Sometimes it becomes necessary for a freelancer to let go of their day job. While I normally tout the usefulness of day jobs, there can come a point when you have enough work to make a day job superfluous. If you have reached such a point, congratulations! You have done what it takes to make yourself a full-time freelance writer! With this newfound independence comes great responsibility (meeting lots of deadlines can and probably will be tough, even for the best of us.)
Also remember that it is important not to rest on your laurels. Keep seeking additional freelance work until you absolutely cannot take anymore without missing deadlines. This ensures that you not only have the financial buffer to make up for/exceed the income your day job provided, but that you have a cushion against unforseen circumstances.
There are two critical things to consider before you leave your day job. The first is the most important: can I afford to leave the day job? You may encounter a strange situation that leaves you in the position of having lots of work, few hours to do it in and not enough money coming in. If this is the case, seek higher-paying gigs. The bottom line to consider is if leaving your day job will leave you in a financial void. If leaving your day job gives you more time but strains your budget, consider asking a fellow writer (spouses/significant others work great) for help. Most good friends or spouses, should they be of the writing inclination and have some spare time, will be more than happy to help you meet a few deadlines until such time as you can either get better work or cut down your day job's hours.
The second thing to consider is that you may have to go back to your day job. I know, that's the last thing you want to hear as you leave the office/store (or wherever) for what seems to be the last time and enter the world of full-time freelancing. But don't let it fool you; with the economy the way it is and with unemployment at an all-time high, that seemingly rock-solid gig can turn sour and leave you in need of the day job again. Mind you, there are alternatives to giving your boss the finger and never coming back.
Alternative 1: Ask for a reduction in hours. Most non-salaried positions will allow you to cut your hours a little. If you find this works with your freelancing schedule, do it. It lets you meet your deadlines while maintaining the benefits of the day job.
Alternative 2: Ask for a leave of absence. Again, most non-salaried positions allow you to take between one week and a month of two off without pay, and without losing your job. Doing so can be a little strange (and you may have to "develop" a sick relative) but it can buy you some time to get your freelancing life organized.
Alternative 3: Leave gracefully. If you absolutely MUST leave your day job, leave politely and be honest. Tell your boss that you are a freelance writer and have deadlines that must be met. Say you've enjoyed working for them (even if you haven't) and that you were grateful for the opportunity (again, even if you weren't) but that you must take your leave to pursue your freelance projects. Wish them well and give your two week's notice. Most bosses in the world will respond well to this sort of talk. They may not like it, since it means they have to hire someone else, but it's better than "kiss my ass you sonuvabitch, I quit!"
Once last word. Please, for your sanity's sake and to save on future headaches: really consider whether or not it is a good idea to leave your day job. It may seem like a good idea at the time, but sit on it for a while and sleep on it for a few nights. You may wake up one day and think "what the hell was I thinking, I can't quit my day job!" Just make sure you think this through before you do anything you'll regret.
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