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295: A Realistic Plan to Launch Your Freelance Business

 

EPISODE 295 SHOW NOTES

Hey there! Today’s episode is short and sweet, but it just might be the kick in the pants you need to launch your freelance business and quit your job ASAP. The family life you want and the income you need are within reach.

Today, I want to walk you through creating a business plan and timeline to launch your freelance business. If you’re a pen-and-paper person and want to break this all down even further, I’ve got a checklist you can print out in my free resources.

Step 1: Define Your Monthly Income Goal

First, determine the minimum income you need to make to quit your current job and be home with your kids. What is the amount that would allow you to achieve this goal?

Step 2: Decide How Many Hours You Want to Work Each Week

Decide how many hours you want to work each week. Many people aim for 20 hours a week, but your ideal number might be a little more or a little less.

Step 3: Calculate Your Hourly Rate

Multiply the number of hours you want to work each week by 4.5 (to account for four and a half weeks in a month) to see how many hours you can work in a month. Then, divide your monthly income goal by that number to find your required hourly rate.

For example, if you want to work 20 hours a week, that’s 90 hours a month. If your income goal is $3,000/month and you’re working 90 hours a month, you’ll need to charge at least $33.33/hour. For a $5,000/month goal, you’ll need to charge at least $55.55/hour. For a $10,000/month goal, you’ll need to charge at least $111.11/hour.

If you’re wondering if these numbers are realistic, the answer is yes! General VAs performing basic administrative tasks can charge anywhere from $20-$45/hour. If you have a more specialized skill set, the sky’s the limit on what you can charge.

If you start today and launch your freelance business, you could quit your job by Christmas! Spend the rest of July completing the LFA course and building your solid foundation. Then, begin networking and connecting with clients in August.

For more details on freelancing and how to get started, check out my crash course and learn all about freelancing, who hires freelancers, and how to land clients.

In this episode, we cover:

  • Defining your monthly income goal and calculating the hourly rate needed to achieve your freelance dreams
  • A realistic timeline for launching your business and quitting your job by November

You’ll love this episode if:

  • You want more time at home with your family but also need to bring in an income
  • You’ve been on the fence about freelancing and want some inspiration to get started

Resources and links mentioned in this episode:

  • Learn about the ins and outs of freelancing and how to land paying clients in my free crash course. Click here!
  • Learn how to land freelance clients with Episode 228. Click here!
  • Ready to join the Live Free Academy? There is a new 12 month payment plan option. Click here and get started today for just $147!
  • Listen to last week’s episode here!
  • Loving the show? It would be so helpful if you could write a review here. Thanks so much!
  • Do you need some help kickstarting your freelance journey? I’ve got tons of resources here!
  • Connect with me on Instagram! @micala.quinn

More about the Live Free Podcast with Micala Quinn:

How do I get started? What if I fail? Who will hire me? Is it really possible to create a consistent, full-time income from home?

Welcome to the Live Free Podcast with Micala Quinn where we will be answering these questions PLUS many more! Whether you’re just starting your freelance business (heck even if you don’t know what freelancing is yet) or you’re looking to scale, this podcast will give you tangible business advice along with inspiring interviews to help you create a life and career that works for YOU and YOUR family.

Your host, Micala Quinn, started out teaching high-school English, but when her first child was born, she immediately began searching for something more. She wanted a way to stay-at-home with her daughter (and future babies), but still needed to bring in a full-time income to help support her family. Micala started freelancing, quickly replaced her full-time income, and now helps other moms (like you) get started and grow their freelance business from scratch to 5K and beyond! She believes that being a working mom or a stay-at-home mom no longer needs to be a black and white decision. You CAN have both. On your terms!

Our motto is Mom Strong, Work Smart, and Live Free. Are you in? We’d love for you to join us each Monday, as well as in our Live Free Podcast Facebook community!

This post about about a WAHM Success Story journey to freelancing may contain affiliate links, which means if you click one of our affiliate links and decide to make a purchase, we receive a tiny commission from the seller at no additional cost to you. We only share products and services we have used, tested, and love ourselves!**

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