# Boost Your Freelancing Success by Extending Your Runway
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Maximizing Your Takeoff Chances
To thrive as a freelancer, it's essential to ensure you have a sufficient runway.
Flying can be likened to battling gravity, making takeoff a crucial moment. If you envision piloting a plane, it’s clear that having an extended runway is vital for success. This analogy applies directly to freelancing—your goal as an independent entrepreneur is to enhance your probability of a successful launch.
Many freelancers take the plunge to escape unsatisfactory jobs, expecting to quickly reap financial rewards from their new ventures. However, the reality is often quite different. The freedom of self-employment doesn’t equate to instant financial success; instead, you typically start from scratch when it comes to establishing income streams.
Starting from Square Zero
Transitioning to full-time freelancing resets your earnings. It’s advisable to secure a client beforehand to ease this shift, which I highly recommend. Unlike traditional jobs, freelancing doesn’t come with a stable, predetermined salary. There are no guaranteed raises or promotions; instead, you must earn every dollar through hard work. While this can be more rewarding, it also presents instability and unpredictability.
Building a stable income can take months—sometimes even years. Personally, it took me about two years to find my footing.
In the worst-case scenario, if you leave your job to freelance, you might struggle to make ends meet. How long can you sustain your business at a loss before seeking a traditional job again? These are personal questions, but you can influence your situation.
Extending Your Runway
My transition into freelancing was a calculated risk, as I prepared for two and a half years. Financial resources are crucial for several reasons:
- They cover living expenses.
- They can expedite business growth.
- They provide a buffer against stress and anxiety.
Based on my experience, having savings before making the leap can be transformative.
How much should you save? This varies, but I personally set aside a year’s worth of expenses before quitting my stable job to pursue freelance writing. This gave me ample time to learn, adapt, and stabilize my business operations.
I must admit, having a well-paying job before embarking on my freelance journey was a significant advantage. It allowed me to save money, extend my runway, and boost my chances of success. Interestingly, I never needed to tap into my savings, as I had already secured a client and quickly landed two more. The peace of mind that came from having a financial cushion was invaluable.
Happy freelancing (and saving),
Carter
P.S. Do you have any tips for extending your runway?
Strategies for Successful Freelancing
In this video, "5 Tips For MASSIVELY Better Landings (That Actually Work!)", you’ll learn practical strategies to improve your landing techniques and overall freelancing approach.