By Redd Horrocks, Voiceover Artist
Working a side gig can be great. You get to stretch out, be your own boss, and call the shots…at least for a little bit of your day. But when you’re thinking about making the full time switch, how do you make sure you are ready? Here are five tricks to help you make the leap.
Make a Realistic Budget.
Take the time to go through all your expenses. Make sure you include absolutely everything and make a realistic assessment of where your money goes. Then look at trimming that. What could
you give up if you had to? Can you live without that monthly massage? What about going on vacation? Do the honest numbers of what you’d like to spend money on, and what you have to spend money, and make sure your income hits your bare minimum with room left over.
Bank Your Paycheck
If you’re getting close to the switch, stop spending your paycheck from your regular job. Put it into a specific savings account to use as a buffer for if your new business falls on hard times. Make
sure your new income can legitimately support you for at least three months. If you need to dip into your paycheck during the third month, you’re not ready for your new gig to support you.
Analyze Your Time Will having more time to spend on your side gig help it grow? Are you going at a pace you can’t handle right now? How do you want to spend your time? If you are spending all your free time on
your side gig, it’s generating solid revenue, and you have no time for yourself, then it’s definitely time to think about flying the nest and being on your own
Get Your House in Order
Do the research on health insurance, think about setting up an IRA, look into the benefits of forming an LLC or S-corp for tax purposes. Set up a business bank account and a business savings account. Research estimated taxes. Make sure you know how to move your money into all the right places, so you aren’t
hit with an unexpected tax bill, medical expense, or adding zero to your retirement fund.
Find Your Joy Do you love your side hustle? If it fulfills you and makes you happy, then you’re good to go. If you find it stressful or boring, it might not be the right call to switch all your income to being selfperpetuating. Be honest with yourself and do what honestly will make you happy. When you’re setting up your new schedule, think about the things you can do for you, and consider how
you’ll keep up interactions with actual people. Take a lunch break.
Go for a coffee. Join a Facebook group of like-minded people. Set up your support network. Love your life.
About Redd Horrocks, Voiceover Artist Redd Horrocks is a Freelance Voiceover Artist. Her career started in 2003 with a chance encounter with a video game developer, and has continued to grow ever since. She has worked with a plethora of clients from more than 100 countries, completing over 50,000 different projects for anything you can think of, and some things she can’t forget. She is originally from West Sussex, England, but currently resides in America. She makes a dynamite cup of tea, and really loves her job.You can find her online at www.reddhorrocks.com and www.instantvoicemails.com Contact Redd Horrocks, Voiceover Artist