So you’re thinking about freelancing. It’s an attractive option for many people seeking career independence because you have the freedom to set your schedule, work from home, etc.
You can choose when you want to work or not. However, being a freelancer has its challenges.
So, should you be a freelancer?
Or should you go the traditional route of getting a job with an established company? Here are some things to consider before diving into freelancing.
Are you Passionate?
Most businesses can be improved with the right set of ideas, training, and management. But being an entrepreneur requires a lot more than brains and savvy. You’ve got to have a fire in the belly, a passion for your work, and create something new from nothing.
Freelancing requires a specific type of passion. If you aren’t passionate about what you do, it is unlikely that you will be doing it for long.
Can you Handle pressure?
Being a freelancer is great in theory, but in practice, it can be a nightmare. You have to deal with so many things rather than push a button and get paid. The most critical question you need to ask yourself is whether or not you can handle the pressure that comes with being your boss.
When the gig economy started to take off, this question didn’t matter much, but now when workers are turning into freelancers in droves, they need to think about what they’re getting themselves into.
Are you Willing to Be Self-Reliant?
Being a freelancer is a great way to work from home and set your schedule. Unfortunately, as lovely as that sounds, it also comes with risks that must be considered. One of the critical factors determining whether or not you will succeed as a freelancer is handling the risk of being self-employed.
For example, what happens if there is a disaster as a result of the services you render? What if a client suffers a financial loss based on your advice?
Professional indemnity insurance, or PII as it is commonly known, is a must-have for all freelancers. Most freelancers are not aware of the sheer cost of being sued for work carried out on behalf of their clients.
As a freelance designer or developer, you could face legal fees running into thousands of pounds if your client decides to sue you for negligently performing your contracted work.
Do you Have a Plan?
Taking a page from the entrepreneur’s handbook, freelancers need a plan in place before they begin. Freelancing has its ups and downs that can be frustrating (and costly if you aren’t running your business like a well-oiled machine).
Understanding what your income should look like, managing clients, and handling the financial end of things is scary enough without having all the kinks worked out first.
If you don’t have a plan, you will not be able to do anything.
Are You Fit for Freelancing?
A freelancer should be fit to do the job. You should have the right personality, the right work ethic, and the right motivation. If you are not fit, you will not be able to do this job well.
Freelance work is not a bed of roses – there are a lot of things to learn. To go freelance, you need to have the skills required for the job.
The internet is full of guides on how to freelance. Most of them are generic and not meant for your type. You must figure out what you want from freelancing.
Find out if you are cut out for this or not by following the tips above.