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]

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!

Your plan seems fine but I see one issue.

You forgot two days you have to work on your own thing. If you want to make it you cant be there and do nothing for two days EVERY week.
I haven't taken two days off since I had covid haha. Remember that your business is your business and not your work. Its your purpose, your quest to ultimate freedom.
Do you really want to value short therm "balance" and "fun" over a lifetime of freedom, health, wealth and fulfillment ?

You already got further than many, so now go the rest of the way. With the right effort you will get there.

 

[MJ DeMarco]

He insists on my full commitment to his business. He's had issues with other freelancers prioritizing their own business growth over his.

The fact that you are posting this here tells me that you will not solve his problem.

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.

Doesn't sound like he'd agree to this. He wants a worker drone, not an entrepreneur in training.

 

[Kevin88660]

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!

If you are going to spend 80 percent of the time for his business, you don’t have to tell him about your side hustles. It is basically a full commitment.

But you have to see if the payout makes sense. Your current job works four days a week for a monthly figures of $4500. You could earn potentially higher to 6-8k under a boss who demands 100 percent. If you end up having to work 6 days a week the hourly rate isn’t much higher.

You already had 7 years of experience in a single industry. “Clocking experience” isn’t important now.

It boils down to the shares and hourly rate.

 

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