I will never tell you to quit your job.
Why? Well, personally I love my job and I don’t see myself ever leaving, so I certainly can’t tell you to quit something you love. Even though I didn’t quit my job, I did decrease my hours, therefore reducing my pay, so I’d like to share with you the steps I took and some tips for you to do the same if you see fit!
First of all, I use my freelance biz as a side gig, a nice part-time income, in order to work part-time at the hospital. I know some of you feel as though you’re not meant to be in the nursing world or your traditional 9-to-5, but trust me when I say there are always downsides to being self-employed and the American dream isn’t always so dreamy. I don’t say this to discourage you, but to help you!
How to Know When to go Part-Time
1. Consistent work
In order to go part-time I had to have a consistent amount of work. For me, that meant $500-$1000 extra a month. That gives me what I need while allowing me the flexibility to take out taxes and business expenses. I think I speak for a lot of writers when I say freelance work is always hit or miss. One month you’ll land excellent clients and feel like you could leave your job tomorrow, then the next month you’ll only have 1 paying gig, so just know that inconsistency will always be part of the gig.
2. A budget
I live by a budget in my personal life and definitely suggest you do as well! But beyond that, I live by a budget in my business life as well. It’s essential in your journey to success! It’s important to not that if you have a spouse, you should both be on the same page about your budget and your commitment to this business, as well. My husband is my biggest supporter and your significant other should be yours too!
3. A good tax person
A good tax person is essential (Watch for upcoming blog posts about taxes for your small business coming soon)! I always say that people are good at whatever skill God gives them. I’m a good writer and a good nurse, but outside of those tasks I seek people who are better qualified than I am. With that said, I suggest you find a good tax adviser for your business because I promise you’ll regret it if you don’t! You’ll owe Uncle Sam and he’s not exactly in love with IOU’s.
If you need help finding a tax person, check out Dave Ramsey’s ELP program.
We spoke about financial support and budgeting, but emotional support is just as important! You need to have emotional support from your spouse, a close friend, relative, etc. when you start your own business because there are going to be up and downs, and it’s different from when you go into an office or hospital everyday. I have read, seen, and heard of many freelancers experiencing loneliness, lack of exercise, and lack of motivation at times. Be sure to put these into perspective before you cut your hours. If you enjoy alone time, it may be the perfect fit for you!
Remember that paid vacation you get? You’ll miss it. Do you hold the medical coverage for your family? You won’t. You need to think about how these may be affected if you leave your job or transition to a part-time status. Is it worth it to pay more money in medical benefits, or lose the vacation time? As I said earlier, I haven’t quit my job because I love it…but I also love the retirement package and my PTO.
6. Be Ready to Hustle
If you decrease your hours, you have to make sure you have work lined up. We want you to succeed in your business as a writer! It’s important to be realistic and as the old saying goes; time is money. As a self-employed person, you will still need to put in the work for a paycheck. There are amazing benefits to cutting back, but there are also downsides to the constant hustle.
Be mindful and enjoy the journey, interacting with your peers along the way!
At the end of the day, you just have to find a way to keep your family stable while pursuing your passion. It really is all about balance!
Need help getting started?We can help lighten your learning curve…learn from our mistakes and get on the fast track to success! Contact us today and get a jump-start on your career as a Healthcare Freelance Writer!