So how do you quit the rat race? Easier said than done, right?
Starting anything new can be daunting, and starting a new business especially so. After all, there’s definitely risk involved, and probably a lot of unknowns if it’s your first time. There are also a lot of benefits (including some not-so-obvious ones), so you need to work out what is important to you. Now (2020) more than ever, job security is practically a thing of the past, so freelancing isn’t just an option – for some it’s become a necessity.
I see and know so many people who are not happy with their jobs, or who don’t get enough time to do the things they want to do because of their jobs, and yet they keep doing the same thing with some vague plan or dream to change things someday…
Work Out What You Want, and Make a Decision
If you just have a vague idea that you would like to do something, it’s easy to make excuses and push it aside. It’s easier to stay in your comfort zone, even if you’re not happy or satisfied. Just saying you want to quit the rat race isn’t enough.
What can help is to define it and break it down – work out what it would take and figure out some of the steps. The thing is you don’t have to work it all out before you commit to it. The first step is working out what your minimum requirements are. How much do you need to earn just to live as you are now? I’m amazed by how many people don’t know the answer to this question.
Once you know that, figure out what that means in terms of hours/days and a rate. For example, if you need to make $1,000 per week (before tax), and you can charge $50 per hour for your time, then you need to charge at least 20 hours per week.
Depending on your job and industry, you may be able to start your own business ‘on the side’. It will mean more work overall for a while, but once your business is established you can quit your job. This is a relatively safe way to do it, and one that is gaining popularity, especially as it’s relatively easy to become a freelance consultant or start an online business in your own time.
The Most Important Thing Is Action
The most important thing of all is action. Without action, everything else is a waste of time. If you’re serious about wanting to change your lifestyle for the better, commit to taking action now. Even if you take small steps, do that consistently and you will progress towards your goals.
So do it, commit now, even if it’s just committing to follow the steps above and work out what it would take for you to quit the rat race.
My next post will be about the next step – figuring out if you’re cut out to work for yourself. If you’re really curious, check out my worksheet to see if you’re ready to be a freelance consultant.