So, at some point in your life, you needed extra cash and started doing something on the side, only to realize you’re quite good at it. Do you want to take it to the next level and ditch your day job in favor of something you care about and excel at more?
While doing so can sometimes feel intimidating, the perks of freelancing, like flexibility and location independence, make the jump worth it for those ready to take it on. In this article, we’ll go over everything you should keep in mind while being on the road to becoming a full-time freelancer.
Financial preparedness is crucial for a smooth and stress-free transition to full-time freelancing. It’s not a given that you’ll have enough work to sustain yourself right away. Even if you do, freelancing’s precarious nature means you’ll want to have a nest egg to draw from if and when lean times hit.
To make yourself financially ready, start by calculating all your expenses. This will give you a clear picture of your standard living costs, like food and utilities, while also helping you budget for specific freelancing needs. These may include digital tool subscriptions, website maintenance, bookkeeping services, and more. Knowing your professional and necessary costs will help you keep track of where your money goes and how much you need to make to maintain your freelancer’s lifestyle.
Estimate projected monthly costs as best you can and save up to cover at least three months’ worth. Better make it six if you can wait that long. Accomplishing this goal will give you a taste of the patience and discipline required to achieve success as an entrepreneur, which you are about to become.
Secure a Client Base
There’s no sense in pursuing full-time freelancing if you don’t have enough clients to make up the difference to your current salary or required income. Some freelancers establish long-lasting relationships with a few loyal clients. Others specialize in smaller projects and depend on lots of short-term contracts.
Both approaches have their pitfalls, however. The sudden loss of one steady client can derail your entire operation, while shifting market demand means previously large client pools may suddenly dry up.
Balancing a long-term client or two with a steady stream of smaller contracts gives you the best of both worlds. Gradually take on more client work until your freelancing income covers most of your monthly expenses. This will ensure you have enough clients to satisfy full-time demands while building the experience and credibility to attract new ones.
While it doesn’t have to conform to the 9-5 you’re used to, full-time freelancing is a job that requires similar dedication. It is in the name, after all! Developing time management skills is instrumental in maintaining discipline and productivity.
Establish a routine from the get-go to set up core working hours. Block your days out to dedicate time to deep work, interacting with clients, and completing necessary admin tasks. Establish a monthly or weekly review to assess your schedule’s efficiency.
Most importantly, learn to set boundaries. Too many freelancers take on too much responsibility and are always on the go. Inform clients about business hours and insist that they respect them. Take regular breaks and enough time at the end of each week to recharge.
Reliable connectivity is also essential to maintaining consistent quality and performance. Luckily, you don’t need to be tethered to your home’s Ethernet to achieve this. Activating an eSIM Canada or other countries’ plans with a trusted provider lets you access the most affordable data plans and take advantage of better availability on local mobile networks.
eSIMs have become indispensable, whether you don’t want to risk connecting to a coworking space’s Wi-Fi or need dependable mobile data abroad at local rates.
Without a regular day job to fall back on, finding the right balance between competitiveness and sustainability is key. Calculate how many hours you’d need to put in at your current rate to meet the financial baseline you set earlier. You’ll want to make at least that much plus a bit extra.
Research the market to see how you stack up against the going rate. While it’s tempting to undercut the competition, raising rates has more upsides. For one, you’ll weed out the miserly clients, who also tend to be most difficult to deal with. Moreover, you won’t contribute to the cheapening of your work and bring down earning opportunities for your colleagues.
If you’re not making enough at your current rate, raise it or attract more clients. Consider upskilling or branching out into adjacent markets if you’ve hit your niche’s ceiling and are still struggling. Remember that setting the right price for your services not only protects your finances but also shows that you are a professional who values your skills in the freelance market.
The tasks you accomplish for clients are just one facet of being a good freelancer. Long-term success depends on developing sustainable practices that bring in clients and increase efficiency.
Standardizing the services you offer and creating a new client onboarding process will help speed up negotiations and establish trust. Professional client and project management apps might initially be a pricy investment, but the time they save you on busy work will let you recoup it quickly.
Lastly, don’t neglect marketing. Love it or hate it, you are now a one-person brand. Others can’t hire you if they don’t know you exist or what you can offer them. Remedy that by creating and maintaining a professional personal website and networking with clients and freelance colleagues alike.
To be successful as a freelancer, you need to plan ahead. Make sure to secure your finances, find a variety of clients, and learn how to manage your time well. Also, don’t forget that rates should show how much you’re worth, not how desperate you are.
As a freelancer, remember that you are both a service provider and a business owner. Your passion project can become a long-term career that gives you both freedom and stability if you plan it carefully and set professional limits.
