The Quit-Your-Day-Job Checklist

Jewelry designer Nicole quit her day job to sell her handmade wares online, and she shares how she took the leap from working for someone else to being self-employed. In a featured interview at Etsy, Nicole shares how she got to where she is, and offers a thorough, seven-point checklist of stuff she did before taking the plunge. Nicole says:

1. I first figured out how much money I would need to make each week.
2. I also calculated how much I would need to put away for taxes and met with an attorney to ensure I was recording things properly from the start to avoid extra work later.

Photo by amfdesigner.

3. I had already formed an LLC when I began thinking about my graphic design business, and then a couple of years ago I added a DBA name, Lillyella, when I began designing jewelry and doing shows, so that was taken care of.
4. My biggest concern was health insurance, so I spent a good amount of time researching providers and small business organizations in my city, and then getting myself set up with good coverage.
5. I also decided to stock up on as many supplies as I could while I still had a steady paycheck coming in and I also rearranged my workspace.
6. I went through my monthly expenses and figured out where I could save some money. I called my cable company and just told them I felt my bill was too high, and they lowered it! I was on a roll after that: who else can I call to save money?! I called my car insurance company to tell them I would only be driving about 10 miles a week, as opposed to the 300 miles per week I was driving before, and my premium went down by about $75. That’s a great tip that some people may overlook.
7. But lastly—and this is by far the most important—I enjoyed eating enchiladas at our favourite Mexican restaurant a few last times. I figured that the luxury of eating out would be one of the first things to go!

Nicole’s is a fabulous story of someone taking a risk to do something that she loves to do—if you’ve got the itch to do the same, it’s a worthwhile read. All you freelancers out there, would you add to Nicole’s checklist? Post up anything else you did before starting out on your own in the comments.