In 2017, Paul Millerd, a highly respected and self-employed writer and life coach, decided to step away from his regular consulting job. His decision was incited by a disagreement with his former employer and a decline in passion for his professional work, but this career shift has led to an impressive journey of self-discovery and professional development.
Having a background in corporate transformations, Millerd had the expertise needed to direct his own professional trajectory. However, in preparation for the transition, he saved up to $50,000, which allowed him to explore new career paths without the impending fear of financial insecurity. Such a safety net not only paved the way for riskier career options but also provided the economic certainty needed for his personal and professional development.
Millerd adopted a strategic approach when exiting his regular job. Keeping this transition smooth was paramount, so he painstakingly trained his successors while sketching his next career steps. This preparation helped him evaluate his freelance pursuits and identify the skills he would need to acquire or enhance.
Strategic transition to freelance: Millerd’s journey
His uniquely personalized roadmap helped him position himself in a niche that catered to both his professional skills and personal interests.
Establishing his own LLC was the next step for Millerd. He networked extensively and leveraged his online presence, landing his first freelancing project through a previous professor. His emphasis on building strong professional relations started to pay off as his client base grew, vouching for his credibility and trust in the field.
It wasn’t just professionally, Millerd’s approach to finance changed drastically as well. He became more cautious with his spending, ensuring he lived within his means, adding an extra 30% to cater for taxes. This careful financial planning stabilized his economic situation, offering a healthy cushion for any future investments or challenges.
Millerd’s career transition is a prime example for those considering a similar move. It showcases the importance of strategic planning, maintaining a reliable financial cushion, and having a forward-looking attitude. Transitioning from a corporate job does demand courage, but with realistic planning, meticulous risk management, and a boundless outlook, the shift can be highly rewarding.
