A boomer built a $350K ADU in her backyard to grow old. It's also a win for her daughter, who moved into the main house.

Christine Wilder-Abrams built an ADU in her backyard in Oakland, California, allowing her adult daughter to take over the main home.

Courtesy of Christine Wilder-Abrams

• Christine Wilder-Abrams began to struggle with the stairs of her two-story house in California.
• She didn't want to leave her home of 35 years, so she built an ADU, or "granny pod," in the yard.
• Her 34-year-old daughter now lives in the main home, which Wilder-Abrams calls a win for them both.

In 2021, Christine Wilder-Abrams started to struggle with the stairs in her two-story home in Oakland, California.

She wasn't ready to give up the home or neighborhood she had lived in for nearly 35 years, so she found a solution: build a one-story accessory dwelling unit, or ADU, in her backyard that she could live in, then ask her daughter to move into the main house.

"I was ready to downsize and have a smaller place to live and take care of," Wilder-Abrams, 72, told Business Insider. "The home is in an urban area, so there are a lot of possibilities for my daughter, too."

ADUs have become a popular alternative to traditional apartments or houses, in part due to their relative affordability and how little land they require.

These smaller units, typically 150 to 1,200 square feet, cost between $100,000 and $300,000 to build on average. However, additional expenses, such as inspections, utility installations, and permitting fees, can add to the cost.

An analysis of Google search data shows growing interest in "granny pods," or small outbuildings where older relatives or family members who need extra support can age in place while maintaining independence and personal space.

Wilder-Abrams, 72, now lives in the 560-square-foot, one-bedroom, one-bathroom tiny home that she financed and built for about $350,000. Meanwhile, her 34-year-old daughter lives in the 2,000-square-foot, three-bedroom, two-bathroom main house with her three-and-a-half-year-old daughter.

The ADU was a win for mom, daughter, and granddaughter

For Wilder-Abrams, building an ADU in her backyard and having her daughter move into the main house was much more affordable than purchasing a new home in Oakland.

Wilder-Abrams said that her family home, purchased in 1987 for about $230,000, is now valued at over $1 million. As of October, the median home sale price in Oakland was $751,455, according to Zillow.

"It's hard for me to believe houses cost that much today," she said. "How can anybody afford it?"

According to Zillow, the median home sale price in Oakland is $751,455, as of October.

Thomas Winz/Getty Images

Beyond affordability, ADUs also offer families an added sense of security. They're a practical solution for adult children or aging parents who want to maintain their independence while still having access to support.

Wilder-Abrams said that the new living arrangements have benefited her and her daughter, who was widowed in October 2023, equally.

"I get to live close to my daughter and granddaughter," she said. "It's nice that I'm here for them."

Wilder-Abrams especially loves seeing her granddaughter regularly. "It's great watching her grow up," she added.

The construction process of the ADU

Wilder-Abrams' tiny home was built by Inspired ADUs, an ADU builder operating in Oakland, Orange County, and the greater Bay Area, which she found online.

Inspired ADUs offers over 70 different layouts, ranging from 300-square-foot studios to two-story units exceeding 1,200 square feet. Prices start at $13,800 for pre-designed or custom ADU plans, $215,000 for panelized kits, and up to $314,000 for a full prefabricated unit. The company also manages the permitting process for its clients.

"The permitting process was really easy," Wilder-Abrams said. "The architect said it'll take about three months, and it took three months."

The kitchen of Wilder-Abrams' ADU.

Courtesy of Christine Wilder-Abrams

Construction on Wilder-Abrams' ADU began in 2021. By May 2022, her daughter had moved into the main house, and she had settled into the ADU.

To finance the construction of the ADU, Wilder-Abrams took out a second mortgage on her home, as the original mortgage had been paid off years earlier. She now has a monthly mortgage payment of $1,500, which her daughter pays as rent.

Downsizing can be difficult

Wilder-Abrams' ADU has an open floor plan with high ceilings, large windows, and brand-new European appliances, including a refrigerator, dishwasher, stove, oven, and stackable washer and dryer. Her new home also has its own patio and garden.

"My ADU feels very spacious," she said. "Everybody's surprised by how big it is."

Despite the generous size of the ADU, Wilder-Abrams had to part with many belongings, including most of her longtime furniture — such as her couch and dining room table — as well as items that had belonged to her husband and both of their parents.

"Downsizing is hard. You really have to want to do it," she said.

Wilder-Abrams now has an apartment-sized L-shaped sofa, and instead of a dining table, there's a built-in bench in the ADU where she eats.

"I think having less stuff is freeing. There are just fewer things for me to take care of or worry about all the time," she said.

Wilder-Abrams has more security

Swapping homes with her daughter wasn't something Wilder-Abrams had envisioned years ago, but it's turned out to be a surprisingly successful arrangement for both of them.

"I wasn't sure if she would want to return to her childhood home, but she's happy about it," Wilder-Abrams said.

Another benefit is the support she has received as she ages. Last year, Wilder-Abrams had knee surgery, and she said her recovery would have been much more challenging without her daughter nearby.

"The first few days, she stayed with me to change the ice packs regularly," she said. "It was so convenient for both of us."

Read the original article on Business Insider

from Business Insider https://ift.tt/uQpKzrC

Rafael Nadal says he doesn't want to retire from tennis — it's his body that 'doesn't want to play anymore'

Rafael Nadal announced his plans to retire after the Davis Cup last month.

Angel Martinez/Getty Images for ITF

• Rafael Nadal announced that his 20-year career in professional tennis has come to a close.
• The 22-time Grand Slam champion lost 6-4, 6-4 to Team Netherlands at the Davis Cup.
• Nadal, 38, said he wants to be remembered as a "kid that followed their dreams."

Rafael Nadal has confirmed his plans to officially retire from professional tennis.

His two-decade career came to a close following his 6-4, 6-4 loss to Botic van de Zandschulp, from the Netherlands, at the Davis Cup on Tuesday.

In a tearful speech at the end of the match, the Spaniard said he wants to be remembered as a "good person and a kid that followed their dreams."

"The truth is that nobody ever wants to arrive at this moment," said the 22-time Grand Slam champion. "I'm not tired of playing tennis, but it's my body that doesn't want to play anymore, so I have to accept the situation."

Nadal, 38, announced his plan to retire on Instagram last month. "It is obviously a difficult decision, one that has taken me some time to make," said Nadal, who underwent surgery for a hip injury last April.

"But in this life, everything has a beginning and end, and I think it's the appropriate time to put an end to a career that has been long and much more successful than I could have ever imagined."

Some professional athletes have gone on to launch second careers. Mary Carillo, for example, retired from professional tennis in 1980. She is now a Peabody Award-winning journalist who covers sports.

Others have chosen to come out of retirement.

In March 2022, six weeks after announcing his retirement from football, Tom Brady announced he would return for another season with the Buccaneers. Last Friday, fans watched multimillionaire boxing legend Mike Tyson step back in the ring at 58, almost 20 years after retiring.

A representative for Nadal did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

Facing retirement

Retirement can be daunting, especially if you have no choice but to accept it.

Chris Mott, a veteran, decided to retire at 57 after he became unemployed and struggled to find another job. His wife suggested that they live on the road full time, and he followed her dream.

"My plan was to work until I was 65 or 70, but my wife apparently had a different idea," he said. However, he's come to embrace it. "There is life in retirement, and it's pretty good," he said.

For others, choosing a career pivot can ease retirement concerns.

Chris Andrews, a former management consultant, was worried about losing his sense of purpose. Instead of stopping work completely, he decided to run a bed and breakfast with his wife.

"This decision allowed us to stay active in our own business and get involved in the local community," he wrote.

Read the original article on Business Insider

from Business Insider https://ift.tt/sxB293R

China offers a 'unique diversification opportunity,' says Bridgewater's co-CIO

China's volatile markets still offer diversification opportunities, says a Bridgewater exec.

Costfoto/NurPhoto/Getty Images

• China's markets are facing uncertainty, including with Trump's tariff threats on Chinese exports.
• But China offers a unique diversification opportunity, said Bridgewater Associates' co-CIO.
• Bridgewater's China hedge fund added local stocks after Beijing's stimulus-driven rally.

China's markets have been turbulent in the last few years as the world's second-largest economy flounders in its post-pandemic recovery.

However, the Chinese market and its currency system — alongside Asia — present a "unique diversification opportunity" in relation to North America and Europe, Bob Prince, the co-chief investment officer at Bridgewater Associates, told the South China Morning Post in an interview published on Monday.

This is largely due to lower correlations between different markets as countries turn inward, Prince told the media outlet.

Prince said diversification is one of the most important themes for investors today because geopolitical issues are causing de-globalization.

Countries are also increasingly turning inward to focus on their own issues amid rising protectionism.

These trends are widening the differences in economic conditions across different countries, making them less efficient and more inflationary. They are also lowering correlations across markets, Prince told SCMP.

Such differences present an opportunity to buy into markets that are diversified enough to hedge against others.

In contrast, being invested in just a single market would leave investors "stuck with one monetary system" and the factors that drive risk premiums and assets in that system.

"So you can't really diversify exposure to discount rates of risk premiums within an economy, but across economies, you can," Prince said.

Foreign investors have been pulling money out of China over the last three years due to concerns including geopolitical tensions and the country's flagging economy amid a property crisis.

Some major fund managers told Reuters last month that they are gearing up to put money back into China but are moving cautiously.

Bridgewater, founded by billionaire investor Ray Dalio, is one of the world's largest hedge funds, with assets under management of $171.8 billion as of March 29.

Bloomberg reported in October that Bridgewater's onshore China hedge fund was adding local stocks after a September stock rally following Beijing's aggressive stimulus.

Prince's comments come on the back of Donald Trump's win in the US presidential election earlier this month, which is expected to add uncertainty to the Chinese economy.

The President-elect has threatened 60% tariffs on all Chinese exports to the US and pledged higher tariffs across the board.

Read the original article on Business Insider

from Business Insider https://ift.tt/Ehjn0oF

Tech jobs are mired in a recession

iStock; Rebecca Zisser/BI

In January, Jon Bach got laid off as a director at eBay, where he had worked for 13 years. He loved his job, so he was disappointed. But he didn't panic. The unemployment rate was near a five-decade low, and he had 30 years of experience in the tech industry. How hard could it be to find another job?

Pretty hard, it turned out. After applying for 135 openings, Bach has received 91 nonresponses, 42 rejections, two callbacks — and zero offers. "I don't know what's going on," he says. "I've been doing this for a minute, and I've proven my value. And then you apply to one place, two places, 10 places, 50 places, 135 places. And you go, 'Am I the guy I think I am?'"

By all the standard economic measures, America's labor market looks fine. But ask white-collar professionals who are actually looking for a job, and they'll tell you horror stories that are eerily similar to Bach's. As I wrote last spring, that's because the job market has essentially split into two distinct tiers. Even though hiring has held up well for lower-earning workers, it has plunged for people earning six figures or more. We're in the midst of a white-collar recession.

Now, new data from LinkedIn — which tracked how often its users landed new jobs — shows which white-collar jobs are being hit the hardest. Some of them are the usual suspects in a downturn. You don't need recruiters when you're not recruiting, so hiring in human resources has slumped by 28% since 2018. Hiring in marketing, another department that's often the first to lose its budget in leaner times, is down 23%.

But the most surprising feature of the job freeze is the pullback in tech. Hiring has plunged 27% in IT, 32% in quality assurance, and 23% in product management. In Bach's field of program and project management, recruitment has slumped 25%. Even more surprisingly, engineering, which was long considered recession-proof, is down 26%. That kind of cutback in coders was long unthinkable in Silicon Valley, which treated programmers like rare minerals — so scarce that they needed to be preserved at all costs, regardless of how the economy was faring.

On the flip side are the professions that are holding up well. Military and protective services, a category that includes security guards, is down only 6%. Community and social services is down by only 3%. And healthcare, which is battling an acute staffing shortage fueled by an aging population and extraordinary levels of burnout on the front lines, is actually up 10%. You can see the same winners and losers on hiring platforms like Indeed: Since the pandemic, job postings for physicians and physical therapists have surged more than 80%, while those for software developers, data analysts, data scientists, and IT operations have declined by 20% or more.

"We have not seen the hiring slowdown everywhere," says Kory Kantenga, an economist at LinkedIn. "But there are particular areas where it's been very dramatic."

---

Why has tech slammed the brakes on hiring? One reason is that tech companies, panicked by the Great Resignation that followed the pandemic, hired way too many professionals — leaving them with a glut of staff when the economy hit the skids. LinkedIn, which compared recruitment in 2018 to 2022, found that post-pandemic hiring spiked 89% for product managers, 79% for HR professionals, and 43% for engineers. When employers realized that they'd gone overboard, some resorted to mass layoffs to slash their headcounts. But most have taken a gentler route, implementing hiring freezes to slowly shrink their ranks by voluntary attrition.

Another reason tech companies are hiring fewer professionals is that their existing employees are opting to stay put. "One of the things we hear repeatedly is that candidates are looking for stability," says Jenny Diani, a senior director of global technical recruiting at Autodesk, a leading software provider. "Candidates are being much more careful." Visier, an HR software provider, reports that so far this year, voluntary turnover at its tech clients is under 20% — down from almost 27% in 2022. That means a company that wants to maintain a head count of 10,000 employees would need to hire 720 fewer professionals this year.

AI may also be playing a role in the hiring freeze. With tools like ChatGPT enabling tech workers to complete tasks more quickly, employers may see less of a need to increase head count. Nowhere is this productivity gain more evident than in coding: In an early study of an AI coding copilot, AI-assisted programmers were 56% faster than programmers working alone. Google recently boasted that more than a quarter of its new code is now being generated by AI.

"It's not like you're going to lay off a whole team," says Jon Stross, a cofounder of Greenhouse, one of the biggest providers of hiring software. "But maybe we don't have to grow quite as fast because we can automate more things and be more efficient. My guess is there are folks who are trying to make that happen."

To make matters worse, changes in the way companies hire people are making the job freeze feel even more terrible than the numbers indicate. Several job seekers I spoke with told me their searches have been "slow" — which is putting it mildly. In mid-2021, according to Greenhouse, it took its clients an average of 52 days to make a hire. In the first quarter of this year, searches were dragging out to 66 days.

The slowdown in decision-making is a bit of a paradox. Given all the qualified candidates on the market right now, you'd think companies would have an easier time making a selection. But weirdly, the seemingly infinite supply of candidates makes them want to review even more applications before they make a decision. "In the recruiting world, we call it See More Disease," says Diani, who is juggling three times as many job applications at Autodesk as she did during the Great Resignation. "We really need to coach our managers that even in this market, people with highly qualified, in-demand skills aren't going to be sitting around forever."

Santiago Rodriguez, a data scientist, built a dashboard to track the progress of his job search.

Santiago Rodriguez

What shocks job seekers the most, though, is how many roles they have to apply for just to get a few measly callbacks. The 135 applications that Bach submitted might seem crazy high, but these days it's actually the new norm. Santiago Rodriguez, a data scientist, told me he had applied to 669 positions — so many that he built an online dashboard to track his progress. Like the diligent statistician he is, he plans to analyze the data to see which versions of his résumé are generating a higher success rate.

It doesn't help that job candidates, desperate to land a new role, are responding to the hiring slowdown by applying to every job in sight. LinkedIn has an "Easy Apply" button that makes it easy to flood the market with applications, and AI-powered services will even mass-apply to jobs for you. It makes sense for individual job seekers to maximize their chances by applying widely. But the more everyone piles on, the harder it gets for anyone to stand out. In the first quarter of this year, job openings at Greenhouse's clients received an average of 222 applications — almost three times as many as at the end of 2021. "It's exacerbated by everyone in this arms race applying to so many jobs that companies are just overwhelmed with applicants," says Stross. "And so they don't get back to people."

For job seekers, being ghosted makes the process feel downright dehumanizing. "There's so much angst," says Stross. "Like: 'I need a job and I can't get anybody to look at my résumé.'"

The good news is, some data suggests that we're already past the worst of the white-collar recession. At the end of last year, according to the industry group CompTIA, companies posted only 144,000 new tech roles. That has now rebounded to 223,000 openings — and is starting to approach the pre-pandemic level of 322,000 jobs. "We're slowly, slowly recovering," says Art Zeile, the CEO of Dice, a tech job board. The hope is that in the new year, with the election over and a couple more interest-rate cuts under the economy's belt, white-collar employers will regain their appetite to start hiring again.

"I'm hopeful," Bach told me. "I think a lot of people like me are eager to get back to work, to show companies that we're worth taking a chance on. If you take a risk on me, I'll show you that I'm worth it."

---

Aki Ito is a chief correspondent at Business Insider.

Read the original article on Business Insider

from Business Insider https://ift.tt/zaBRL68

Pruna compresses AI models to make them more efficient. Check out the pitch deck the startup used to raise $6.5 million.

Rayan Nait Mazi, CEO, and Bertrand Charpentier, president and chief scientist officer.

Pruna AI.

• Pruna AI has secured $6.5 million from EQT Ventures to compress AI models.
• The startup's optimization tool aims to make AI models smaller, cheaper, and greener.
• BI got an exclusive look at the 12-slide pitch deck it used to secure the new funding.

Paris and Munich-based software startup Pruna AI has secured $6.5 million from EQT Ventures.

The startup has developed an optimization tool for compressing AI models so that they require less compute and energy.

"It's similar to a zip that compresses files, so they are cheaper, faster, and greener, and everyone can access and use those AI models," Bertrand Charpentier, president and chief scientist officer at Pruna AI, told Business Insider.

Users can run their model through Pruna's optimization engine, which the startup says renders the AI model smaller, cheaper, and greener on any hardware platform. It spans everything from natural language processing to images and audio systems.

The startup's customers are midsize to large companies with their own AI models that can rake in huge compute bills. Charpentier said that using Pruna's platform has been a win-win for both parties, as companies can significantly reduce the costs of running these AI models. Pruna charges its customers based on the usage of the compressed model, which is typically much cheaper to run than the non-compressed version.

Being based in both Paris and Munich is also a boon for the startup, said Carl Svantesson, partner at Swedish investment firm EQT Ventures, which led Pruna's funding round. "The combination of the two ecosystems, with Paris and Munich, enables the possibility of hiring the best talent and software," he said.

Access to compute and specialized chips, called GPUs, has been a long-standing issue in the AI ecosystem. As a result, Charpentier found that there was appetite from investors looking to make AI cheaper and more sustainable.

Additional funding came from Daphni, Motier, and Kima, as well as high-profile angel investors, including Roxanne Varza, Hervé Nivon, and Olivier Pomel.

With the fresh funding, Pruna plans to double down on growing its team.

Check out the 12-slide pitch deck used to secure the capital.

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Pruna

Read the original article on Business Insider

from Business Insider https://ift.tt/3pn0PqL

I pivoted into venture capital at 23 and my life has never been so exciting. Here's my advice for breaking into the industry.

Although she's a younger member of her industry, Vasquez says she's never felt belittled.

Joey Jones ; Westend61/Getty Images

• Katie Vasquez landed her first venture capital job at 23 years old.
• She said people who want a career in VC should leverage their network for opportunities.
• Staying up to date on industry development is also important, she said.

This as-told-to essay is based on a conversation with Katie Vasquez, a 26-year-old investor at Calibrate Ventures based in Santa Monica, California, on her experience working in venture capital. The following has been edited for length and clarity.

I'm an investor at Calibrate Ventures, an early-stage deep-tech venture capital firm.

The path that led me here was somewhat unconventional. My educational background is in astrophysics, but I've also dabbled in entrepreneurship and worked in consulting.

I eventually got my first VC job when I was 23 years old.

Though it took me about a year and a half to land my first VC role after finishing college, I'm still on the younger end of professionals in my industry. My advice for other people hoping to get into VC is to leverage your network and stay up to date on the industry.

I realized academia wasn't for me and eventually pivoted to entrepreneurship

During my teen years, I was fascinated with astrophysics. In 2016, I started my undergrad at Brown University, thinking I would go on to get my Ph.D. and become a scientist.

However, I realized the academic path wasn't for me when I spent my freshman year summer working with a theoretical research group and trying to code physics formulas. It helped me realize I'm more drawn to roles where I can work directly with people and see tangible results.

During my senior year of college, I was interested in entrepreneurship. A friend and I had talked about starting a company one day. We brought in a third friend and did just that in our final year.

We launched a mobile app that we spent the year developing. I got us into an accelerator and raised some grant capital. In the fall, we talked to a couple of VCs and even pitched Y Combinator. It wasn't a very successful venture, but it was a good learning opportunity.

I secured my first VC job with the help of recruiters

I started working at EY-Parthenon in September 2020, after I'd graduated, as an associate consultant, assisting private equity firms in acquiring software and tech companies.

This experience provided a great foundation for thinking more about technical due diligence, tech architecture, and strategy, but moving into investing and venture capital felt like the most exciting path.

While I was in that role, recruiters reached out to me. I was surprised at first, but I was excited to make the leap. My background in physics, combined with my finance experience at EY-Parthenon and two summer internships at Goldman, gave me a unique blend of technical and financial expertise that helped propel my career.

I worked with recruiters to get my first VC position at a firm called MTech Capital in December 2021. I stayed there for two years, but I still had a passion for physics and aerospace I couldn't explore at the firm, which invested in fintech, insurtech, and healthtech. I spoke about this with people in my network in the Los Angeles area, and I was referred to my current role, which I started in January.

I'm now an investor at Calibrate Ventures focusing on deep-tech. A typical day includes taking a few pitches, checking with the team on our investment committee, and also working on developing my own role as a thought leader.

Since I am early in my career, I am always looking to learn about every part of the business, so I ask a lot of questions and listen to my team, founders and mentors. I'm like a sponge.

I'm on the younger end of the professionals in my industry, but after three years I don't think I'm the youngest anymore.

I feel fortunate that the LA venture community is vibrant and supportive. There are many young investors and a growing number of women in the field. I even recently moderated a panel at LA Tech Week and also launched a deep tech brunch series.

Additionally, getting involved in the community and being part of different professional groups, such as Synergist Network, which is for women in investing, is helpful in creating a sense of community and support.

Even though I'm younger in the industry, I've never felt belittled — everyone has always been very respectful.

People who want a career in VC should stay up-to-date on the industry and leverage their network

For those interested in a career in VC, I think the best thing you can do is stay as up-to-date on the industry as possible — whether it's through podcasts, newsletters, books, or social media.

I spend a lot of my time now reading and keeping up with scientists on social media to stay ahead of rapidly emerging technologies.

Even before I was in my current role, I took time to learn more about the industries I was interested in. For instance, while I was primarily focused on fintech in my first VC role, I still sought out deep tech exposure and attended a Space Investor Summit in LA, which allowed me to connect with satellite insurance companies leveraging space observation data.

I also recommend leveraging your network — even if it's somebody you went to school with a couple of years ago, ask them if they have anyone they can introduce you to and just pick people's brains by asking questions about their career.

If you want to be in this kind of industry, let people know what kinds of opportunities you're looking for. That way, people can let you know if they see a job posting that would be a fit for you. Having mentors through your network can also be helpful for identifying if a career path or role is right for you.

I'm committed to staying in VC for the rest of my career. The past few years — especially this last year — have been the most fulfilling and exciting of my life.

Do you have a career story you want to share with Business Insider? Email ccheong@businessinsider.com

Read the original article on Business Insider

from Business Insider https://ift.tt/V2nC4UW

I left Google and am 100x happier in my new role as a freelancer — I've earned over $1 million in the last 5 years.

Randy McCabe says he's made at least $300K annually on Fiverr since transitioning to freelance.

Randy McCabe

• Randy McCabe left Google, and now he has earned over $1 million in five years on Fiverr.
• He left corporate jobs due to stress and inflexibility and found balance with freelancing.
• McCabe shares his four strategies for successfully transitioning from corporate to freelance.

This as-told-to essay is based on a conversation with Randy McCabe, a 36-year-old freelancer, digital marketing agency owner, and former Google employee from Seattle. It's been edited for length and clarity.

I worked at Google for nearly two years, starting in 2016 as an account manager. I loved my time there.

The employees were friendly, the directors encouraged growth, and the on-site gym and free food were fantastic. But when my position was outsourced, we had the opportunity to look into joining other teams; instead, I quit.

I found a new job, then I gradually started taking freelance digital marketing gigs on the side and later created my digital marketing agency.

In five years, I've made over $1 million on one platform, and I'm so happy with the growth I've seen. I used four strategies to help me successfully pivot to freelance.

Working for companies stressed me out

After Google, I joined the cybersecurity startup Skybox Security as a digital marketing manager. My rigid eight-to-five schedule left little room for flexibility in my personal life.

When I was preparing for a major project launch, I found myself staying late at the office night after night and continuing the work from home. The urgency and immediate deadlines from management made me feel constantly tethered to work, and I was stressed out knowing that requesting time off might make management unhappy.

I transitioned to freelance when I noticed other online marketers freelancing on the side.

Fiverr helped me earn $1 million and gradually grow my business

I began taking freelance gigs on platforms like Fiverr in 2018 to leverage my skills outside of work. I liked Fiverr's platform, and it allowed me to gradually build my business while initially still keeping my primary job. It took about a year to gain momentum as I dedicated more time and effort. Within a year and a half, I'd reached my first $100,000 on Fiverr.

When COVID hit, I was laid off along with the entire marketing department at Skybox. Fortunately, I'd built strong customer relationships on Fiverr, which gave me the confidence to transition to full-time freelancing.

One of the toughest challenges in transitioning from corporate to freelance work was the uncertainty of not having a guaranteed monthly paycheck. However, once I transitioned to Fiverr full-time, I consistently achieved over $300,000 in annual sales.

Within six months of freelancing, I also launched a digital marketing agency called Exo Agency.

Today, I'm still working with Fiverr and my agency, and I couldn't be happier with the growth. It was one of the best decisions I've ever made.

Four strategies helped me pivot to freelancing and make seven figures in five years on Fiverr

1. Identify a niche.

Since my background is in marketing and I had experience working at Google, I decided to focus on providing Google Ads Campaign setup and management services for small businesses. I delved into understanding client needs to set myself apart and increase earnings on the platform.

2. Showcase skills and expertise.

I created a comprehensive work portfolio. One of the projects I included in my portfolio was a marketing campaign that resulted in a 30% increase in sales for a client's product. Including this campaign in my portfolio proved my creative abilities and showed my direct impact on the client's increased revenue.

3. Market your services.

To market myself and my Google Ads and SEO services, I made a Photoshopped poster that effectively showcased the value of my services and relevant highlights. I included a Google Partner badge with my Google Ads gigs, showing that I've met all of the performance, ad spend, and certifications.

This led to more inquiries and more revenue from my services through the platform.

4. Stay Organized

I ensured I met all deadlines and delivered high-quality work by using a project management tool. I rely heavily on Google Sheets and Google Calendar in my daily routine to ensure I meet all deadlines and that each project receives dedicated attention.

This level of organization and attention to detail allowed me to take on additional projects — and ultimately increase my freelance income.

I'm 100% happier working for myself

I have more control over my schedule and can more effectively balance my work and personal life. I decide when to take a break and take care of myself without feeling guilty or worried about being unavailable to my clients.

I also have complete control over the amount of work I take on, allowing me to focus on customer service and results. As a result, I'm not only more productive but also more fulfilled in my personal life.

If you quit Big Tech and would like to share your story, please email Tess Martinelli at tmartinelli@businessinsider.com.

Read the original article on Business Insider

from Business Insider https://ift.tt/KUEDGHo