Download: MP3 (63.9 MB)
Last week, we talked about making money on the side while overlapping with a day job.
Eventually, the money you make on the side will eclipse what you make at the day job. Is that when it’s time to quit? When you make the same amount? Not even close.
In today’s show, we’re talking about knowing the right time to go full-time with your business: the money, the process, and what the transition looks like.
Highlights, Takeaways & Quick Wins
- You need to have six months worth of expenses in the bank before you quit your job, but you should also be making 1.6 times your monthly expenses with your side business before you quit your job.
- If you’re doing client work, you need to have a solid process in place before you quit your job.
- If your process isn’t written down, you don’t have a process.
- The time to get your process dialed in is before you quit your day job, not after. Use the support of your job to allow you to practice with clients without the stress of Scarcity Mindset.
- If you’ve hit a ceiling with the income you’re making from client work, focus on learning how to price on value created and work with clients you can provide the most value to.
- There are bad clients, good clients, and great clients. If you want to work with great clients, you have to say no to bad clients and good clients.
- You’ll never get to the point where you can afford to start being selective with clients. You have to start by being selective with clients.
- Don’t burn bridges when you leave your day job. Leave on a positive note, because you don’t know who you know knows.
- Make sure that the people you know know what you want to be known for.
- It’s tempting to talk about all of your various skills when someone asks you what you do, but curating and responding with only the thing you want to be known for will make it easy for other people to refer you to potential clients.