ASLU 085: So... You Want to Quit Your Day Job...
Editor’s Note: Some links in this article may be affiliate links. Full disclosure is located at the end of the article.
This episode is brought to you by Fine Lime Designs Illustrations
Are you ready to quit your day job and take your creative business full time? Or maybe you have a creative business already but you're ready to try something new. Then this episode is for you!
This week Melissa and Heather walk you through all the really big (and sometimes boring and frustrating) things you have to think about before you take that leap - including some of the biggest mistakes we made when we took our first steps into being self-employed.
This episode isn’t just for those of you who are still employed in a regular “job job”. Maybe you’re like Melissa and you’re moving on - or thinking of moving on - from one self-employed venture to another as your life evolves. That comes with a whole set of new worries and challenges too!
This Episode Is For…
This is a great episode for anyone who:
who is thinking of turning their creative hobby into a business
who has a side business and is wondering if now is the right time to take the next step
who has a successful creative business but is starting to wonder if it's time to do something new.
If you just want the links to the resources mentioned in this episode, scroll down to the bottom.
Listen To the Episode
Here’s a link to this week’s episode. You can also listen via the player below or on your favourite podcast app (Apple Podcasts, Spotify, Google Podcasts, Amazon Music, Stitcher, and more). Just search for And She Looked Up!
owning a small business is not sexy
it’s time to stop buying into the myth. It’s rewarding, satisfying, important, and many other valid things. But sexy, glamourous and blissful it is not.
in this episode we discuss:
self-employment or entrepreneurship are often misrepresented as sexy, blissful, or glamorous
assessing your current situation
looking for input from others but remembering your situation is unique
thinking about who depends on you for support: financial, emotional, physical
what kind of financial investment will you have to make to start your business?
what is your risk tolerance? Your debt tolerance?
do you have a runway fund? Is it big enough to make you feel comfortable during your first year of business?
would you be willing to take a part-time job if necessary?
pre-plan major purchases you know you might need to make before you quit your day job!
get your legal, accounting and insurance ducks in a row - it’s not as crazy expensive as you think and it can save you 1000s of dollars down the road
DO NOT FORGET TO SAVE ENOUGH MONEY FOR TAXES - income tax and GST/HST
DO NOT SOURCE YOUR LEGAL AND FINANCIAL ADVICE ON SOCIAL MEDIA (yes, we’re yelling on these two points but that’s because they’re that important!)
inventory management is expensive - how will you manage it? (supplies count as inventory too!)
think about insurance - extended health, the impact of working from home on your home insurance, insurance if you host events, a standard errors and omissions and liability insurance
your business structure choice. There are four types of business structures recognized in Canada: sole proprietorship, partnership, corporation and co-operative. Non-profits fall under a different area. Canada does not have LLCs and some of the other business structures you may see being referenced in Facebook groups etc.
have a lawyer help you with things you’ll be using over and over again in your business - like contracts.
have you done your research? Do you know the market you’re entering into? Who else is in that market? Do you have a basic business plan to help guide your first year?
know yourself - can you create on demand - even when you don’t feel like it?
taking something you love and turning it into a profitable business will change how you feel about it - it’s ok to have hobbies you love and keep them as hobbies
you will get negative, often very nasty, feedback. Can you handle it?
you’ll also get constructive feedback - can you handle that as well?
are you prepared to be the face of your business in public?
are good at imposing structure on yourself? Are you good at being self-directed? Are you good at managing lots of different tasks? Are you good at setting boundaries? Do you like working alone?
Mentioned in this episode
Support the Podcast
Wondering how you can support the podcast? Here are some great ways you can support the podcast!
subscribe or follow the podcast on your favourite podcast app
follow us on your favorite social media platform:
Sign up for our newsletter (see below)
Purchase your set of And She Looked Up motivational stickers made just for female creative entrepreneurs!
We’re On YouTube!
You can now listen to the podcast on YouTube! We’re in the process of uploading our entire archive onto YouTube, one episode a day, so you can listen there. Once we’re caught up, new episodes will be uploaded every Friday!