4 Things to Consider Before Starting a Freelancing Career

Freelancing is a popular trend among the millennials. The idea of being your own boss and earning as per your own rules can really be charming. Freelancing provides a lot of perks and possibilities – autonomy, control over your work, flexibility, self-scheduling, etc. are some of the major benefits enjoyed by freelancers.

Freelancing is playing a major role in the economy and more and more people are joining the workforce of freelancers every year. Thus, it can be rightly said that it is an exciting time to become a freelancer.

That being said, it is important to remember that the grass always tends to appear greener on the other side.

If you are someone who is contemplating to take a leap of faith and get going as a freelancer, then here is a list of four extremely important factors you need to consider before jumping into freelancing.

1. It Might Get Lonely at Times

• Everybody is fascinated by the idea of staying up at home and working in a very comfortable setting. No office hours, no spontaneous meetings, no dress code, no professional conduct required. You can very well keep a bowl of nachos, plug in your earphones and still be productive. But, nobody talks about the isolation that follows being a freelancer.

• Working full-time from home might just take away your social life to a great extent and bring a gloomy feeling towards the end of the day. You don’t have anyone to talk to when you’re having a bad day, neither anyone to keep you motivated when you get tired of all the work at hand.

• Working without a colleague might feel dreadful at times, especially when you take a quick break from work but don’t have anybody to catch up for chit-chat about sports. Freelancing is a solo career path and you have nobody applauding your little accomplishments. Such silence causes anxiety and depression in some people.

• However, if you are someone who prefers staying up alone and consider yourself as a lone wolf then you might not face many problems. If you are in the habit of thriving at wee hours of the morning and don’t mind overworking, then freelancing might be a good choice to make.

2. Planning is The Key!

• One of the major factors that determine your success as a freelancer is your ability to manage time and your approach towards your work.

• Deadlines. Client meetings. Payments. Pending projects. More deadlines.

• Life as a freelancer typically revolves around these above-mentioned words.

• Freelancing is never smooth. It involves an erratic schedule. If you want to play safe as a freelancer then you need to be very organized in your approach towards work. You are responsible for everything you do, you don’t have a helping hand to assist you. From getting the paperwork to carrying on the administration and then successfully completing the given work, all of it needs to be managed solely by you. Missing on any of the steps might create a lot of hassle and jeopardize your credibility over a potential client.

• Thus, it is important to keep a record of the progress made and making sure it is accessible at the right time. This requires a lot of planning and more importantly sticking to the plan and executing it is what determines the efficiency of your work.

• It is very important to understand your work style and meticulously plan your upcoming project. Keeping everything in order might be difficult at first, but it is something which saves a lot of time and prevents you from having a panic attack in a situation of crisis.

That’s why understanding the importance of being organized is a priority consideration before taking up freelancing.

3. Managing Your Finance Might be Tricky

• Freelancing is more like a modest version of gambling.

• At one point of the month, you are earning extravagantly whereas on other days it feels like hard to make both ends meet. As a freelancer, you don’t have a stable income which brings a lot of insecurity to your livelihood.

• A flexible pay might interfere with a lot of legal factors and also make you a little careless about the secondary requirement for a living like health insurance, monthly savings, household budget etc.

• Since you are not associated with full time with a company so it takes away your benefits as an employer that include incentives, promotions, retirement funds, festive bonus, etc. Thus, your pay might not stretch up as a freelancer and you need to be cautious about your expenses.

• If you are someone who is a spendthrift and struggles to save money for future circumstances, then freelancing might not be a good fit for you as it may leave you financially broke at some point of time. But if you are efficient in managing your money and can stick to a budget designed, then you might like giving freelancing a shot.

4. Dealing with Clients in a Professional Way

Earning as a freelancer might look smooth in the virtual world, but is actually not always so in the real world. While freelancing, it is important not only to understand the needs of your client and deliver the work efficiently but also to have a firm handed approach while dealing with clients.

• Often, the clients are not willing to pay or will always delay paying you once their work is done. In a situation like this, you should not wait and hope of getting paid but actually, reach out and make it happen.

• You should not be hesitant in asking for your own pay and should do a regular follow up on your clients when they get late in making the payment. Not only this, you should always be informed and have a plan B ready in order to take immediate action in situations like these or people might be able to swindle you and disappear if you don’t make a strict and firm first impression on them.

• Apart from that, one important rule of freelancing involves the art of refusing. Learn to say no if someone is not providing a considerable pay for high-quality work or when a client demands the work at an impossible timeline. If you have no problem in saying ‘no’ to people then it’s fine but if you are an always ‘yes’ person, then freelancing might not be a good choice for you.

Conclusion

Freelancing is a great way of earning money for people who are not ready to get to a committed professional life. It is also a quick gateway to increase your income via multiple sources. Freelancing gives you a great opportunity to learn and earn at the same time. It unveils the freedom of being your own boss and discover your potential. But, it requires a lot of investment of your time, efforts and other resources which go unnoticed.

Working on a solo career path is a challenging step as it requires a lot of self-motivation, dedication and a solution-oriented approach. It is like blooming in loneliness where you have no one watching your struggle. Thus, it is important to have introspection and a prior consideration of the above-mentioned points before starting off your career as a freelancer.

Abhyank Srinet holds a Masters in Management degree from ESCP Europe & has an engineering degree with a specialization in Instrumentation & Control. His interest in the digital landscape motivated him to create an online startup for Masters in Management application consulting (MiM-Essay), focused on spreading quality information about the MiM degree & performing application consulting services for clients. He is the chief consultant of the company and takes care of Business Development and Digital Marketing side of the company. He is very passionate about writing and marketing.

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