Thinking About Starting Your Freelance Career?
Freelancing can be an extremely rewarding career, however, there are several factors you should consider before making the leap.
Freelancing is often trumpeted as a career filled with freedom, luxurious schedules, and plenty of cash. The truth is, launching a successful freelancing career takes just as much work as any other professional endeavor—if not more. That isn’t to say that freelancing isn’t worth it. There are just many pros and cons to consider when transitioning to the freelance lifestyle.
The Pros and Cons of Freelancing
If you’re serious about freelancing, it’s important to consider both the benefits and the challenges that the career can bring about.
A few of the most common pros that come with freelancing include:
Controlling over your schedule.
Choosing whatever size workload you want.
Working with clients that you like.
Working wherever you’d like, including your home.
Having professional independence.
Of course, there are a few changes that come with freelancing work that can often stymie the transition such as:
Tending to all of your finances, including payroll, billing, and taxes.
Not getting benefits.
Guarding yourself legally as an independent business.
Navigating the ebbs and flows of your workload.
Relying on self-motivation.
Feeling isolated while you work.
Needing to market yourself.
Obviously, there are pros and cons to every scenario. However, if you want to take advantage of the positive aspects, you need to also prepare for the negative ones.
If you want to freelance without regretting the decision within a week, take the time to prepare yourself beforehand. Here are a few tips that can help you launch a successful freelance career.
Consider Your Current Situation
If you are currently employed and you’re just thinking about freelancing, it’s worth taking some time to get your ducks in a row first. Here are a few questions to ask yourself as you prepare to dive in:
Are you financially stable? Freelancing often takes time to generate good money. Make sure you have an emergency fund saved up to help you through the early stages.
Can you run your own business? It may be a one-man show, but you still need to know how to address things like budgeting and taxes.
Are you ready to market yourself? Freelancing often requires a continual effort of applying to jobs and networking with potential clients.
Is your family okay with the change? You may end up putting quite a bit of time into your freelance career. Make sure your loved ones are supportive of the move before diving in.
Get the Right Tools
Before you start freelancing, you’re going to want to consider what tools you’ll need. For example, if you’re going to work as a rideshare driver, you need a working vehicle and a good smartphone. If you’re going to work as a writer, you’ll need a good, working computer and an editing tool like Grammarly.
Along with working tools, consider what you’ll need to get gigs in the first place. Take some time to update your resume, brush up on your interviewing skills, and make sure you’re comfortable with writing cover letters. You may also need things like a personal website or a portfolio.
Along with devices and paperwork, it’s also wise to consider your workspace. Do you have a dedicated office at home? Can you sign up for a local coworking space? Make sure you have an area where you can focus on work separate from personal responsibilities.
Consider Business Finances and Legalities
When it comes to business finances, you’re going to want to keep everything separate from your personal finances, so it’s important to open up a business banking account to receive and make business-related transactions.
Additionally, you'll want to do some research and set your rates, and invest in good invoicing software to help you get paid for your work. You’ll also want to calculate your estimated tax payments, set aside the proper amount from your income, and make quarterly payments on time.
Legally, you’'ll need to consider if you need any protection as a self-employed individual. Are there any liabilities associated with your freelance work? Even something as innocent as freelance writing can leave you open to a lawsuit.
It’s also wise to find both an accountant and a lawyer that you can trust so that you can ask them questions when they arise.
Stay Flexible
If you truly want your freelancing career to take off, you must go into it with a flexible mindset. By having a willingness to grow and learn as you go along, you can better adapt to whatever circumstances you find yourself in.
For instance, you may find that different clients want you to use various workflow platforms or they may have very different expectations when it comes to productivity or quality. As the freelance industry continues to evolve, you must remain willing to adapt to any changes that impact your ability to find and execute work.
Starting Your Freelancing Career
Freelancing isn’t a panacea. Nor is it a prison sentence. It’s simply an innovative modern work solution that answers that inherent human desire to be independent.
As such, it’s essential to take your freelancing career seriously—especially at the outset. Get rid of any pie-in-the-sky hopes for minimal work or lazy schedules. Instead, focus on what you need to do to be truly prepared for the adventure that lies ahead. If you can do that, you’ll have a much better chance of truly thriving when you officially make the pivot into the freelancing world.
Noah Rue is a journalist and a digital nomad, fascinated with the intersection between global health, personal wellness, and modern technology. When he isn't searching out his next great opportunity, Noah likes to shut off his devices, head to the mountains and read novels based in the American Southwest.