Before the pandemic hit, I had a great chat with Andy from Marriage Kids & Money. He’s also a dad juggling two kids, but from the comfort of his home office.
Andy took a bold step in 2012, deciding to leave his stable job and dive into the world of online entrepreneurship. Although my initial push away from finance wasn’t aimed at turning Financial Samurai into a business venture, it surprisingly began to generate extra income, helping us steer clear of regular jobs.
Now, with more time spent indoors, I’ve delved deeper into the online business landscape. It’s amazing to see how some folks are carving out income streams online with sharp websites and targeted marketing.
If you’re toying with the idea of becoming a work-from-home entrepreneur, Andy has some sage advice:
You’ll never know if you don’t try!
Switching from a full-time job to a home-based business is a major step, especially as a parent responsible for not just your wellbeing but that of your spouse and children too.
I’ve wrestled with this decision for years, nurturing a side project that I grew to love. It began with a podcast named Marriage, Kids and Money, which I started after a rough day at work in 2016. I cherished every moment I spent on it.
As my interest in my corporate event marketing career waned after over 15 years, I realized I had climbed as high as I was comfortable with, and there wasn’t much left for me in my field.
A glaring hurdle was the financial aspect—I was earning $30,000 from my side hustle compared to $180,000 at my day job, not to mention the extensive benefits my employer provided like health care, dental, paid vacation, and an Employee Stock Ownership Program.
So, the dilemma was:
Do I leave my stable, well-paying corporate job with hopes of one day matching that income through my side hustle?
Or do I stick with my 9-5, aim for financial independence, and hopefully retire early?
After many conversations and support from my wife, I chose to leave my job earlier this year. Here’s what I did and what I’ve learned six months into being a solopreneur.
Steps to Becoming a Solopreneur:
1. Start small: I tested my business idea as a side hustle for three years. It was crucial to love what I was doing since it would take up most of my time.
2. Timing with family: We waited until our kids were in school full-time. My wife, having been a stay-at-home mom for seven years, found a part-time job that fit our family schedule perfectly.
3. Financial preparation: We saved a year’s worth of expenses as a safety net. We also chose a health plan similar to my previous one but with lower premiums due to our good health and the robust emergency fund.
Lessons from the First Six Months:
1. The reality of solopreneurship: Running a business is tough. I underestimated the value of corporate benefits like health care and 401k plans, which I now have to manage on my own.
2. The need to delegate: You can’t do everything yourself without risking burnout. I’ve outsourced roles like accounting, which has allowed me to focus more on what I’m good at and enjoy.
3. Adaptability is key: With the economic changes this year, I’ve had to pivot from in-person events to online seminars and diversify my income streams through my network.
Is Solopreneurship Worth It?
It’s a lot of work, but I’m building a lifestyle focused on healthy living, family time, and work I genuinely enjoy. I wouldn’t trade this new lifestyle for my old job. But with the economy’s twists and turns, who knows? I may pivot back if necessary, but I’ll know I gave it my all.
In conclusion, working from home as a solopreneur is tough but potentially rewarding. If you’re considering it, why not start with setting up your own website? It’s easier and cheaper than ever. And if you’re not quite ready to leave your day job, consider investing in private businesses where you can benefit from the efforts of innovative entrepreneurs without quitting your job.
