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Have you made the transition yet from employee to entrepreneur?This week's podcast episode is a bit different. Instead of answering a listener's question at the end of the episode like I normally do, I chose to create an entire podcast episode to answer a great question I received.
Here is the question I received from Dave.
I work full-time as a graphic designer/prepress operator and have wanted to start my own freelance business for some time. I have also been learning web development to broaden my skills, which I usually try and work on at weekends along with juggling life as a new dad with a 5 month old son.
I am at the stage where I want to take on small design jobs to build my client base before eventually being a home based designer full-time.
So my question is how did you approach the transition of moving from the print shop to working for yourself? how long did it take? and do you have any insights for someone who is very time poor that wants to make the leap into self employment?
Thanks again for everything you do through the podcast, it has answered so many questions for me already. keep it up!!!
I thought this question merited more than just a couple of minutes at the end of the show.
To fully answer Dave's question I need to tell my story of how I made the transition from employee to entrepreneur. I'm not going to go into everything here. If you want to know my full transition story you'll need to listen to the podcast.
The short version is when the print shop I worked at decided web site design was a service they no longer wanted to offer I took my skills and knowledge home with me and started a part-time business in the evenings.
It didn't take long for web clients to start asking me to design things that were a direct conflict of interest with my day job. After discussing it with my wife I made the decision to start working towards the day I could leave the print shop and work full-time for myself.
One year later I handed in my resignation and never regretted the decision.
Of course, there's a lot more to the story so be sure to listen to the podcast.
My advice for those getting ready to transition from employee to entrepreneur.
Create a business
Freelancing on the side doing the odd job here and there is great. But if you are planning to someday work for yourself full-time you should start a business now. By registering an official business you will have a much easier time in setting things up when it comes to dealing with banks, credit, suppliers, and so on. Not to mention all the tax write-offs you can claim through a business.
Create a buffer
Unfortunately, some people are thrust into the transition situation without warning through business closures, downsizing or any other number of reasons. But if you have the time to set things up I suggest you create a cash buffer to get you buy the slow times, because there will be slow times, especially at the beginning. Saving up six months worth of salary is usually a good buffer.
Build up a client list
If at all possible, try to form relationships with the clients you work with at your present job before transitioning. If you're lucky they may follow you when you leave. Or they may refer new clients your way if they know you're a trustworthy and skilful person.
Tell your employer
The first thing you should do is make sure you don't have any agreements with your current employer saying you cannot start a business on the side. If no such agreements are in place then you should let your employer know what you are doing. They don't need to know you eventually want to leave, but they should be aware of what type of business you are running after hours. They may even encourage and help you out. The last thing you want is for your employer to discover your side business through some third party.
Don't burn bridges
When the time finally comes to part ways from your current job, do so in an amicable way. No matter what you thought of your boss or the company you should part on good terms. You never know when you might require their services in the future or wether or not they may refer clients your way.
Being an entrepreneur is a wonderful thing
I love working for myself from home. I could never see myself working for someone else again. However, self-employment isn't for everyone. It takes a certain type of individual to have the drive and discipline to make it work. If you think running your own graphic design business is something you want to do I highly encourage you to start setting the pieces in place today for your transition. Mark your calendar and get working towards the day you make the leap from employee to entrepreneur.
Best of luck on your transition.
How did your transition go?
I would love to hear how your transition from employee to entrepreneur went. Let me know by leaving a comment for this episode.
Resource of the week Udemy
As graphic designers, we need to keep our skills and knowledge in peak form. Udemy is one of the best places to learn new skills or brush up on rusty ones. Udemy offers a wide variety of courses for all stages of your career. I've personally bought courses on SEO, Google Analytics, Facebook Ads and more. Have a look today and see what you're going to learn next.
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Running a graphic design or web design business all by yourself isn't easy. If there are any struggles you face running your design business please reach out to me. I'll do my best to help you by addressing your issues in a future blog post or podcast episode here at Resourceful Designer. You can reach me at firstname.lastname@example.org