5 essential things to know before you start freelancing
I would Suggest freelancing to anyone – in particular to those who are in their early 19’s. It’s one of the best things you can do to develop a firm set of skills, gain financial independence and get a better idea of what you want to achieve in your life.
But the beauty of being your own boss and creating your own schedule comes at a cost. You should know the following before you get started:
1. Successful freelancing takes time
Don’t expect money showering down from the sky as soon as you jump into this lifestyle. Freelancing has very particular requirements like great time-management, client networking and financial planning (just to name a few). So even though you are pretty good in your creative field, you’ll quickly see you have to acquire additional skills to become successful. Learning how to balance your new roles will take time.
I recommend you give yourself at least three months before expecting to earn any income from your efforts. If you can earn a living much faster, then that’s great, but keep your goals practical and plan ahead based on the notion that being a great freelancer takes time.
2. You are a lousy boss
Few people realize how much work freelancers undertake each and every day. So if you’re looking for a quick money … you might as well read up your resume and go look for a job because freelancing is a lot of things, but it isn’t quick and easy. It can be quite hard being your own boss, and you might not always get to do the following:
- Take vacations
- Know when to stop working
- Know what day of the week it is
- Be told how much money you are earning
- Be told how much money you can spend
- Take time off
These are all issues freelancers might deal with when they move from being an employee to becoming their own boss. It’s really important to set your own boundaries and make rules that work for you.
3. Money management is key
Find out exactly how much money you need to spend every month. Then, figure out how many projects you need to complete in order to make that happen. Actually, keeping tabs on what you purchase isn’t the most important thing. What you should focus on is the unexpected:
- unpaid or delayed invoices
- lack of clients
- hardware malfunctions
- family emergencies
4. Stress is gunning for you
If you jump into this life, then look out for a well-known freelancer killer called Mr. Stress. He is known to make his way into your life slowly and without notice. His MO includes making you jumpy, anxious and a terrible cheapskate. He likes to constantly remind you that the rent is due.
To protect yourself from Mr. Stress you should first acknowledge his existence. Then, prepare your defenses with several months’ worth of money to live off of, a good back up plan just in case things don’t pan out right, and several routines to help yourself relax.
5. At first, don’t quit your day job
If at all possible, try to juggle between your regular job and freelancing. Your results will obviously be skewed, yet you will get a glimmer of what it’s like to be self-employed. Work during the weekends or in your spare time and you’ll see if you can make it fulltime.
Once you get a better sense of what freelancing is all about and you feel you’re more than up to it, then go ahead and make the deciding step. Don’t burn any bridges though because the unexpected is just around the corner.
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