The "Is self-employment right for me?" framework concludes...

The one question that most aspiring solopreneurs are shy to talk about, but certainly have in the back of their mind is:

“Will I make enough money going solo?”

And with good reason — it can be daunting to move from a reliable, typically increasing salary structure into a working model where you don’t know where your next round of income is coming from, or when.

Now, in time, as a business owner, you can take steps to smooth out your revenue streams, pay yourself a steady “salary” etc.

But initially, revenue may be slow and/or choppy, which can be a very real limitation to self-employment, depending on your financial obligations.

So, while each person’s financial position (and risk tolerance) is different, the overarching question here is: Do you have the financial stability to sustain a shift to self-employment?

Some questions to consider:

• What are your core monthly expenses?
• How would you cover those expenses if you made zero revenue for the first 6 months? What about 12 months?
• Do you have alternate (non-salary) cash flow? Severance? Unemployment?
• Is it important to you to replace your corporate income? Why? Over what period?
• What other benchmark could you set for your revenue goals? And over what period?
• Are you willing and able to tap into your savings or emergency fund to support your transition into a new working model?

Reflecting on these questions highlights the practical implications of a transition to solo work, but there are mindset implications as well.

If you’re sweating it out every month to pay your bills, you might take on work that’s out of sync with your interest or expertise.

If you’re chasing an arbitrary revenue target, you might feel constantly behind, anxious, and demoralized.

Taking stock of your current financial stability and goals can help inform whether this is the right move, and the right time.

For you.

So, how did this framework land for you?

Feeling more clear on whether a solo path is a good match for you?

Did this highlight certain angles to ponder more carefully?

For the newbies, does this resonate with your early experiences?

For the veteran soloists, what’s missing?

Hit reply and let me know.

💡

-Wes

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