5 Income Strategies for Professional Women Transitioning to Self-Employment

Prior to starting my business, I was a business manager in the disability employment services industry. For three years I had known that I was not meant to still be there, but I was stuck in the trappings of a well-paying job, company car, salary sacrifice, four weeks holiday a year and so on.

I knew I wanted to start my own business, but leaving felt too unsafe because I didn’t know how I would support myself financially.

Sound familiar?

In this article, we will explore five income strategies that can help you to move on from the career you’ve outgrown and reinvent yourself as an entrepreneur.

— In this article —

Declutter, downsize, and minimise (temporarily)

It's natural to fear giving up a job that provides a comfortable income, as our expenses tend to match our current earnings. However, creating space for something new is crucial when you desire a change.

Start by decluttering your life—cancel unnecessary memberships and subscriptions, and consider downsizing your living space temporarily. While it may seem challenging at first, downsizing can bring unexpected benefits such as reducing expenses and creating closer family bonds.

In 2009 as a result of the global finical crisis Jon, Thom (my stepson) and I needed to downsize from our four-bedroom McMansion, to a two-bedroom unit.

It felt like such a disaster at the time and like we were living in a shoebox. But as a result, we let go of a huge amount of personal items, made use of 100% of our space, and my relationship with Thom transformed from one of irritation to one of love and acceptance.

In 2012, we embarked on a six-month sabbatical to Spain, during which we decided to lease out the property. The rental income covered the mortgage and associated costs throughout our absence.

Ask for a new role with reduced hours

While I was in Spain I had time to reflect on my life and became super clear that I needed to be proactive in my efforts to transition into my own business.

I could see that working 3 days per week in my job and having the other two days to work on setting up my business would be a great first step. Having already reduced my expenses from downsizing, I knew we could maintain a reasonable level of comfort while I pursued my next iteration.

However, because I was a business manager in the organisation and that was a full-time position, I figured I could ask to be transferred into a different role with reduced hours. It also helped that I knew I was a valued employee, which gave me the confidence to be able to ask such a request.

Consult in your industry or former employer

While transitioning to a new career, it can be beneficial to leverage your existing expertise by offering consulting services to your current industry.

Although you may want to distance yourself from your current job, this temporary arrangement can provide financial stability and valuable connections.

Explore opportunities to lead special projects part-time within your current organisation. You never know — your employer might appreciate your expertise and be willing to engage you in a new capacity.

Start your business on the side

When it comes to entrepreneurship there are many who advocate for a ‘go all in’ sink or swim approach — this was not a great fit for me. It made me feel constantly anxious about paying the bills and from that place, my creativity went into hiding.

It’s for this reason I recommend taking a slower steadier approach. Knowing what I know now, this is how I would go about starting a business from scratch using Quiet Marketing principles.

Find yourself a part-time job

If your request for reduced hours is not supported or you feel the need to leave your current environment sooner, consider finding a part-time job. This will provide you with both the time and the funds to explore your options and establish some foundations for your business. While it may not be your long-term solution, a part-time job can offer your nervous system relief and step you closer to your entrepreneurial goals.

Closing thoughts

Believe it or not, I found downsizing to be one of the most challenging options presented here. It was not something I consciously decided to do, it was more that it was thrust upon us. However, in hindsight, I can see that moving into a smaller house and reducing our expenses allowed everything else to fall into place.

Danielle Gardner
The Quiet Marketer
View my bio