Web Writing – When Can You Quit Your Day Job?
Are you making enough money from your web writing to quit your day job? If you’re surpassing your current income, it may be time to make the jump. However, this is an important decision, and one you’ll want to consider carefully.
Here are several steps which will help you to make the decision.
1. Audit Your Career to Date: Clients, Projects and Testimonials
Your first step is to work out exactly what’s happening with your web writing. How much money are you making in an average month? Ideally you will have been writing part-time for at least a year.
The more information you have to look at in your overview the better.
Open your spreadsheet program and make some lists: clients, projects, and testimonials. (Testimonials are vital. They help you to build your career. If you don’t collect testimonials, start doing that now.)
2. Your Day Job: What’s Your Income, and What Are Your Prospects?
Next, consider your day job. What is your current income? What are your expenses? What are your prospects? Write down all this information.
Big tip: if you’re undecided about leaving your day job, that’s a good indicator that you should stay where you are for a while. It’s important that you feel secure, if you don’t you’ll find that the quantity and quality of your writing suffers.
3. Nitty Gritty: Medical Insurance and Your Mortgage
You need to cover your everyday, essential outgoings. Work out how much money you have going out every month. Include all insurance payments (medical, household etc) and your mortgage.
You must secure these essential outgoings in addition to your living expenses, and be quite certain that you can cover these expenses with your web writing. Remember too, that you’ll need to have money left over for discretionary use, and to build up your savings account.
4. Get Advice: See an Accountant Now
Now that you have some idea of the big picture, it’s time to get professional help. If you’re not already seeing an accountant, get one now. You need be sure of what’s happening with your finances before you contemplate leaving the security of your day job.
When you’re ready, make the jump to a full-time web writing career.