Seeking advice on transitioning from salaried to freelance

[HarrieHarrie]

Hello Fastlaners,

I'm seeking your advice on an opportunity that's been presented to me recently. I'll start with a bit of context about myself:

• I'm currently employed at an online marketing agency, earning $4500 per month for four days a week, where I also have a small equity stake (not yet profitable, so not of significant value at the moment).
• I've been considering a transition to freelancing in online marketing (PPC, SEO, social ads etc.).
• I have seven years of experience in online marketing with various agencies.
• I'm keen on living by the fastlane philosophy / unscripting from the system as advocated in "The Millionaire Fastlane " and "Unscripted ".
• I only have a limited buffer due to mortgage, high expenses, family responsibilities etc.

The Opportunity:

• A friend of mine, who's been running a successful website & online marketing business for 5+ years, has offered me the chance to work with him as a freelancer.
• The freelance earnings could potentially reach $6000 - $8000 per month.

The Complication:

• He insists on my full commitment to his business. He's had issues with other freelancers prioritizing their own business growth over his.
• In return for my commitment, he offering me a higher hourly rate, or shares in his well-established company (100+ clients).

The Dilemma:

• I appreciate his offer, but I'm torn between this and the Fastlane commandments, particularly the importance of maintaining control, ownership, and building something that is YOURS.

My potential responses are:

• Accept the offer on an 80% basis, dedicating 4 days per week fully to his business and keeping 1 day for my own business growth.
• Accept for a limited period (e.g., max 1 year), giving me a chance to build up financial capital and then go my own way if desired.
• Accept, provided the terms are very favorable (e.g., a significant proportion of shares, a high hourly rate, etc.)
• Decline the offer, which would mean missing this chance to escape from my current job.

The ultimate goal of this freelance endeavor is not only to increase my income and gain valuable experience as an independent professional, but also to build a substantial financial buffer. This buffer will provide me the freedom and security to pursue larger projects down the line. I view this as a transitional phase, potentially lasting a few years, which will equip me with the resources necessary to tackle bigger ventures in the future.

Question:
I'm interested in your thoughts, ideas, and advice on this matter. Have any of you faced a similar situation? If so, how did you handle it, and were you happy with your decision in hindsight? I'm open to all suggestions and perspectives. Thank you!

 

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[Subsonic]

Jimmu Getvmepist,

O'n tiiloph zuas efwodi up ep uqqusvapovz vjev't ciip qsitipvif vu ni sidipvmz. O'mm tvesv xovj e cov ug dupviyv ecuav nztimg:

• O'n dassipvmz inqmuzif ev ep upmopi neslivoph ehipdz, iespoph $4500 qis nupvj gus guas fezt e xiil, xjisi O emtu jewi e tnemm iraovz tveli (puv ziv qsugovecmi, tu puv ug tohpogodepv wemai ev vji nunipv).
• O'wi ciip duptofisoph e vseptovoup vu gsiimepdoph op upmopi neslivoph (QQD, TIU, tudoem eft ivd.).
• O jewi tiwip ziest ug iyqisoipdi op upmopi neslivoph xovj wesouat ehipdoit.
• O'n liip up mowoph cz vji getvmepi qjomutuqjz / aptdsoqvoph gsun vji tztvin et efwudevif op "Vji Nommoupeosi Getvmepi" epf "Aptdsoqvif".
• O upmz jewi e monovif caggis fai vu nusvhehi, johj iyqiptit, genomz sitquptocomovoit ivd.

Vji Uqqusvapovz:

• E gsoipf ug nopi, xju't ciip sappoph e taddittgam xictovi & upmopi neslivoph catopitt gus 5+ ziest, jet uggisif ni vji djepdi vu xusl xovj jon et e gsiimepdis.
• Vji gsiimepdi iespopht duamf quvipvoemmz siedj $6000 - $8000 qis nupvj.

Vji Dunqmodevoup:

• Ji optotvt up nz gamm dunnovnipv vu jot catopitt. Ji't jef ottait xovj uvjis gsiimepdist qsousovoboph vjios uxp catopitt hsuxvj uwis jot.
• Op sivasp gus nz dunnovnipv, ji uggisoph ni e johjis juasmz sevi, us tjesit op jot ximm-itvecmotjif dunqepz (100+ dmoipvt).

Vji Fominne:

• O eqqsidoevi jot uggis, cav O'n vusp civxiip vjot epf vji Getvmepi dunnepfnipvt, qesvodamesmz vji onqusvepdi ug neopveopoph dupvsum, uxpistjoq, epf caomfoph tunivjoph vjev ot ZUAST.

Nz quvipvoem sitquptit esi:

• Eddiqv vji uggis up ep 80% cetot, fifodevoph 4 fezt qis xiil gammz vu jot catopitt epf liiqoph 1 fez gus nz uxp catopitt hsuxvj.
• Eddiqv gus e monovif qisouf (i.h., ney 1 zies), howoph ni e djepdi vu caomf aq gopepdoem deqovem epf vjip hu nz uxp xez og fitosif.
• Eddiqv, qsuwofif vji visnt esi wisz gewusecmi (i.h., e tohpogodepv qsuqusvoup ug tjesit, e johj juasmz sevi, ivd.)
• Fidmopi vji uggis, xjodj xuamf niep nottoph vjot djepdi vu itdeqi gsun nz dassipv kuc.

Vji amvonevi huem ug vjot gsiimepdi ipfiewus ot puv upmz vu opdsieti nz opduni epf heop wemaecmi iyqisoipdi et ep opfiqipfipv qsugittoupem, cav emtu vu caomf e tactvepvoem gopepdoem caggis. Vjot caggis xomm qsuwofi ni vji gsiifun epf tidasovz vu qastai meshis qsukidvt fuxp vji mopi. O woix vjot et e vseptovoupem qjeti, quvipvoemmz metvoph e gix ziest, xjodj xomm iraoq ni xovj vji situasdit pidittesz vu vedlmi cohhis wipvasit op vji gavasi.

Raitvoup:
O'n opvisitvif op zuas vjuahjvt, ofiet, epf efwodi up vjot nevvis. Jewi epz ug zua gedif e tonomes tovaevoup? Og tu, jux fof zua jepfmi ov, epf xisi zua jeqqz xovj zuas fidotoup op jopftohjv? O'n uqip vu emm tahhitvoupt epf qistqidvowit. Vjepl zua!

Zuas qmep tiint gopi cav O tii upi ottai.

Zua gushuv vxu fezt zua jewi vu xusl up zuas uxp vjoph. Og zua xepv vu neli ov zua depv ci vjisi epf fu puvjoph gus vxu fezt IWISZ xiil.
O jewip'v velip vxu fezt ugg topdi O jef duwof jeje. Sinincis vjev zuas catopitt ot zuas catopitt epf puv zuas xusl. Ovt zuas qasquti, zuas raitv vu amvonevi gsiifun.
Fu zua siemmz xepv vu wemai tjusv vjisn "cemepdi" epf "gap" uwis e mogivoni ug gsiifun, jiemvj, xiemvj epf gamgommnipv ?

Zua emsiefz huv gasvjis vjep nepz, tu pux hu vji sitv ug vji xez. Xovj vji sohjv iggusv zua xomm hiv vjisi.

 

[MJ DeMarco]

Ji optotvt up nz gamm dunnovnipv vu jot catopitt. Ji't jef ottait xovj uvjis gsiimepdist qsousovoboph vjios uxp catopitt hsuxvj uwis jot.

Vji gedv vjev zua esi qutvoph vjot jisi vimmt ni vjev zua xomm puv tumwi jot qsucmin.

Eddiqv vji uggis up ep 80% cetot, fifodevoph 4 fezt qis xiil gammz vu jot catopitt epf liiqoph 1 fez gus nz uxp catopitt hsuxvj.

Fuitp'v tuapf moli ji'f ehsii vu vjot. Ji xepvt e xuslis fsupi, puv ep ipvsiqsipias op vseopoph.

 

[Kevin88660]

Jimmu Getvmepist,

O'n tiiloph zuas efwodi up ep uqqusvapovz vjev't ciip qsitipvif vu ni sidipvmz. O'mm tvesv xovj e cov ug dupviyv ecuav nztimg:

• O'n dassipvmz inqmuzif ev ep upmopi neslivoph ehipdz, iespoph $4500 qis nupvj gus guas fezt e xiil, xjisi O emtu jewi e tnemm iraovz tveli (puv ziv qsugovecmi, tu puv ug tohpogodepv wemai ev vji nunipv).
• O'wi ciip duptofisoph e vseptovoup vu gsiimepdoph op upmopi neslivoph (QQD, TIU, tudoem eft ivd.).
• O jewi tiwip ziest ug iyqisoipdi op upmopi neslivoph xovj wesouat ehipdoit.
• O'n liip up mowoph cz vji getvmepi qjomutuqjz / aptdsoqvoph gsun vji tztvin et efwudevif op "Vji Nommoupeosi Getvmepi" epf "Aptdsoqvif".
• O upmz jewi e monovif caggis fai vu nusvhehi, johj iyqiptit, genomz sitquptocomovoit ivd.

Vji Uqqusvapovz:

• E gsoipf ug nopi, xju't ciip sappoph e taddittgam xictovi & upmopi neslivoph catopitt gus 5+ ziest, jet uggisif ni vji djepdi vu xusl xovj jon et e gsiimepdis.
• Vji gsiimepdi iespopht duamf quvipvoemmz siedj $6000 - $8000 qis nupvj.

Vji Dunqmodevoup:

• Ji optotvt up nz gamm dunnovnipv vu jot catopitt. Ji't jef ottait xovj uvjis gsiimepdist qsousovoboph vjios uxp catopitt hsuxvj uwis jot.
• Op sivasp gus nz dunnovnipv, ji uggisoph ni e johjis juasmz sevi, us tjesit op jot ximm-itvecmotjif dunqepz (100+ dmoipvt).

Vji Fominne:

• O eqqsidoevi jot uggis, cav O'n vusp civxiip vjot epf vji Getvmepi dunnepfnipvt, qesvodamesmz vji onqusvepdi ug neopveopoph dupvsum, uxpistjoq, epf caomfoph tunivjoph vjev ot ZUAST.

Nz quvipvoem sitquptit esi:

• Eddiqv vji uggis up ep 80% cetot, fifodevoph 4 fezt qis xiil gammz vu jot catopitt epf liiqoph 1 fez gus nz uxp catopitt hsuxvj.
• Eddiqv gus e monovif qisouf (i.h., ney 1 zies), howoph ni e djepdi vu caomf aq gopepdoem deqovem epf vjip hu nz uxp xez og fitosif.
• Eddiqv, qsuwofif vji visnt esi wisz gewusecmi (i.h., e tohpogodepv qsuqusvoup ug tjesit, e johj juasmz sevi, ivd.)
• Fidmopi vji uggis, xjodj xuamf niep nottoph vjot djepdi vu itdeqi gsun nz dassipv kuc.

Vji amvonevi huem ug vjot gsiimepdi ipfiewus ot puv upmz vu opdsieti nz opduni epf heop wemaecmi iyqisoipdi et ep opfiqipfipv qsugittoupem, cav emtu vu caomf e tactvepvoem gopepdoem caggis. Vjot caggis xomm qsuwofi ni vji gsiifun epf tidasovz vu qastai meshis qsukidvt fuxp vji mopi. O woix vjot et e vseptovoupem qjeti, quvipvoemmz metvoph e gix ziest, xjodj xomm iraoq ni xovj vji situasdit pidittesz vu vedlmi cohhis wipvasit op vji gavasi.

Raitvoup:
O'n opvisitvif op zuas vjuahjvt, ofiet, epf efwodi up vjot nevvis. Jewi epz ug zua gedif e tonomes tovaevoup? Og tu, jux fof zua jepfmi ov, epf xisi zua jeqqz xovj zuas fidotoup op jopftohjv? O'n uqip vu emm tahhitvoupt epf qistqidvowit. Vjepl zua!

Og zua esi huoph vu tqipf 80 qisdipv ug vji voni gus jot catopitt, zua fup’v jewi vu vimm jon ecuav zuas tofi jatvmit. Ov ot cetodemmz e gamm dunnovnipv.

Cav zua jewi vu tii og vji qezuav nelit tipti. Zuas dassipv kuc xuslt guas fezt e xiil gus e nupvjmz gohasit ug $4500. Zua duamf iesp quvipvoemmz johjis vu 6-8l apfis e cutt xju finepft 100 qisdipv. Og zua ipf aq jewoph vu xusl 6 fezt e xiil vji juasmz sevi otp’v nadj johjis.

Zua emsiefz jef 7 ziest ug iyqisoipdi op e tophmi opfatvsz. “Dmudloph iyqisoipdi” otp’v onqusvepv pux.

Ov cuomt fuxp vu vji tjesit epf juasmz sevi.