5 Things To Consider Before You Start Freelancing
Things To Consider Before You Start Freelancing are essential for a successful transition. Freelancing is booming in popularity; research from Upwork found that 28% of skilled knowledge workers currently operate as freelancers. Furthermore, 36% of knowledge workers with full-time jobs are actively considering making the switch.
It’s clear why the freelance life is so appealing. You gain control over who you collaborate with, when you work, and you get to enjoy the ultimate flexibility of working from home. You are no longer just an employee—you become a small business owner, and that kind of independence is highly desirable for many people.
However, before you make that exciting leap into the world of self-employment, there are a few crucial things to consider before you start freelancing. Addressing these points ensures you build a sustainable and enjoyable career.
1. Get Clear On Your Goals and Vision
The first aspect to consider is your underlying goals and aspirations for this new venture. Are you planning to leave your current job entirely and go full-time freelance, or are you just aiming to bring in some extra income as a side hustle?
Your chosen goals will heavily influence how you structure and run your business. They determine the type of clients you target, how much you charge for your specialized services, and your overall revenue objectives. Being crystal clear on your vision helps you build the kind of business and lifestyle you truly want, ensuring you avoid simply recreating a corporate “hamster wheel” for yourself.
2. Evaluate Demand For Your Services
It is absolutely critical to research whether the specific skills or services you plan to offer are currently in demand. You can easily do this by checking popular job boards, scanning freelance directories like Upwork, or reviewing trends on LinkedIn. Look to see if clients are actively searching for what you offer.
The most successful freelance services are those that help solve a client’s specific and pressing problem. If you can position yourself as the solution to a common industry pain point, you dramatically increase your chances of landing high-value contracts. Always offer a service that delivers clear, measurable results.
3. Choose A Freelance Service You’re Passionate About
While assessing market demand is important, it’s equally essential to feel genuine passion for the work you do. This is especially true if you are leaving a traditional job that wasn’t making you happy. Why spend your freelance time doing something else mundane just to pay the bills?
Instead, make your freelance work something that truly excites and energizes you. That passion isn’t just for you; it will naturally translate into higher-quality work and a better attitude when serving your clients. Enthusiasm is a key differentiator that clients will notice and appreciate.
4. Are You Ready To Go Full-Time Or Take It Slow?
The temptation to quit your current job and make the immediate leap into full-time freelancing can be very strong. However, you must realistically evaluate if you are financially able to jump in right now. It might be smarter to keep your job alongside your freelance business while you build it up slowly.
Remember, it is completely acceptable to operate your freelance business part-time and grow it organically and sustainably. If you do make the full-time leap, ensure you have a robust safety net to fall back on if business is slow initially. This safety net should ideally include three to six months’ worth of living expenses saved up.
5. Understand The Basics Of Business
Finally, when you venture out on your own as a freelancer, you instantly take on the role of a business owner, not just a worker. There are several vital nuances and differences between running a business and simply being an employed worker. You’ll need to master things like setting your prices, drafting contracts, managing taxes, and expertly navigating client relationships.
For your peace of mind and long-term success, it is highly recommended to talk to an accountant for professional advice when you first start out. Getting the financial and legal foundations right is one of the most important things to consider before you start freelancing.
This is an exciting moment in your career! Keep all these points in mind, and take a strategic approach to how and why you are starting. By doing so, you ensure you are set up for success from day one.
Credit: Forbes.com
