In case you hadn’t heard, we’re increasingly working in a gig economy. In reality, 15 million Americans work for themselves now, with projections predicting that freelancers will account for 40% of the workforce over the next decade.
« Whatever you name it—freelancer, consultant, contractor, company owner—this sort of employment is on the decline, » says Jill Jacinto, millennial career specialist and assistant director of communications at WORKS. It’s not difficult to understand why this is the case. The freelance job provides flexibility and independence, as Jacinto points out. She says, « You get to do what you love and are good at. »
« You choose the projects you want to work on, the customers you want to work with, and the challenges you want to pursue. You may also choose your working hours and establish a « flexible » timetable.
However, there are a few things to consider before going out on your own. Here are five things to ask yourself to see if you’re ready to become freelancing full-time.
1. Do I consider myself to be a salesperson?
You must be able to market yourself in addition to your product or services, whether you want to launch a brand-new app or make a livelihood by writing a blog.
According to Jacinto, this entails becoming extremely comfortable with self-promotion, which includes attending professional events, building your network, and boasting about yourself and your talents whenever possible. « Who will represent your company’s public relations and sales if you don’t? » Jacinto is the one who poses the question.
You must be able to « push away emotions of shyness and impostor syndrome » to be a successful freelancer, she adds. Selling oneself with ease, like anything else, requires time and practice. « Actively practice becoming a self-promoter before looking for a full-time freelancing job, » advises Jacinto. « Begin by setting up coffee dates and sending emails to your network to evaluate how comfortable you are talking about your excellent job and business. »
2. Do I possess the necessary knowledge and skills to be successful?
You must have something people want to buy—experience or a competitive edge—to market yourself, says Miriam Salpeter, job search and social media consultant and owner of Keppie Careers.
« Consider if you’ll be able to persuade someone to hire you for the job you desire, » adds Salpeter. « It will be difficult to secure gigs if you lack competitive experience, which varies by sector. »
« ‘How can I exhibit my freelance strategic consulting work if I have never done this before?’ » one participant asked Jacinto during a recent session regarding freelance employment. She thinks back. Next, my other panelists laughed at first, but it turned out to be a serious question.
This individual desired to go it alone in a field she had never worked in before. While it is feasible to pursue employment outside of your comfort zone, you must first ensure that you have transferrable skills—and be prepared to work for free or at a reduced rate until you have developed the competence necessary to charge for your services. « Your first few clients are taking a risk hiring you, » Jacinto argues in this case. « The goal is to use them as references and brand builders. »
Believe you can and you’re halfway there.
3. Can I work as a freelancer because of my personality?
Someone who can’t stop chatting with her coworkers to the point of distraction might not be prepared for the solitude that freelance work can offer, and someone who can’t handle her checkbook might not be disciplined enough to be her boss. Can you see yourself working in a situation where you’re the only one who can solve difficulties and celebrate the results? Are you willing to work 80 hours a week instead of 40 ? Salpeter is the one who poses the question.
Be brutally honest with yourself when answering these questions; your career satisfaction may be at stake. « Working for yourself is probably not for you if your answer is no, » explains Salpeter. « Working for yourself over the long haul will be difficult if you’re easily distracted and don’t have effective methods for staying focused. »
4. How do I go about starting a business?
You’ll need to find out if you have the necessary knowledge and personality traits (such as endurance and self-discipline) to work as a freelancer, as well as if you’re ready to take on the responsibilities of an entrepreneur. This entails handling everything from bookkeeping to technical glitches.
« You won’t be able to call on someone to help fix the printer every time it breaks down or rely on an administrative assistant to help you get your work done unless you have a large enough budget to hire someone right away—or a large enough network of friends willing to help out for free, » Salpeter points out.
Some products can help you with budgeting and other office tasks, according to Jacinto—FreshBooks and Bonsai are two notable examples. « But you’ll have to be in charge of everything, » she continues. « Before you go full-time, see how well you can handle something on the side. When you become a full-time freelancer, paperwork and budgeting become even more difficult and time-consuming. Is this going to be a deal-breaker for you?
5. How am I faring financially?
What you have in the bank is important when it comes to freelancing. « It’s simpler to make the transition to freelancing if you’re fortunate enough to have support with your expenses—for example, if you have a partner with a regular job to cover you, or if you have a trust fund, » says Salpeter. However, if you’re on your own, you should make sure you have many months’ worth of savings before giving your two-week notice.
Because you’re a freelancer, you’ll never know when your next paycheck will arrive.
« We’ve been conditioned to get a consistent payment twice a month, » Jacinto explains. « However, as a freelancer, that check may arrive in a week, a month, or three months, and it’s difficult to achieve the same level of consistency as you had when you worked for a company. »
Jacinto points out that you may make $20,000 in one month and then have no new business for the following two. « Don’t expect to get that big a check every time, » Jacinto warns. « Can you manage the pressures of living paycheck to paycheck and rushing to make ends meet when money is tight ? If not, full-time freelancing is probably not for you.
Here is the list of things to know when to go freelance:
- You’ve built up a strong network
You decided to start with the most apparent. A well-developed network is practically necessary for a successful freelancing job, whether it comes from your 9-5, social media, or your attractive personality. Unless you’re a highly sought-after Erlang developer.
- You can stick to your schedule
Do you have any deadlines from your client? It’s all right. It’s more difficult to stick to the deadlines you set for yourself, such as performing some company promotion, setting up a website, or organizing your papers for tax season. That’s the first thing you should work on.
- You are aware that work will not simply appear on your desk
More than anything, this is a mental adjustment. Work comes to you and you complete it throughout the 9-5. You should be aware that as a freelancer, promoting, finding business, and setting up contracts can take up to a third to a half of your working hours, particularly in the early stages before word-of-mouth grows. This is something you have to accept.
- You like acquiring new knowledge
You are responsible for maintaining your skills as a freelancer. There will be no business training program, no sponsored lecture, and no built-in group of clever, forward-thinking individuals. You must be cutting-edge.
- You aren’t scared to speak up for what you believe in
Clients will undoubtedly speak up. Good freelancers are aware of their worth and are not hesitant to express it.
- Vacations are something you despise
You’ll ultimately start taking them, but not for the first nine to twelve months.
- You’ve got a backup plan in place
Before leaping, save for a while. You don’t want to be worrying about paying rent for the first few months while you’re starting your own business. Make a pillow for yourself.
- You have the support of your family and friends
Ascertain that your family and friends are aware of the potential consequences of your decision to work for yourself. As though you were using the workplace computer.
Or it may be something positive, such as being able to cook supper at home. A supportive spouse is more valuable to your company than an Angel investor.
- You have an impressive (online) professional portfolio
Come up with a realistic target amount of portfolio pieces – and then double it, as one of my favorite freelancers Sean McCabe recommends.
- Boss is dull, obnoxious, subpar, and stifles your creativity
Having a bad boss can highlight the basic problem of the 9-5: your work belongs to someone else. Having a bad boss is certainly not a requirement for freelancing — many happy freelancers were also happy employees — but it can highlight the basic problem of the 9-5: your work belongs to someone else. When you’re your employer, perhaps you won’t think of yourself as irritating.
Conclusion
To be a freelancer, you don’t have to possess all of these qualities. Or, for that matter, to be successful in it. These are merely signs that you’re on your way. After all, no one has the authority to tell you what you can and can’t do. It all boils down to how passionate you are about your work and how much time and effort you are prepared to put into it. If you have a gut feeling that working for yourself is the correct choice for you, go for it!
