0123 – From Full-Time Job To Full-Time Freelancing w/Josh Doody

Josh and Chris lay out a plan for preparing to transition from a day job to full-time freelancing, including how to cut your expenses, get a raise, and use your paycheck as seed-funding for your freelancing business.

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You can find Josh on Twitter, visit his personal website at JoshDoody.com, and see his work online at Fearless Salary Negotiation. Josh also offers 2 free resources:

Highlights:
1) How can I make this day job last, to build the longest possible runway?
– I quit too soon
– 3 months too early
– almost quit 9 months too early

If you jump now without a plan
– you’ll burn your savings
– crawl back to a day job

1) Don’t quit right now
– be intentional about building a runway

Freelance on the side RIGHT NOW
– stack chips
– start courting clients
– build credibility
– start networking
– give yourself a gentle ramp, not a cliff
– Josh started 18 months out, building money & contacts

2) Build that runway until the job is getting in the way of the freelancing
– don’t fall prey to shiny object syndrome
– there’s no honor in burning your ships too soon

3) Even before you get the idea, start working on your burn rate
– get rid of debt! credit card debt, auto, mortgage, student, etc
– focus on payoff
– spend less money – make a few sacrifices
– if you lost your job tomorrow, would you be in big trouble?
– Managed to bank 70% of my take-home pay
– do not expand your spending as your income increases
– Shark Tank
* biggest reaction is when the Sharks ask about debt and it’s sky-high
– debt can block you from growing your business
– it’s easier if you’re goal-oriented
* pay off debt incrementally
* don’t try to go straight to the big payoff
* figure out how you’re wired
* Dave Ramsey approach – not mathematicaly best, but sustainable and gives you quick wins
* Optimize for what you can pay off faster and at lower interest rates
* Quick wins

Other half – pulling in money
– Big gains from increasing your salary
– Day jobs are NOT a meritocracy
– Managers are busy; keeping up with what you should be making is up to you
– Pro-actively bring your outstanding work
– asking them to adjust to reflect the additional value you’ve been providing since last time
– salary is not a gift, it’s a business deal; an exchange of value

2 tracks: how to make your paycheck bigger?

1) Get a raise

2) Get a promotion

It may be that you need to pursue a promotion instead – you may be at the top of your band in your current job