Making a creative shift

Executing a creative shift in your career can be a fulfilling and exciting journey, but it can also be challenging - especially when it comes to making money

-  Shannon Manuel

MAKING THE JUMP

FROM A CORPORATE OFFICE JOB to branch out on your own can be a great decision if it aligns with your passions and goals, but it can also be a bit scary. While not all creative shifts involve throwing out everything that you've done in your career so far, many creative shifters start without knowing what their future job title will be.

However, with the right mindset, skills and approach, it is possible to transition successfully and make a living doing what you love. Sheldon Botes from Fable Wealth (Pty) Ltd provides advice on how to evaluate your finances when making the move.

Transitioning from a full-time job

To make the transition from a full-time job and regular salary to a career that offers an unpredictable income, it is essential to be prepared. The first and most important step is to ensure that you have saved enough money. Essentially, your aim should be to build up at least six months of living expenses in case you experience periods of no or low income. Doing so will give you peace of mind and allow you to focus on building your career without fear of financial instability.

It's essential that you establish a budget to understand your expenditure as well as develop a realistic timeline for when you expect to reach certain goals. Evaluate both short and long-term objectives into projected revenue sources so you can better understand your expected earnings throughout the process. This strategy should also involve plans on managing cash flow, such as streamlining expenses like subscriptions or recurring payments while trying to increase income streams whenever possible. These efforts aid in managing money during times of uncertainty associated with an irregular salary income structure.

Considering a financial advisor as a new entrepreneur