The advent of remote working is transitioning employment from full-time to freelancing the world over. In the U.S., the freelance sub sector contributes $1.2 trillion to the economy and a 22 percent growth from 2019 to 2020. There are further growth projections over the next several years.
As many people change from full-time to freelancing work, the choice is still daunting for some who are used to the security associated with permanent employment. Giving up your full-time job also means letting go of steady pay, insurance, and other perks associated with the job contract.
Freelance jobs appeal to those seeking to control their income and get the flexibility of their work hours. If you feel ready to take the plunge from your full-time work, you can utilize some guidelines to help you transition with minimal setbacks in your life.
Test the Waters
If it is your first time doing freelance work, you should consider testing the waters before leaping. You can sample some small freelance jobs in your free time and assess how that works for you. You will be gauging how much work you can take in a specific period and how far apart they are.
You also gauge the type of clients you attract based on your skills and available sourcing modes for the clientele. The caliber of clients and jobs accessible to you determine your income and better places you to project your pay over some time.
To effectively test the waters, you must dedicate significant time in your day for your prospective enterprise. You are setting up a side hustle with the intention of it being your only source of income. Once you have a solid foundation, the transition from quitting your full-time job to going fully freelance will seem less worrisome
Save and Budget
When starting, you are likely to experience unsteady income before establishing yourself. Getting long-term clients and a continuous workflow can be a painstaking process needing adequate preparation. Payments from clients can also delay, throwing you off balance.
A sure way of preparing for such unforeseen events in freelancing is to save and budget. You should always have some tucked-away savings to get you out of a pickle if the need arises. A budget is a savior to keep you from impulse spending and enhance prudent use of your income. Start with your basic needs, and as your income grows, transition to luxury spending.
As you budget, take cognizance of the benefits you lost on full-time employment. You must incorporate expenses like insurance, retirement savings, etc., in your budget. Freelance working need not mean failing to secure your future or protecting yourself from unforeseen emergencies.
Establish Your Rate
Once you determine the quality of work you can access and have a budget in place, it is time to set your rate. Your rate enables you to generate income that matches your expenditures and savings. When determining your charges, consider that you are starting and need to go lower to remain competitive among other seasoned freelancers.
Aim to achieve a balance between getting adequate compensation for the quality of your services and being competitive enough to win bids. You can progressively review your rate upwards as you establish yourself in the freelancing venture.
Create a Portfolio
A portfolio is what sets you apart from other freelancers. The portfolio is a deciding factor on whether you get hired, so invest your time in creating a compelling one. At first sight, the prospective client should see your areas of strengths, credentials, and qualifications.
You can consider using a website or online platform to create your portfolio because they have easy-to-use, appealing templates. A common pitfall with formative-level freelancers is creating a busy profile that combines all their expertise into one collection.
Your best bet is to have multiple specialized profiles that showcase the various skills. You can use a particular portfolio to source for jobs relevant to it.
Set Your Goals
It is imperative to establish your goals at the start as a freelancer. Like any other job/business undertaking, freelancing also needs objectives. The goals keep you focused and help you track your progress along the way. The goal-setting enables you to discern any deviation and get back on track when working.
Your goals can be varied, i.e., financial, work style, niche market target, etc. With each objective, you need a set of actions to help you attain it. You must keep the goals in mind as you market yourself and create a plan for your new independent business.
Get Into Freelancing and Thrive
Getting into freelancing on a full-time basis can seem nerve-racking at the onset but, many attest to sailing through the venture. The appeal of controlling income, career growth, work flexibility, etc., compels many to take the leap and reap the rewards later. Establish your plan beforehand and thrive in your business.
