There’s a myriad of articles out there about taking on side gigs and I’m all for finding a way to maximize your time. (I did, after all, dig out of $15,000 in debt largely in part to a tight budget–and walking dogs on my lunch break and the weekends). But there’s alot more than being your own boss to consider when you decide you’re ready to become a full-time freelancer. Though I love what I do and hope to never have to go back to working for someone else, it’s not an easy road–and there are certainly some matters where it makes every aspect of your life more difficult. Here are three questions to consider before you decide to freelance.
Are you content to stay in your current lifestyle for awhile? If I could tell my past self one thing before I left the security of a full-time job, it would be this: Complete anything that requires financing, like opening a new credit card, or buying or refinancing a home or car before you leave your full time job. While being a self-employed freelance doesn’t mean you can’t get a home or auto loan, it definitely complicates the matter. Lenders will want to see at least two years of documented income before they’ll even talk to you and in short, it’s a big pain in the butt. The same is actually true even if you only seek to rent a new home or apartment. People want to know you’ve got steady income, and being a freelancer usually doesn’t guarantee that until you’ve been doing it for at least a few years.
Have you thought about the next five years of your life? You life and freelance work have an interesting way of intersecting. For example, if you’re married you may rely on that person for the securities freelancing does not offer–like health insurance, a bonus, life insurance, and the certainty that your paycheck will appear in a bank account at regular intervals. If you’re married and your marriage hits the skids, you may need to return to a full-time job, which may not appear for several months. Your family situation also has significant bearing on your freelance success–especially if you’re not done having kids. Though it’s much easier to manage work and child-rearing now that my son is four and in preschool a few mornings a week, my work schedule involved waking up at 4am, and working during naps for two years. I was full of passion and determination so it didn’t feel like a sacrifice, but it was tough.
Additionally, you lose the perks full time employment offers if you want to add to your family. For as much room for improvement there is in our nation’s take on maternity leave, let’s face it: Having any kind of work-sponsored health insurance plan when you’re pregnant (and once you have a newborn) is critical. There’s also something very magical about having a maternity leave–even if it’s only paid for a few weeks. Were I to have a second child, I’d basically have to return to work a few days after giving birth, or hope my clients are willing to wait for me until I’m ready to return to a consistent workload. Which begs another question: How do you work and raise a newborn, unless you’re willing to hire someone to come help you. If so, can you afford to do that? Keep in mind that unless that person is willing to watch your child as their career and not a side babysitting gig, you can’t take the tax write off. I’ll let you know when I figure that piece out.
Can you put your ego aside? Think about your answer when someone asks you about yourself. Does your career or job title have a place on that list? Yep, thought so. Many of us put alot of our identity into what we do for a living. Unexpectedly, one of the toughest challenges I had to overcome as a freelancer was accepting that there are certain people who don’t understand what you do, and worse, don’t believe you have an actual job. Silly as it sounds, I can attest firsthand to the frustration I personally feel when being called a “blogger” (and yes, I’m aware that Stassi on Vanderpump Rules made the same comment). As much I’d love to say I’m a real writer and she actually is a blogger, it proves my point about the ego challenge. Of course, those moments of retribution when you’re name appears in the masthead of a major media outlet (my freelance writing career highlights include Real Simple, ForbesWoman, and USA Today), accept that being a freelancing really doesn’t allow you to hang onto the notion of self-worth you form from a full-time job, including your title, salary, or the size of your office.