Are You Ready To Leave Your Day Job?
Leaving your job to pursue your art can be a scary decision to make. There are a lot of things to consider before making the leap, and it’s a decision that requires a lot of planning.
Don’t forget: no one can make this decision except you (and your circumstances)—but we’re going to walk through some of the things that helped us and guided us to where we are today.
We also want to acknowledge that not everyone has the privilege of making this choice. Some of you will be thrown into self employment, and that presents it’s own challenges. Our mission is to give you the tools to succeed, even when things don’t go according to plan. This post was written for people who need some guidance preparing to leave their full time job.
Save 3-9 months salary
Hopefully you’ve already got your accounting in check, but if not… now’s the time! Start saving, make a budget, and figure out how much you need to live a comfortable life and run your business.
Having a few months salary saved takes some of the pressure off while you start figuring things out. If 3-9 months doesn’t work for you, think about an amount you’d like to have in the bank before taking the leap. Everyone’s financial situation is personal and unique, which makes it even more important to sit down and make a plan that works for you.
Consider benefits and health insurance as well, and remember that your gross profit (total income before expenses) will look really different from your net (hello taxes). A good place to get started? Meet with a local CPA and get going with an accounting program like Quickbooks.
Another way you can think about this: how much do you want your business to be making before you leave your day job? Once you leave, you’ll have more time to dedicate to your craft, which leaves room for that number to increase.
Make a timeline & set goals
Get out your planner and write down the milestones you want to (realistically) hit to help you validate your business.
For example: book 5 clients in the first six months.
Make sure you think through exactly HOW you plan to reach that goal by breaking it down into small and tangible actions. Give yourself a clear roadmap of where you’re going and how you plan to get there.
Then, if you haven’t hit that goal by your deadline—figure out what went wrong and decide how you can course correct.
Be prepared to pivot
As a business owner and self-employed artist, you can bet you’re going to be thrown a couple of curve balls. Unexpected circumstances are just par for the course when you’re your own boss, so it’s time to get comfortable with the uncomfortable.
When things aren’t working out as planned, instead of getting frustrated and throwing in the towel, ask yourself—how are you going to pivot? How are you going to introduce and test a new revenue stream? How are you going to adapt? When products flop, when work ebbs and flows—pivoting is something you’ll get plenty of practice doing, so it’s best to start with a plan.
Get into this headspace now and work on becoming a more flexible version of yourself—your future boss self will thank you for it.
Get the support you need to succeed
You DON’T need an MBA, but you do need the tools and resources to get a business plan up and running.
Join our four week program, Art Meets Money, and you’ll finish with a strong game plan, a community of talented artists cheering you on, and the confidence to scream it from the rooftops.