So, you’re considering leaving the 9-to-5 grind for the freelance lifestyle? Going freelance isn’t going to be easy, but if you get it right – it will definitely be worth it.
There’s a lot to think about. Don’t rush into it, but you also need the courage to take the first steps. This article should help you feel a little less confused. Here are 17 things you should know before going Freelance.
Have a Solid Plan
This is crucial. You can’t just waltz into freelancing with a vague idea of “doing stuff online.” Nope. You need a rock-solid plan.
- Can you pitch your new role in one sentence?
- Do you know exactly what services you’ll offer?
- Who’s your target client?
If you’re stumbling over these questions, it’s time to hit pause and do some serious thinking. Your plan is your roadmap – without it, you’re just wandering in the freelance wilderness. Remember, a freelancer without clients is essentially unemployed.
How Much Have You Got Saved Up?
Building a business takes time. If you’re going all in, ensure you have enough runway to give your new venture the best chance to takeoff.
- Aim for between three and six months of savings
- This isn’t just for bills – it’s your “sleep at night” fund
- It gives you the freedom to be picky(ish) about clients and projects
Trust me, having this cushion will save your sanity when you’re starting out.
Forget 9 to 5 this is 24/7
Don’t think for a second that Freelancers live a life of luxury when it comes to time. Sure, you’ll probably work from home, but you will almost certainly clock in more hours than you did at your full-time gig, especially at the beginning.
- Expect longer hours: You’re building a business, not just doing a job
- Be prepared for irregular schedules: Client needs don’t always align with 9-5
- Learn to manage your time effectively: Without set hours, it’s easy to overwork
Remember, as a freelancer, you’re not just doing the work – you’re also running the business. That takes extra time and effort.
Tools of the Trade
Before you quit your day job, ask yourself:
- Do I need a new laptop?
- What about software subscriptions?
- Any specific equipment for my niche?
Make a list and start budgeting. You don’t want to be caught short when you need that crucial tool for a big project.
What About Your Pension Plan!
No more company contributions. Welcome to the world of self-funded retirement.
- Decide on a percentage of your income to set aside
- Look into self-employed pension options
- Start small if you need to, but start
Remember, compound interest is your friend. The earlier you start, the better off you’ll be.
Health Insurance and Other Perks
Were you receiving some nice extra perks while you were employed?
We have the NHS (🙏), but now that you’re freelancing, what if you need urgent treatment that could take months to receive through the NHS? Private medical care could resolve it in a matter of days. Something to think about.
This article on ‘What To Do When You Get Sick As A Freelancer’ might be helpful.
Your health is your wealth, especially when you’re self-employed.
How Much Are You Going To Charge?
Have you done the napkin math? How many clients do you need, and how much do they each need to pay you for this to succeed?
For how long are you willing to eat packet noodles for?
- Research industry standards for your skill set
- Factor in your experience and the value you bring
- Don’t be afraid to adjust as you go
Pro tip: Start slightly higher than you think. It’s easier to offer a discount than to raise your rates later.
Do You Need Multiple Income Streams?
Relying on one big client could be a recipe for disaster. Here’s how you could mix it up:
- Offer different types of services
- Balance short-term gigs with long-term projects
- Consider creating passive income streams (e-books, courses, etc.)
The goal? Financial stability, even when one income stream dries up.
Contracts & Legal Stuff
Contracts might seem scary, but they’re your safety net. Here’s the deal:
- Start with online templates and customise them
- Clearly outline scope, deadlines, and payment terms
- Try utilising AI tools such as ChatGPT to help with the basics
- Consider getting legal advice as you grow
A solid contract protects both you and your client. Don’t skimp on this.
Time Management: Master Your Schedule
Without a boss breathing down your neck, you’re in charge of your time. It’s both awesome and terrifying.
- Set a regular work schedule that fits your productivity patterns
- Use tools like digital calendars and project management software
- Don’t forget to schedule breaks and admin time
- Join a Co-Working Group to get deep work done
Remember, flexibility is great, but structure keeps you sane. Find what works for you.
Pomodoro 🍅 Technique?
Networking
In the freelance world, your network is your net worth. Here’s how to build it:
- Attend industry events (virtual or in-person)
- Join online communities and forums
- Get good at social media – LinkedIn is a must
Networking isn’t just about finding clients – it’s about building a support system too.
Accountability – Find Your Freelance Friends
Starting out solo can be lonely. An Accountability Group (or buddy) can be a game-changer.
- Find others in a similar situation
- Schedule regular check-ins
- Share goals, challenges, and wins
Freelance Friends is the perfect place to find your tribe. Find out more on our Services page.
Continuous Learning
The freelance market moves fast. If you’re not learning, you’re falling behind.
- Set aside time for skill development
- Keep up with industry trends
- Consider online courses or workshops
Your skills are your product – keep them polished.
Set Boundaries to Find Your Work-Life Balance
Working from home doesn’t mean working all the time. Boundaries are crucial.
- Create a dedicated workspace
- Set specific work hours
- Learn to say no (to clients and to yourself)
Burnout is real, and it’s a freelance killer. Take care of yourself.
Embrace Change
The only constant in freelancing is change. Be ready to adapt.
- Stay open to new opportunities
- Be willing to adjust your business model
- Don’t be afraid to change direction if something’s not working
Flexibility is your superpower – use it.
Stick It Out – Success Takes Time
There will be tough days. Weeks, even. But don’t throw in the towel too soon.
- Give yourself a realistic timeline for success
- Celebrate small wins along the way
- Remember why you started in the first place
Rome wasn’t built in a day, and neither is a freelance career.
No Paid Holidays – Plan Ahead
That two-week vacation? It’s coming out of your pocket now.
- Factor holiday time into your rates
- Plan for slower periods
- Consider working ahead before time off
It’s possible to take an extended break as a freelancer – you just need to plan for them.
Wrapping It Up
Freelancing can be an incredible journey. It’s challenging, sure, but it’s also rewarding in ways you can’t even imagine right now.
Remember, every successful freelancer started exactly where you are. They had doubts, made mistakes, and probably ate too much of those packet noodles along the way. But they stuck with it, and so can you.
So, are you ready to take the leap? Or maybe you need a bit more time to plan? Either way, you’ve got this. And we’ve got your back, too.
More Questions on Going Freelance?
Got some big freelance fear or question, send me a DM. Let’s chat about it! And if you found this helpful, why not share it with that friend who’s always talking about quitting their job to freelance?
