Many existing employees wish to work for themselves. There’s a lot to be said about being your boss, working from home, setting your wage, and having a lot more flexibility in terms of when you work. However, transitioning from the realm of regular work to a freelance job might feel like a tremendous leap. If you’ve never been into a freelance career before and have a slew of debts and commitments to meet, quitting your job and embarking on a freelance journey might be risky. So, what are some of the actions you should take before quitting your job to pursue a freelance career?
First, get a rough idea about a freelance career.
A freelance career may appear to be an ideal career route from the outside. It’s easy to believe that freelancing is more straightforward than an office job and that all you have to do is put up a website and start working with wonderful clients. The truth is much different. It might take a lot of time, energy, frustration, and trial and error to match and exceed your present salary. That’s why it’s generally a good idea to start your freelancing career as a side hustle alongside your day job. This allows you to test the waters when interacting with clients, negotiating contracts, producing proposals, investigating niches, studying marketing techniques, establishing websites, and even things like drafting bills. After a while, you’ll know whether this is something you can and want to do full-time.
If not, nothing is lost.
See if your freelance career suits you.
Another thing to consider is if the freelance career is right for you. Many individuals are sold on the idea of a freelancer working from home in their PJs. They may also imagine working four days a week or being a digital nomad roaming the world while working with customers.
This is doable, but it is not as simple as it appears. It’s also not very pleasant for some personality types. Freelancing, by definition, is a solitary endeavour. Working long hours at home might quickly become exhausting if you don’t have established social networks. A freelance career will also be challenging if you are opposed to continually marketing yourself and selling your expertise.
Make financial arrangements
You will be responsible for handling your money if you switch to a freelance career. So you’ll need solid money management abilities for anything from paying taxes to organizing your health insurance, among other things. This also entails charging clients reasonable charges that appropriately represent your talents and expertise while allowing you to live comfortably. If your rates are too low, you’ll need to work additional hours per day, which might lead to burnout.
It’s a good idea to make sure you’re financially prepared for emergencies, sickness, and hard times. When you are not working, you are not earning. This is one of the primary disadvantages of a freelance career, so conserving money now while still working is a brilliant idea. A three- to six-month cash buffer is optimal, allowing you to live well even if no income is received.
Gain family input
As a freelance career becomes a more common method to generate money, more people become acquainted with it. However, for many family members and other significant individuals in your life, the idea of you abandoning your job and going it alone might be terrifying. This is especially true if you have children or are currently experiencing financial difficulties. You’ll need to consult with family and loved ones your freelance company desires to touch directly. They may disagree with your choice, but it does not mean you are incorrect. It simply indicates they don’t understand your ideas or what it takes to be a solopreneur. However, it is occasionally prudent to postpone your freelancing aspirations until your life is more solid.
Research the required apps and tools
Every workplace makes use of software and technology. However, a freelance career necessitates using technologies and programmes that you may not be familiar with in your present position. Furthermore, working alone is time-consuming, so anything that will boost your productivity and income flow is crucial. You’ll need high-quality software that handles invoicing, payments, project management, time tracking, data sharing, and other tasks as a freelancer. It also does not have to be pricey. At Invoice Ninja, we offer free invoicing software and project management solutions to freelancers and solopreneurs.
Study relevant marketing and sales strategies
New and potential freelancers sometimes overlook how much marketing and selling you’ll need to do to thrive, especially in the early days. Setting up a website, designing a logo, and creating social media profiles is not enough. Every day necessitates continual marketing efforts to discover your brand and website. Even seasoned freelancers with more than a decade of experience constantly market and sell their services. They may do it less than beginners, but it will always be a part of your freelance career. Freelancers’ marketing and sales methods include blogging, networking, email prospecting, social media, advertisements, and more. However, it may take some time to get traction.
Understand the long-term potential of a freelance career
When leaving the world of full-time employment, effective freelancing in providing services may appear to be the ideal long-term aim. However, freelancing might lead to other, more profitable opportunities. Some freelancers make and sell items relevant to their specialty sector and target market. They may, for example, produce marketing courses and digital manuals to generate additional revenue. Affiliate marketing is another alternative. Other freelancers establish their firms and engage with diverse skill sets to collaborate on more expensive projects.
On the other hand, other freelancers entirely shift the original services they supply at the outset of their freelance careers. For example, they may begin as designers or writers and then transition to mainly providing coaching or consulting services a few years later.
