"Giving Notice": The Freelancer's Leap of Faith

Is it time to quit? Is this your sign?

Recently, I've had numerous conversations with individuals standing on the precipice of a significant life change: making the transition from the conventional workforce to the thrilling world of freelancing. The heartbeat of these conversations? Risk tolerance.

The Moment of Truth: “Giving Notice”

There's a pivotal moment in every freelancer's journey, often referred to as "giving notice". It's the instance when you decide to either inform your employer about your side hustle or put in your papers to pursue freelancing full-time. While for some, this might be a well-thought-out strategy, for others it's a daring leap of faith.

Understanding Your Risk Tolerance

Risk tolerance is your ability to endure uncertainty while pursuing a particular course of action. It's unique to every individual. Some may feel comfortable juggling their 9-to-5 alongside freelance gigs, while others might want the assurance of a steady clientele before letting go of their day job.

To understand where you stand:

1. Assess your financial cushion: How many months can you manage without a steady income? Ensure you have enough savings to buffer any unforeseen challenges.
2. Test the waters: Before taking the plunge, can you handle freelance assignments alongside your job? This can give you a taste of the hustle and potential rewards.
3. Research and network: Speak to freelancers who've been there, and done that. Understand the potential pitfalls and triumphs.

Steps to Take, Based on Your Risk Tolerance

1. High-Risk Tolerance: If you're the kind who thrives on risks and has a robust backup plan, you might decide to quit outright and dive headfirst into freelancing.
2. Moderate Risk Tolerance: You may choose to inform your employer of your freelancing pursuits while ensuring no conflict of interest, thereby securing a safety net.
3. Low-Risk Tolerance: Gradually scale your freelance business while holding onto your job, waiting for the right moment when you’re truly ready to make the switch.

The Power of Informed Decision-Making

Regardless of where you stand on the risk tolerance spectrum, ensure your decisions are informed. Weigh the pros and cons. Factor in your current responsibilities and commitments. Remember, freelancing offers a unique blend of freedom and accountability. It requires discipline, networking, and relentless pursuit of opportunities.

Remember

The journey from “giving notice” to establishing oneself in the freelance realm isn't a straight path. It’s filled with twists, turns, ups, and downs. Recognizing your risk tolerance is the compass that can guide you, ensuring that each step you take resonates with your comfort level and aspirations.

Embrace the risk, but always with clarity and preparation.

Until next Friday, Michael

P.S. Need support? Join our growing freelance community at the Freelance Training Academy.