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What do you do if you want to transition from full-time employment to self-employment?

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Embarking on the journey from full-time employment to self-employment can be both exhilarating and daunting. You're considering a significant shift that promises more freedom and control over your professional life. However, it's crucial to approach this transition with a strategic mindset, ensuring you're prepared for the various aspects of self-employment, from financial stability to time management. Whether you're aiming to start your own business, offer freelance services, or consult, the path ahead requires careful planning and a clear understanding of what it takes to be your own boss.

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David Gerrish

Empowering IT Professionals to avoid the Life Sentence of Employment to become Confident Contractors via the IT…
Kevin Clark

** Available for contract ** Pragmatic Service Management Consultant and Leader. Passionate about customer service and…

1 Assess Finances

Before taking the leap into self-employment, it's essential to thoroughly examine your financial situation. You need to ensure you have enough savings to cover your living expenses during the initial phase when income might be unpredictable. Create a detailed budget that accounts for both personal and potential business expenses. This financial cushion will not only provide peace of mind but also allow you the freedom to grow your self-employment venture without the immediate pressure of turning a profit.

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David Gerrish

Empowering IT Professionals to avoid the Life Sentence of Employment to become Confident Contractors via the IT Contracting Academy. IT Monitoring & Observability Engineer/Consultant with 30+ years of experience.
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It's always good if you have some savings before making the leap, but in the niche of IT Contracting if you manage to secure a 3 or 6 month contract at a good rate it's less of an issue (depending on when that 1st invoice will be paid of course!). It's then crucial to build your funds and create a "war-chest" for when you're out of contract.

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Arsalan Mithani

Empowering Businesses with WordPress Brilliance | 12+ Years in Crafting, Fixing & Elevating Websites | Pro WordPress & CMS Solutions
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Self-employment is about more than just handling money, it involves many responsibilities. Jumping into self-employment without making sure it pays off can be very risky.

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2 Market Research

Understanding the market you're entering is a critical step in the transition to self-employment. Conduct comprehensive research to identify your target audience, understand their needs, and analyze your competition. This will help you tailor your offerings and develop a unique value proposition that sets you apart. Knowing the market landscape also informs your pricing strategy and helps you position yourself effectively within your niche.

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David Gerrish

Empowering IT Professionals to avoid the Life Sentence of Employment to become Confident Contractors via the IT Contracting Academy. IT Monitoring & Observability Engineer/Consultant with 30+ years of experience.
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In the niche of IT contracting it's essential you do some market research - are there contracts out there right now that you could apply for? What are the going rates for 1st time contractors in that niche? Ask other contractors you know for advice, or join a support group like the one I run so you can get a feel for whether there's a market for your skills or not. That said, in IT related areas if you are doing a job now it's normally the case that there will be contracts available in that area too - but check before you hand your notice in!

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3 Plan Transition

Developing a transition plan is a pragmatic approach to switching from full-time employment to self-employment. This plan should outline the steps you'll take to gradually reduce your employment hours and increase your self-employed work. Consider discussing a flexible schedule or part-time arrangement with your current employer to maintain some income while building your own business. This phased approach can help smooth out the transition and reduce financial strain.

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David Gerrish

Empowering IT Professionals to avoid the Life Sentence of Employment to become Confident Contractors via the IT Contracting Academy. IT Monitoring & Observability Engineer/Consultant with 30+ years of experience.
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It's good to set a timeframe for transitioning to IT contracting (for example) as more often than not life (and work) gets in the way and all of a sudden 2 years has flown by (this happened to me). Set a rough goal for when you want to go contracting, brush up on your skills, certifications, save, work on your CV and LinkedIn profile, assess the market and when you're ready start applying (even if it's just to get some interview practice). Applying for roles doesn't mean you have to quit your job immediately, test the water first.

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4 Build Network

Networking is invaluable when you're moving into self-employment. Start building relationships with potential clients, mentors, and peers in your industry. Attend industry events, join relevant online forums, and engage on professional social media platforms. These connections can lead to referrals, partnerships, and opportunities that may not be accessible through traditional job markets. A strong network can be one of your greatest assets as a self-employed professional.

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Kevin Clark

** Available for contract ** Pragmatic Service Management Consultant and Leader. Passionate about customer service and adding value.
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Yes a network is invaluable but don't wait until you consider self employment. Start to connect as soon as you can, be it College, part time or your first ' real job'. It's of more value to you and your contacts as it matures and remember it's not one way, give before you look to receive to build true connections

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5 Set Goals

Goal setting is fundamental to keeping your self-employment journey on track. Establish clear, measurable goals for what you want to achieve in the short and long term. These goals can range from financial targets to client acquisition milestones or service development timelines. Regularly review and adjust these goals to reflect your progress and the evolving nature of your business. This practice will keep you focused and motivated as you navigate the challenges of self-employment.

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6 Manage Time

Time management becomes even more critical when you're self-employed. Without the structure of a traditional job, it's easy to become overwhelmed or lose sight of priorities. Develop a schedule that balances work with personal time, and use tools like calendars and task lists to stay organized. Prioritize tasks based on importance and deadlines, and don't forget to allocate time for self-care and professional development. Effective time management will help ensure your self-employment is sustainable in the long run.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you want to transition from full-time employment to self-employment?

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3

4

5

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1 Assess Finances

2 Market Research

3 Plan Transition

4 Build Network

5 Set Goals

6 Manage Time

7 Here’s what else to consider

Internet Services

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What do you do if you want to transition from full-time employment to self-employment?

1

2

3

4

5

6

7

1 Assess Finances

2 Market Research

3 Plan Transition

4 Build Network

5 Set Goals

6 Manage Time

7 Here’s what else to consider

Internet Services

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