AKA The Corporate Misfit's Incremental Guide to Freedom
Quitting your job without some kind of game-plan might sound exciting to some, but for others it brings on palpitations and hives.
The perfect solution for you exists somewhere along a sliding scale where risk is directly proportionate to the degree of freedom you desire.
Here are five strategies to help you decide on the right one for you.
#1: The Built-In Backup Strategy
Alternate one and three-year contracts in esteemed companies with long periods of travel.
Ideal for: 20-somethings not yet sure what they want to do with their lives but not yet willing to risk throwing away a corporate career.
What you need: Adequate funds for travel and a transition fund to cover you for up to three months while you find another job.
Pros:
- This strategy has an in-built 'back-up' plan because it builds your experience and CV over several years.
- Build a portfolio of experience more quickly without being typecast.
- You gain a level of maturity and wisdom beyond your years.
Cons:
- After a few cycles you may be perceived as a flight risk to prospective employers.
- You never know how fast you'll get another job when you come home.
#2: The Risk-Minimiser Strategy
Pick a country or continent you would love to explore and find a job there.
Ideal for: Anyone who wants a deeper real-life experience of another country or culture but loves the perks & opportunities that come with a secure job.
What you need: Strong personal and social networks, head hunters or recruiters, a great relationship with your current employer {for transfer}, or a self-starter mentality.
Pros:
- Minimises career and financial risk completely.
- It can lead to citizenship or a fast tracked savings plan when you depart. {Claim back pension & tax refunds if you can't retire there.}
Cons:
- It can cost your friends and familys to visit you.
- If your company sponsors your business visa, one wrong move or lost client and you could be back on the plane pronto.
#3: The Freedom-Seeker Strategy
Register yourself as a sole proprietor and pursue contracts of any length, any time you like.
Ideal for: A seasoned pro or a confident 20-something who loves short-term project work. Highly social people who can integrate fast in any culture or lone wolves.
What you need: Excellent client testimonials and a gleaming track record.
Pros:
- Work on a project by project basis; build your experience and portfolio quickly.
- You can establish a name for yourself and high demand for your services fast.
- You'll be in demand during recession while permanent employees are laid off.
Cons:
- You must be diligent about invoicing & receiving payments.
- Your salary is gross so you have to factor in the cost of tax.
- You're not eligible for company benefits like medical, holiday & sick leave.
#4: The Ultimate Freedom-Seeker Strategy
Position yourself as a consultant when you're a bonafide expert in your field.
What you need: Proof of high calibre problem-solving skills and innovative thinking.
Ideal for: Those who have achieved guru status in a specific area of expertise and feel confident charging a premium for it. Great for Millennials who master cutting-edge technologies and processes fast.
Pros:
- Freedom to choose who you work with while charging a premium.
- You can charge value-based fees for your services because of the high-impact nature of your contracts.
Cons:
- Forget about working 9-5. You might work long hours to meet tight deadlines.
- If your area of expertise is highly specialised it might be months between contracts.
#5: The-Make-Money-While-You-Sleep Strategy
Transform your expertise into digital products & services that people can buy online from anywhere in the world.
What you need: Entrepreneurial drive, and products & services that people want to buy.
Ideal for: Self-starters who love the opportunity & challenge of starting up and being their own CEO.
Pros:
- Complete control over your time and business size & direction.
- Breathe life into your ideas and have an impact on the world around you.
- Complete control over work-life balance over the longer term.
Cons:
- Work-life balance is hard at first; fledgling entrepreneurs work 24-7 which quickly becomes a lifestyle.
- No control over size or timing of commercial success; threat of failure can be paralysing.
- Startup cash flow can run out fast.
Start with the level of risk you're willing to take and slowly increase it to move closer towards absolute freedom.
As Emerson said:
All life is an experiment. The more experiments you make the better.
###
If you liked this article, please share it.