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« Setting up a Wireless WiFi network at home | Main | Starting a commercial blog »

February 25, 2006

Quitting my day job to work online

Recently I decided to give up my day job and work full time on the internet as a freelancer. Its fun to work on projects. There are many advantages of working as a freelancer and more working on the internet. There is no one to boss you around. You are your own boss. You can choose flexible time slots to complete your daily assignments. Since you work from home, you save on travelling (both time and money).

It has always been my dream to work as a freelancer. If you are also thinking of quitting your day job here is a quick list that you must follow. It helps you decide where you stand and whether you can really work online 100%

1. How much money have you made from your online business in past 15 months. Get a break up of each month. Is it consistent? Is it growing?

2. What is the major source of this income? Are you confident enough that in the source will last for a long term?

3. How many long term clients do you have? Where do you see your business relation going as far as your few big clients are concerned.

4. Are you sure you are not dependent of a single income (adsense etc) but that your portfolio is diversified?

These questions will help you decide where you stand and whether you can really quit your day job. Other factors that may come into play are current liabilities like a mortgage, car loan etc that you have. Make sure to keep your liabilities to minimum and under control. Save 2 to 3 months of your day job income before you decide to quit. Work on some deal while you are in your day job or notice period. This would mean by the time you are out of your day job, you already have some work to look forward too.

Also remember there may be a month or two in between where you have absolutely no work. Don't get panicky. Remember always save 2-3 months of your profits/income. This will make sure you can sail through difficult times.

And last but not the least - Get your business visiting cards printed :-D

Posted by manish at February 25, 2006 09:31 AM