"Leaving your corporate job for a solopreneur path is a bold move-and it can feel terrifying. But as long as you're prepared, it can be a smart move, especially in the current rocky job market. I worked at one corporate job for 15 years. Then I pivoted to a new career in marketing. Eighteen months later, I was working for myself as a full-time freelance writer."
"Odds are, you'll have an "in-between" period: You'll have left your corporate job, but not built up enough of a solo business yet. Can you withstand 25% of your current salary? 50%? Do you have savings to supplement the rest? You'll also need to consider that you'll pay self-employment tax. A general rule of thumb is to set aside 25% to 30% of your earnings. You'll also be paying your own expenses, like any apps or tools you need to run your business."
Preparing financially and building relationships before leaving a corporate job makes the transition to solopreneurship safer and more achievable. A gradual pivot can include a career change, side hustles, and taking baby steps before going fully solo. Anticipate an "in-between" period with reduced income and set realistic tolerance for pay cuts. Account for self-employment tax (set aside 25–30%) and business expenses such as apps and tools. Use savings or temporary reductions in lifestyle if needed. Treat a professional network as an asset for clients, referrals, and feedback during the ramp-up period.
Read at Fast Company
Unable to calculate read time
Collection
[
|
...
]