Being profitable as a parttime writer
As I told you before in my coaching, I will never tell you to quit your job. Why? Well, personally I love my job in the hospital, and I don't see myself ever leaving, so I can’t tell you to quit. Though I did not quit my job, I did decrease my hours; therefore I decreased my pay. I want to share with you the way I did and some tips for you to do the same.
I use my freelance biz as a side gig, a nice part time income, to be able to stay part time at the hospital.I know some of you are not meant to be in the nursing world or your 9-to-5. But, there's always some downsides to being self-employed. The American dream sometimes isn't truly the American dream.
Steps on what to do to be able to go part time at your current job
For me, I had to have a consistent amount of work. For me, that is at least $800-$1000 extra a month. That gives me the flexibility to take out taxes and business expenses for my business. I speak from a lot of writers when I say, freelance writing work is always hit or miss. You will land excellent clients, and you feel like you can leave your job tomorrow, and then, some months you have some bad times. It's sometimes not a consistent way to live.
I told you how much I needed to be able to go part time at my job and $800-$1000 was what would cover the expenses (after taxes) from my other job’s hours. I live by a budget in my personal life and suggest that you do as well. Beyond that, I live by a budget in my business too. If you have a spouse, you two need to be on the same page about your budget and your commitment to this job. My husband is my biggest supporter.
A good tax person
I have my blog posts about taxes for your small business coming soon, but a good tax person is essential. I always say that people are good at whatever God gives them to be good at. I'm a good writer and a good nurse beyond that there are other people that are better at those things and I am. So, if you can find a good tax advisor for your business, bravo. If you don’t, you'll be regretting it at the end of the year because you will owe Uncle Sam. If you need help with finding a tax person, check out Dave Ramsey’s ELP program.
You have to have support from someone when you start your own business. There's going to be up and downs, and it's different than it will be when you go into an office or hospital everyday. I have read, seen, and heard of many freelancers experiencing loneliness, lack of exercise, and lack of motivation at times. Put these into perspective before you cut your hours. If you enjoy alone time, it may be the perfect fit for you.
Remember that paid vacation you get? Maybe you hold the medical coverage for your family? You need to think about how these may be affected if you leave your job to a part time status. Is it worth it to pay more money in medical benefits, or lose the vacation time? Like I said, I haven't quit my job because I love it, but I also love the retirement package and my PTO time. I no longer hold the medical benefits but, if I did I would probably still be full-time because they're cheaper.
All in all, you have to do whatever you can do to keep your family stable but pursue your passion at the same time...it's all about balance.