Top Considerations To Make Before Becoming A Freelancer
Many people are now making the move to flexible working by becoming a freelancer. With so many opportunities it’s not a surprise. It gives you the freedom to work from anywhere that you choose, work the hours that you want and potentially earn what you want as you’re able to set your own rates. However, although it does sound as though it would be a fantastic opportunity, there are still considerations that you should be making before you quit your day job and make the move.
Have a look below at some of the considerations you should be making before becoming a freelancer fulltime:
Have A Niche
Becoming a successful freelancer means knowing what you’re worth. To become a freelancer it is essential for you to know and understand exactly what makes you worth being hired. Like all freelancers, you’re going to have a niche of exactly what you’re able to offer to clients, and also what they’re willing to pay for. You should think about self-reflection, asking for regular feedback and completing some market research about freelancers before you take the plunge and start doing it yourself. This way you’re able to offer services that may not be available from other freelancers already in the business. It’s a good idea to build a portfolio that you’re able to showcase on a website and also provide to potential and existing clients so they’re able to view the type of work you’re able to complete.
Your Clients
It’s a good idea and a highly advised one to build a client base before you commit to being a fulltime freelancer. It can be an extremely tricky business getting into freelancing fulltime and many people find it hard to make the move, especially when they’re swapping a secure income for a much less regular one. Being a freelancer means that you can see a huge fluctuation in the amount of money you have coming in on a month to month so it’s important to make sure you make a consideration about things such as finding a presentable free invoice template to use when invoicing your clients. Once you have built up a client base, you will have a better idea of what you have coming in regularly, who pays on time and whether it’s viable and more worthwhile for you to be spending more hours on your freelancing work.
The Downside
As with most jobs, there is often a downside. Freelancing will mean that you will need to make considerations when it comes to things that you get as standard on a normal day to day job. You won’t automatically get sick pay, maternity pay or holidays so you will need to make sure you allocate money for these occasions unless you are able to go unpaid and you’re also responsible for paying your own pension and income tax. As mentioned above, a common downside to freelancing is sometimes the unreliability of income. You have a really good month one month, with everyone paying on time and regular, steady work and then the next month you’re hit with losing a client and someone not paying you. You should consider saving a contingency fund, just encase this should happen.
These are just three of the areas you should be considered before becoming a freelancer. Do you have anything else that should be included that you can share in the comments?