It’s not easy to quit a high-paying and secure job for something that might soar over the moon one day and go up in flames the next.
What if you wake up one day with no passion left to make it last? What if your income streams dry up? And worst of all, what if everyone who’s been warning you is right?
I know. The future is uncertain and the plunge is not easy.
I’ve been pondering over quitting my job since September 2020, and haven’t yet fully achieved the “self-employed” status. I’ve journaled through hundreds of pages, worked on expense trackers and tax plans, and even then, it took me eight months to finally take a leap of faith.
Sure, you might not be an overthinker like me, but there are some questions I believe every person should ponder over before quitting their job and pursuing their side hustle full-time. In this post, I’m discussing the most important question that changed my perspective and will help you as well.
1. Do I depend only on one income source?
This is the first question my self-employed friends asked me to consider before quitting my job. As a freelancer, it’s important that you build multiple streams of income for yourself. That way, even if one dries up, you can still rely on the rest until you figure out a way to rebuild what you’ve lost.
Since I’m a writer, here are the income streams that sustain me (for now):
- Freelance writing.
- Consulting for writing, editing, and publishing-related queries.
- Brand journalism and paid collaborations.
- Writing on Medium and News Break.
- Building my digital product.
Here are some ways I plan to expand the income streams further in the coming months:
- Find more freelance clients.
- Build a proofreading and editing service.
- Monetize my newsletter.
And more. There will always be more. The sky, as they say, is the limit.