annodynamic
New member
Before I quit my job to start my design tool startup, Typogram, I asked many friends for advice. Now that I have been working on my startup for over a year, here are three tips I thought were most helpful. I wrote a bit more about each of in my newsletter, but here are the quick overviews.
Tip 1: Build multiple streams of income.
When I worked, my job was my only source of income. People in my field often picked up teaching, so I started to look for part-time teaching gigs and, luckily, landed on two great recurring opportunities.
Tip 2: Cut down on living expenses.
Quitting a job is an income cut; you either have to dig into your savings or reduce expenses. One way to reduce for me was cooking more and ordering takeout less. This is a painless way to cut down costs while improving life quality.
Tip 3: Sort out housing before quitting
you should find a place you want to stay for the duration of your entrepreneurship journey and sign the lease. If you are like me, renting in big cities like NYC, signing a new lease requires income documents. Lease renewal usually doesn’t require submitting documents again.
Tip 3.5: Let me explain...
There is also advice I didn’t take: “quit when your side income is equal to or greater than the day job income.” I didn’t do this. One reason is that it would take much longer to start. But this advice is still very sharp and much safer.
Tip 1: Build multiple streams of income.
When I worked, my job was my only source of income. People in my field often picked up teaching, so I started to look for part-time teaching gigs and, luckily, landed on two great recurring opportunities.
Tip 2: Cut down on living expenses.
Quitting a job is an income cut; you either have to dig into your savings or reduce expenses. One way to reduce for me was cooking more and ordering takeout less. This is a painless way to cut down costs while improving life quality.
Tip 3: Sort out housing before quitting
you should find a place you want to stay for the duration of your entrepreneurship journey and sign the lease. If you are like me, renting in big cities like NYC, signing a new lease requires income documents. Lease renewal usually doesn’t require submitting documents again.
Tip 3.5: Let me explain...
There is also advice I didn’t take: “quit when your side income is equal to or greater than the day job income.” I didn’t do this. One reason is that it would take much longer to start. But this advice is still very sharp and much safer.