What is job security?
Job security is the knowledge that you are working for an organisation or company that values your work and are unlikely to be dismissed. For 24 years, working for the local government meant the chance of them dismissing me was very slim – you would have to mess up big time to lose your job.
Many people who want to quit their 9-5 job have been in that environment for many years and will be living inside the comfort zone. Is this you? When you transition into a freelancer or an entrepreneur, you lose that job security, and it’s important to know how to deal with this change before you quit your job.
Otherwise, it is going to be a complete shock when you realise that all sorts of tricks can stop you from earning a living. Non or slow payment of invoices, credit card chargebacks are just three problems that you have to contend with.
No such thing as job security anymore
In all honesty, there is no such thing as job security anymore, and it’s important to realise that. My first remote job contract lasted for 20 months, the second, for 18 months. What’s important to realise is that you are there to serve a purpose for any business and that’s to help the founders achieve their goals.
If they feel that you are not adding any value into their business, goodbye. Or, if they find someone with your skills who is charging a lower rate, you will be gone. It’s a tough world out there and you have to realise that, quickly.
Good money management skills
You are going to transition from getting paid on the same day every month to not knowing when an invoice will be paid or if customers will purchase your product.
It’s for this reason why you need to have good money management skills. Before you quit your 9-to-5 job, have enough money in your savings to last you a minimum of six months. Believe this money will keep you afloat.
Also, make sure that all debt is paid, so pay off the credit card bill, loan or any other money that you owe. You want to start from a clean slate and not be stressing about paying off debt while working remotely and travelling.
Every time you are paid from a client or customer, make sure that you save a percentage of the money and do not forget your tax bill. Putting that money to one side will make life easier at the end of the financial year. Speak with an accountant for advice on tax implications for your business.
Finally, day-to-day, think about logging your spending on to money management apps like Yolt and other money tracker apps.
These apps allow you to run reports on what you are spending the most money on.
Keep up to date with developments
Some industries move faster than others so it is important to keep up to date with developments. This will allow you to become well informed and ahead of your competition who have their eyes off the ball.
Keep a look for emerging trends and changes in technology. Some of the world’s biggest brands did not move with the times and now other companies have taken their market share and put them out of business.
To become an expert within your niche you have to be informed and a leader that people take notice of. This will help you with acquiring media attention and those vital links to your website to build your audience.
Network with people within your industry
Leading on from keeping informed of developments within your niche, another good strategy is to highlight 6-12 authority figures within your niche and start to build relationships with these people.
When they post on social media, answer their questions, ask your questions, start discussions with them.
Building relationships takes time, but if they see you regularly in their timeline, they are going to check your business out and might be able to help you in the future with either finding freelance work or, helping you build an audience for your business.
Improve and learn new skills
As a freelancer, you will need to be multi-skilled so that you have more pitching opportunities to potential clients.
When building an online business you will need to learn new skills from Search Engine Optimization to acquiring customers and sales. Taking time out of your week to learn new skills is highly recommended if you want to be successful.
You can use services like Skillshare, Teachable and Udemy which have a wide range of courses for all levels.
Build your empire
While job security is important to many, what you have to realise is that you are building someone else’s empire – you are helping them achieve their goals in life. Why aren’t you building your empire, and working towards your aspirations?
It’s not going to be easy, there will be challenges and stress but surely all of this is worth it if you are building a business that adds value to people’s lives, and helps you what you want to achieve in your life? Nothing worthwhile in life is going to come to you easily, you’re going to have to work smart and hard.
Focusing on these areas will help you deal with self-doubt because you will have put yourself in a situation where you are in control. It is that lack of control why many struggles to deal with a lack of job security and do not take the plunge to quit their job to work remotely and travel.