Thinking of leaving your job to freelance? You’re not alone. Many people dream about being their own boss, setting their own hours, and picking the projects they work on. It sounds great, but there’s a lot to think about before making the leap.
One fact stands out: engaging in side gigs can maximize time and income. The author even paid off $15,000 in debt by taking on extra jobs like dog walking.
This article will help you figure out if you’re ready to take freelancing full-time. We’ll cover what lifestyle changes you might need to make, how freelancing fits into your future plans, and the importance of putting your ego aside.
Ready to see if freelancing is right for you? Keep reading!
Side jobs can utterly transform your life – I know because it changed mine. I found myself grappling with a considerable debt of $15,000, which felt akin to an insurmountable peak.
But I found a clever approach – I started working in jobs that demanded nothing more than my time and energy, like supervising dogs during lunch breaks or weekends. This wasn’t simply about earning some extra bucks, it ingrained in me the importance of adhering to a budget.
Transforming hobbies into side jobs brought in extra income and built a crucial understanding of fiscal discipline.
Guess what happened next? That discipline bore substantial rewards. I didn’t just settle my debt, but also gleaned insights into how careful financial management can lead to unfathomable freedom.
Sure, it required a little sacrifice of leisure time initially and a bit more hustling, but watching that debt shrink each month? Absolutely worth it.
Transitioning to Full-Time Freelancing
Moving to full-time freelancing is more than just being your own boss. It means no more regular paychecks, retirement plans, or health insurance from an employer. You need to handle taxes yourself and think about COBRA insurance for healthcare.
Also, getting loans might be hard since lenders want to see at least two years of steady freelance income.
You must plan how you will make a living wage as a freelancer. Think about saving money for when work slows down. Learn how much to set aside for taxes so you don’t get surprised later.
Start building your network now; it can help bring in jobs later on.
Three Critical Questions Before Deciding to Freelance
Deciding to freelance is a big step. It can change your work life in many ways. But how do you know if it’s right for you? Asking yourself three critical questions can help.
First, think about your lifestyle. Are you okay with keeping things as they are while building your freelance business? Freelancing might not pay much at first. You need to be ready for that.
Next, look ahead five years. What do you see for your career and life? Freelancing offers freedom and flexibility, but it also demands responsibility and self-discipline. Make sure this fits with where you want to go.
Lastly, consider ego. Can you handle rejection and criticism without taking it personally? Clients might not always like your work, and that’s part of the job. Being open to feedback helps you grow.
These questions get to the heart of freelancing readiness.
First Question: Are you content to maintain your current lifestyle for a while?
You need to think if you’re okay with your life staying the same for a bit. As freelancers, getting money is different from employees. You might not see cash coming in regularly at first.
This means no quick changes in living standards or big purchases. Before leaving a full-time job, it’s smart to have your finances sorted out.
Getting loans as a freelancer is tough because banks want to see income proof for at least two years. This makes it hard to buy houses or cars, or even rent some places. I learned this the hard way when I tried and failed to get a loan without that two-year record.
So, make sure you are ready for this before making the leap into freelancing full time.
Second Question: Have you considered the next five years of your life?
Thinking about the next five years is key if you plan to freelance. You might have a stable job now that gives you health insurance and a regular paycheck. This security helps, especially if you’re married.
But, switching to freelancing means saying goodbye to these benefits. Imagine needing months to find a full-time job again if freelancing doesn’t work out. That could lead to money problems.
I started freelancing when my child was born, four years ago. It wasn’t easy without maternity leave or workplace benefits. Paying for extra help with childcare wasn’t an option either because it costs a lot and we couldn’t deduct it from our taxes.
So, think hard about what your life might look like in the future if you choose this path now.
Third Question: Can you put your ego aside?
Moving to freelancing means letting go of job titles that make us feel important. At first, I had trouble feeling like my work was real without those titles. Friends and family might not understand your new path.
They may even doubt calling you a “blogger” or “freelancer” is a true profession. I learned this the hard way after getting my work published in big names like Real Simple and ForbesWoman.
You must find worth in your work without the usual markers, like an office or a fancy title. This shift can be tough. But if you can enjoy what you do regardless of these things, then freelancing could be right for you.
It’s all about valuing the freedom and flexibility over the status symbols we used to rely on for self-esteem.
Conclusion
Before you jump into freelancing, ask yourself these three key questions. They help you think about your future and lifestyle. They remind you of the ups and downs in income and job security freelancers face.
Are you ready to keep living as you do now? Have plans for the next five years that match a freelancer’s life? Can you put pride aside when needed? Your answers guide your choice to start freelancing or wait a bit longer.
It’s all about knowing what fits best with your goals and life situation right now.
FAQs
1. What are the key questions to ask myself before starting freelance work?
Before embarking on a freelance career, consider these three crucial questions: Are you prepared for financial instability? Can you self-manage your time and projects effectively? And do you have a solid network of potential clients or job sources?
2. How can I determine my readiness to handle the financial aspect of freelancing?
Assess your current savings, monthly expenses, and possible income from freelancing. Be ready for periods without steady paychecks. If this seems daunting, it might be worth reconsidering or preparing more thoroughly.
3. How important is self-management in freelancing?
Freelancers must manage their time well, balance multiple tasks, meet deadlines without supervision and be proactive in finding new projects. Ask yourself if you possess these skills.
4. Why does networking matter in freelancing?
Networking helps secure ongoing work opportunities as a freelancer. Consider whether you have professional connections that could lead to freelance gigs or if there’s an active market for your services.
