Here's what I've learned from six months of running my own business full time.
All the highs and lows of going out on your own.
As many of you may know, six months ago I took a big gamble and left my job as a producer on Hamish & Andy to go full time on my own business.
The journey so far has been almost wholly positive, with a side of uncertainty and anxiety.
I’ve been doing some private reflection on my decision and wanted to share some of the thoughts I’ve had.
If something scares you, it’s probably a good sign you should do it.
I had been thinking about leaving my job for a while. I’d felt stuck and stagnant in my professional development and was grappling with the idea of leaving such a successful show.
This fear is what prevented me from taking the gamble earlier.
Now that I’m on the other side, I’ve kind of realised that the world keeps on spinning. Your role in your job will be replaced, and everybody will keep moving.
Meanwhile, you get to explore a brand new world, doing something completely different, building new skills, and being accountable to yourself.
The uncertainty and anxiety around work won’t go away, and that’s okay.
I hate to sound like a broken record, but times are uncertain.
Cost of living is excessive, we’re in the midst of a very important election in Australia, and everything feels weird right now.
The main fear I’ve had consistently during my time working for myself, is the fear of not having work, coupled with the fear of not being good enough and self-doubt.
While I have consistent clients, I do fear that at some point they may disappear, leaving me scrambling.
But that’s just one of the consequences of the decision that I’ve made.
It means I have to spend more time hustling, and letting people know about the services I offer and what I do. (Hello LinkedIn!)
It also means I have to think creatively about how to make extra money.
On the other hand, if I had not started my own business and stayed working for a big company, there’s every chance I would be made redundant any day now, and be left with… well, nothing.
So I’m glad I’m building something for myself that I can grow and support over time.
My income and finances are much better, and I have so much more time.
I feel like working in a standard 9-5 (which I’ve technically never actually done) is really limiting. You’re stuck to a desk for most of the work day, and you’re essentially at the mercy of whatever your boss wants you to do.
Businesses are also quite good at squeezing every bit of ‘productivity’ out of its staff, and gradually creeping up the scope of people’s jobs without them even realising it, and not paying them more.
But hey, that’s kind of just how businesses run 🤷♂️
The fact is, I’m earning more money and have more free time than ever since starting my own business.
I’m a bit of a workaholic and my mind is constantly thinking about the business outside of ‘work hours,’ which is probably the trade off of running your own business vs. working a ‘real job.’
But with the extra time, I’m able to be more creative, have better ideas, spend more time outside and do more self-reflection.
One thing you forget when you start your own business, is that it’s not simply just doing the work you’re being paid to do… you also need to carve out time to do all the boring administrative stuff. Quotes, invoices, follow ups, CRMs, marketing… it all starts to add up.
At the end of the day, I stepped away from selling my time, and I’m more so selling my brand and expertise in media production.
I think it’s a myth that is very normalised in modern society that the only way to make money and contribute is to sell your time in exchange for money, but I disagree. I think that thought process is limiting and misguided.
I’ve strengthened connections with other people like me, and made new connections too.
When I went out on my own, I knew that it was going to be hard, so I was very glad to make connections with people further along in the journey than me, and I’m always keen to help out people who aren’t as far along as me.
Dom Evans of Earsay has been an invaluable mate and connection to have during this. He spent most of his career working in audio at Fox FM, where we met. Working with him at the time was delightful, and now that we’ve both started our own businesses, we’re spending a lot of time catching up. Mostly, it’s me asking Dom his advice on how to get things done, how to invoice, how to charge and pretty much how to do everything 😂
Dave Lee of YouTube channel Dave Lee Down Under has been a friend of mine for many years, and has been in the freelance / self-employed journey for a long time, too. He (and his dad, Rick, who helps him with his channel) have been monumentally supportive of me. Dave texted me when I let him know of my decision. I saved the text because I wanted to hang on to it. Here’s just a snippet of what he said:
“It’s so creatively liberating being able to work by yourself and by your own rules.”
Of course I need to thank my incredible partner Clare who is beyond supportive of me every single day, and always offers to help me with things, despite having her own (harder / real) job.
As well as that, my parents and my whole family who have supported my decision and continue to cheer me on. I don’t think I could’ve taken this leap without their encouragement.
If anyone has any thoughts or questions about starting your own business, definitely let me know as I’d love to answer them.
Mike Liberale
Resonance: A weekly snapshot of stuff I liked this week.
🎤 A podcast I enjoyed: Sorry, we left an implant in your brain from Vox’s Unexplainable.
📺 A news story I really liked: Why Tokyo is the Food Capital of the World from ABC’s Foreign Correspondent
📰 A blog post I found interesting: The next generation of independent music tastemakers from Emwhitenoise on Substack.
🎥 A movie I LOVED: Thunderbolts* - the newest entry into the MCU.
Dom's a good guy.