Should I stay or should I go (it alone)?

Many people who set up their own small firm - either as an independent or in partnership with others - often leave a secure permanent job to do so. I left a full-time position more than three years ago and never looked back.

Going it alone can be a scary and stressful period for your fledgling business, but finding those initial projects to get you out of the starting blocks needn't be as daunting as it first appears.

Rather than go out with all guns blazing, it's important that you maintain an excellent relationship with your ex-boss. The company I used to work for is small and I took the managing director to one side and asked him, "If I were to leave the firm, would you still be able to use me as a freelancer?". He was a bit taken aback at first, and his first question was, "Is this about money, because I can address that?". I assured him that it was just because I felt the time was right for me to branch out on my own, but I would (genuinely) love to be able to continue working with him. It wasn't until the next day that I formalised things by handing in my written resignation; it was important to me to discuss this on a one-to-one basis with him first. To this day, my former employer has become a good - and supportive - friend, as well as one of my bigger clients.

For the first few weeks on my own, I didn't get any work from the firm because they were trying to find a permanent replacement for me. They tried a couple of people, but neither of them worked out. It wasn't a matter of the quality of their work, but the fact they didn't work in the same way as I do. That can be a key selling point when it comes time to talk to your boss; you are a proven asset, whereas finding a permanent replacement can be a frustrating process of trial and error.

Three important pieces of advice:

First, don't rely too heavily on just a couple of big clients. If work dries up from them, then so does your entire revenue stream. Try to build up as many diverse clients as you can. I'm a Web designer and I've found it lucrative getting in with several programming firms. They don't have in-house creatives, so when they have a new project they get me involved before they do the technical stuff. Make yourself a vital part of their team and you're almost guaranteed a regular stream of work.

Second, being self-employed isn't as risky as many people think. If it doesn't work out you can always go back to being a wage-slave for someone else's firm, so remember that when you ask yourself, "What's the worst that can happen?".

Third, if you have a good mix of clients then your income is more secure than if you work for someone else. As an employee, if my employer goes bust I lose my entire revenue stream. As an independent professional, I would have to lose half my client list before I start to sweat!