I have compiled this article for anyone who is looking to quit their job and go solo.
But before that, if you are wondering who am I to share this gyaan (preach), I quit my job ten years ago and since then, I've explored various paths such as freelancing, establishing and expanding an app development agency, taking on well-paying remote contract jobs, serving remotely as a Chief Technology Officer in a startup backed by Y Combinator, and ultimately achieving "the dream" of earning almost passive income from my apps while pursuing other passions like writing and traveling both in India and around the world.
So when should you quit your job? Here we go,
Establish a solid foundation. When you decide to leave your job and embark on your entrepreneurial journey, you will transition from a guaranteed salary to no income at all. This poses significant risks and leaves you with limited time to demonstrate your ability to sustain yourself as a self-employed individual. Instead, while still employed, focus on building a foundation. Seek out freelance opportunities during your non-office hours and explore part-time contract jobs. As you engage in freelance projects, prioritize developing relationships with your clients over just making money. Aim to secure recurring work whenever possible instead of high paying one time contracts. For instance, if someone offers you to build their website, pitch them cost of building as well as maintenance of website. Emphasize on importance of maintenance and ongoing work. Like for Wordpress website, a monthly task of updating all plugins.
The "50% rule" I refer to it as the "50% rule." The aim to generate approximately 50% of your current salary. For instance, if you earn 25,000 per month, strive to consistently earn around 10,000-12,000 through freelancing after your regular working hours over a span of few months. By doing so, when you eventually leave your job, you will transition from earning 25,000 to earning 10,000 and not 0, and with the added benefit of having ample time available to actively pursue new opportunities instead of being confined to a traditional 9-5 job.
Take the Leap While it may sound a bit cinematic, there was a particular scene in The Dark Knight Rises that resonated with me when I made the decision to quit my job and pursue freelancing. In this scene, Batman attempts to jump across a chasm using a rope several times but fails. However, when he finally discards the rope and takes the leap without any safety net, he succeeds. The lesson here is that, eventually, you must take the leap and let go of your current circumstances. It may be tempting to continue earning a salary while also making additional income through freelancing, such as earning 40,000 in your job and 20,000 through freelancing for a total of 60,000. However, if your true goal is to become self-employed, you must be willing to take the leap and break free from this cycle.
Product or Service? While the idea of creating a product and generating substantial income from it may be enticing, it's important to consider that selling products can be challenging. Although developing an exceptional product and successfully selling it can lead to great rewards, starting with a service-based approach tends to be a safer option. There are numerous avenues to explore when it comes to obtaining freelancing opportunities. I would be happy to delve into this topic in a separate video, covering various methods for reaching out to potential clients.
To summarize, first build a base by taking on freelancing or part-time contract jobs while still employed, fostering relationships with clients and securing recurring work. Second, aim to generate around 50% of your current salary through these side income streams to mitigate the financial risks of quitting your job. Furthermore, consider starting with a service-based approach rather than immediately diving into product creation, as services tend to be easier to sell. By carefully implementing these tactics, you can increase your chances of a successful in going solo.