Freelancing is a great option for many people. If you’re one of them, then sit up and take note because this article will help you make some important decisions about whether freelancing is right for you.
You might be wondering what the difference between being self-employed and freelancer is, but let’s first start by examining some pros and cons of taking on freelance work before deciding if it’s right for your situation.
Freelancers have more freedom than most other workers because they set their own hours, choose which company they want to work with, select their own projects, etc., but that also means that they can’t rely on an employer to provide benefits like health insurance or paid time off since they don’t have a set schedule.
Freelancers are able to retain more of their earnings since they aren’t required to pay for things like health insurance or retirement plans, but most clients don’t offer travel reimbursement, so if you want to work with international companies you’ll probably have to pay for your own plane ticket and hotel stay.
Here are some things to consider before you start freelancing full-time.
1) Do you have a network in place already?
One of the biggest perks about freelancing is that it allows you to set your own schedule, which means that if you have a family or are responsible for other important obligations then you won’t be forced to miss out on certain events or milestones. If you don’t have a network in place already, then you might want to wait until your family obligations are over before you start freelancing, especially since there are other ways to earn an income while having more free time.
2) Can you afford to take this risk?
Freelancing can be a great way to make some extra money, but it’s important to remember that it’s still a risk. If you’re not sure if you can afford to take that risk, then here are a few tips that might help:
-Make a budget and stick to it. This will help you keep track of your expenses and make sure that you’re not overspending on unnecessary things. Consulting an expert who provides professional accountancy services can really help, and there might even be special tax incentives that you qualify for as a freelancer.
-Save up for a cushion. Having a savings account that you can dip into in case of an emergency is always a good idea, especially if you’re freelancing. That way, you’ll know that you have a backup plan in case things don’t go as planned.
-Consider your other options. If you’re not sure if freelancing is right for you, then you might want to consider other options that would allow you the same amount of flexibility without the risk. For example, you might be able to do some contracting work while still working for a company.
3) Do you have the right skill set for this type of freelancing?
One of the most important things to consider before starting to freelance is whether you have the right skill set for this type of work. If you’re a web developer, for example, then you’ll probably want to start by looking for web development projects, and if you’re a writer then you’ll want to look for writing projects.
It’s also important to remember that many freelancers specialize in certain areas, so don’t be afraid to niche down and focus on becoming an expert in one specific area. That way, you’ll be able to attract more clients who are looking for someone with your specific skill set.
4) Do you have enough time?
This is another question that you need to ask yourself before starting, but it’s also something that you’ll have to keep monitoring as you build your client base because some projects will take more time than others. If you don’t have enough time to handle two projects at once, then you might want to consider declining one of them until your schedule opens up.
5) Can you find a way to generate leads without being too reliant on word of mouth?
One of the best ways to generate leads as a freelancer is to be proactive and reach out to potential clients instead of waiting for them to find you. There are a few different ways that you can do this, and the most effective methods will vary depending on your skillset and industry.
For example, if you’re a web developer then you might want to start by creating a list of companies that you want to work with and then reaching out to them directly. You can either send them an email or contact them through their website. If you’re a writer, on the other hand, then you might want to start by creating a portfolio of your work and then submitting it to different publications or websites.
So, before you take the plunge into full-time freelancing, make sure that you consider all of these factors. If you can answer yes to most of them, then chances are you’re ready to start freelancing full-time. Just remember to stay patient and keep track of your progress so that you can make changes if needed. And above all else, enjoy the journey!