Boogie

After you take the leap and find more contracts so you’re really full-time freelancing… It’s time to celebrate!

Make sure you take some time to congratulate yourself. This has been a ton of work, but you made it happen.

Be ready to dance through some lean months with the help of that lovely chunk of savings you gathered in Phase 1, but there will be months where you make more than you ever thought you could.

So keep on dancing, and welcome to the freedom of full-time freelancing!

Ready to make money online?

The Top 9 Ways for Creatives to Make Money Online guide shows you where to start.

You’ll find this especially helpful because it has the best place to find freelance gigs, as well as a cover letter template.

You will be writing a lot of cover letters when you’re looking for contracts, so check it out!

Free instant download here: https://www.makegoodcreativenetwork.com/top-9-ways-for-creatives-to-make-money-online