Here’s a question for full-timers and side-hustlers alike:
How much money do you need to be bringing in from your business before you can go full-time?
Some of you might be thinking, “That’s a little up close and personal, Lauren...”
Some of you may think you've already done the math and can quickly give me a figure.
But I have a feeling that most of you are curious, because you’ve been trying to come up with an answer to this question for a while now.
I can totally relate.
I didn’t have an answer to this question when I started Elle & Company 3 years ago.
In all honesty, I didn’t have an answer to this question when I made the leap to full-time entrepreneurship 2 years ago.
And it cost me.
I didn’t know how much money I needed to bring in each month before taxes.
I didn’t know how much money to set aside for taxes.
I hadn’t tallied up my expenses.
I hadn’t set up an emergency fund.
I was naive. But I was also fearful and stubborn.
I knew that if I actually did the math, the numbers would prove that I wasn’t financially ready to pursue my passion full-time.
And I didn’t want to hear that.
So I pressed on anyway, to the detriment of our personal finances.
Month after month I found myself having to cut into our savings account because I wasn’t bringing in enough money to make ends meet.
I was right on the cusp of having to throw in the towel on my business altogether when I finally smartened up.
But here’s the thing: Not many people are willing to bridge the topic of money.
It’s uncomfortable. It’s personal. It’s frightening.
But it’s unavoidable.
Although I’ve gotten better at crunching the numbers and managing money over the past 2 years, I’m no financial guru.
But Shannah Game is.
She joined me a couple weeks ago in an Ellechat webinar to help answer that pressing question: “How much money do you need to be bringing in from your business before you can go full-time?”
If you’re hoping to take your business full-time and you haven’t crunched the numbers, you can’t afford to miss this one (no pun intended).
And if you’ve already taken your business full-time and you’re in over your head like I was, you’ll want to watch the replay, too
Shannah shared the financial steps you should be taking before you make the leap. She also answered questions like:
- What are the biggest financial mistakes that people make when trying to take their business full-time?
- Do you have any tips for adjusting your personal budget to prepare for making the leap?
- How do you know when it’s financially safe to make the leap?
- Do you suggest taking precautions ahead of time (like an emergency fund that covers a few months’ pay?)
Catch the replay by logging into the Crowdcast window below.
If you enjoyed this Ellechat, you can find all the replays for past Ellechats and sign up for upcoming Elle & Company webinars here.
What was your biggest takeaway from this Ellechat? Who would you like to see as a guest in an upcoming Elle & Company webinar?