According to Forbes, 56.7 million Americans are doing freelance work today—a 3.7 million increase in four years.
Despite this big boost in freelancers, it’s still important to know a few key details before quitting your day job to join the flock.
Here are seven things you should know before you start freelancing. With this list, you can make an informed decision before ditching your 9 to 5.
1. The Risks of Being Your Own Boss
One of the most exciting parts of freelancing is the freedom. However, being your own boss isn’t always as glamorous as it sounds.
By taking on freelance work, you might not have time to:
- Eat lunch
- Take time off
- Take vacations
You also won’t have the stability of knowing how much you’re earning every year.
Once you become your own boss, it’s also more difficult to pinpoint quitting time. You might lose sight of weekends and sacrifice free time to get the job done.
As an independent contractor, how you file taxes will change as well. Check out this post for more info.
2. Stress Sucks
Get ready to get stressed out. As a freelancer, you’re bound to get a little stressed.
After all, you don’t have anyone else on your team to support you. Instead, you need to rely on yourself to stick to deadlines and find solutions.
Thankfully, stress can be a great motivator, so you can focus on getting the job done.
3. Charge It Right
Figuring out how much to charge clients is another challenge of freelancing.
Determine how much of your time and energy is going into a project. Also, don’t forget to take your current workload into account.
4. Money Management
Once you start freelancing, it’s important you start managing your money (and time) as well.
Determine how much you need to spend each month, then prepare for the unexpected. That way you can budget for emergencies as well.
Here are a few ways you can make additional income from home.
5. Master Imitations
Check out the latest trends and industry experts for tips.
Then, you can develop the same techniques into your own process, helping you save time and stress.
6. Don’t Quit Your Day Job (Yet)
According to Inc.com, 3.4 million people quit their jobs in a single month.
One reason for this is the increase in freelancers.
Don’t quit your day job, though.
Try to balance your freelancing work and day job for a while. That way, you can experience what it’s like to freelance—and determine whether or not you’re comfortable with it.
7. Success Takes Time
Don’t expect everything to click on day one. Instead, take the time to network, develop financial planning skills, and schedule in work.
It can take around three months before you start seeing a profit roll in. Just keep grinding and work hard. The results will speak for themselves!
The Freedom of Freelancing: 7 Things to Know First
Discover the real freedom of freelancing. With this guide, you have everything you need to make an informed decision.
That way, you can quit that nine to fix and bask in that glorious freelancing freedom.
Discover more helpful advice by exploring this section of the blog.
Wife, mother, grandma, blogger, all wrapped into one person, although it does not define her these are roles that are important to her. From empty nesters to living with our oldest and 2 grandchildren while our house is rebuilt after a house fire in 10/2018 my life is something new each day.