5 Ways to go from Employed to Self Employed Without Starting from Scratch

5 Ways to go from Employed to Self Employed Without Starting from Scratch  

Envisioning a future where you’re your own boss and make your own schedule, but don’t necessarily want to get there by putting in the blood, sweat and tears that most start-up entrepreneurs do? 

You may be surprised to learn that it is possible to break free from the corporate chains and venture out on your own without starting from scratch. If you don’t want to go the entrepreneurial route “alone”, there are ways to approach self-employment that ease the transition and provide some structure. 

Before considering which avenue of self-employment to take, the obvious first step is to evaluate your skills and strengths and identify what value you can provide to your potential clients. What problems can you solve? What needs can you meet? Equally, you’ll need to consider your weaknesses and shortcomings and how you’ll address those through training or outsourcing. 

Once you’ve identified what service or industry you want to focus on, then you’re ready to assess which route of self-employment to take. 

If you’re ready to take the next steps to freedom, here are 5 ways to go from employed to self-employed, without starting at square one: 

Freelancing 

Freelancing involves completing specific tasks for clients without committing to full-time employment. Freelancers often manage multiple projects simultaneously for different clients. According to the Internal Revenue Service (IRS), freelancers are regarded as self-employed individuals. 

Choosing freelancing means you can say no to company-wide meetings, performance reviews, or strict clocking in and out times, offering a level of flexibility you might be seeking. Freelance opportunities are abundant in various fields like skills, services, and creativity, including copywriting, programming, engineering, and marketing. Joining a freelance marketplace such as UpWork or Fiverr could provide a promising source of inbound leads and help with building a client base. 

Contracting 

As well as asking your current employer if you could contract for them, create a list of comparable companies to reach out to. For instance, graphic designers could secure consistent projects from various agencies, as could telesales professionals, business development experts, HR specialists, and legal professionals. 

Establishing relationships with multiple companies that are familiar with your work ethic and style and can provide you with assignments will result in a diverse and flexible schedule. This approach grants you autonomy over your time and the ability to choose which projects to take on. 

Create a membership or subscription service 

Could your activities be structured as a membership? For example, a legal advisor could provide ad hoc legal advice for a monthly retainer. This business model could be effective across various fields such as human resources, accounting, graphic design, research, and intelligence.  

Start by brainstorming the benefits for members in your membership group, gather feedback from potential clients, and determine their opinions. Establish revenue targets and work in reverse to identify the necessary number of members and the monthly fee. 

Buy a franchise 

Owning a franchise offers structure and guidance while satisfying the dream of self-employment. Purchasing a franchise offers a wide range of benefits for the first-time entrepreneur, including training and in-place systems, brand recognition, marketing and advertising and even leads.  

Transworld Business Advisors of Oregon takes a three-step approach to selecting the right franchise for our clients. Learn more here.