Transitioning from a day job to full time creative entrepreneur: when and how to make the leap
Many of us begin our journey into creative entrepreneurship as a hobby or side job (I don’t like the phrase side hustle – hustling is not how I describe what I or my clients do). Often (like myself) it’s started as an escape or a way to pursue our true passions, or as a way to make additional income doing something you love. Sooner or later though we come to the decision-making point about whether we scale and take it more seriously, or continue doing it within a limited scope that fits with our lifestyle.
When should you take the leap?
Some of the key factors in deciding when to take the leap are listed here – if you are experiencing one or more of these now might be the time to start thinking about your exit strategy from your day job.
You have to turn down work at least once a month or more because you are working your day job (either physically unable to attend a job, or cannot due to time available).
You are unable to accept PR/press opportunities because it might conflict with your work contracts (especially if your work are unaware of your side business).
You are already earning 75% of your main job income (or even matching or exceeding it).
Your niche or business idea is very unique and you are already starting to see others emulate it (who don’t have the time or budget constraints you might have). Timely action can be important.
Things to do before quitting the day job
Save as much money as you can to give you some fall back funds. If you are regularly already bringing in a sum each month then it can be easy to budget the gap and how much you need to save.
Consider asking for a phased exit from the day job if doing a complete stop feels too scary. I graudually reduced my hours over 18 months, and agreed to some cntract work post-leaving.
Write a business plan that notes your income goals, how you are going to reach them (ie how many bookings or sales you need each month).
Set a date for when you hand in your notice to the day job – it will help keep you focused on the goal of becoming a full-time entrepreneur. And, if you hate your job it can be brilliant to cross off the days on a countdown calendar!
Set a schedule for your working week that includes all the activities you need to do – you need to be your own boss now and be careful about how you spend your time (including making space for your creativity as well as the admin tasks).
Things to be prepared for
Not everyone will support you. Sadly some people might see your move away from the traditional job market as foolhardy or unnecessary. You will need to fortify yourself against the negativity that may come your way.
You will feel like you have so much time that it can be much harder to prioritise tasks than when you were fitting it in around the day job. Again, setting a weekly schedule can help with this.
You will need a community that replaces the colleague gap. Take time to build a supportive network in your niche. Not only for networking possibilities but people that know how hard running your own business can be and help you feel less alone when you are having a down moment.
Adaptability is vital to business success – you will experience changes during your business ownership and you may need to adapt quickly (the last few years has been especially important on this front eg Covid, Brexit, technological and social media changes etc).
Protect your private time, whether you have family, a partner or children – running your own business can be all-consuming, and its very easy to spend every waking moment trying to make it work. Don’t let your relationships suffer by being too tunnel vision about your goals. Your business needs to be sustainable for you and those you live with. Burn out in the early years is one of the biggest reasons small businesses fail.