Many of us will be faced with the same professional dilemma at some point in life: freelancing, baby. The opportunity to go freelance presents itself and you have to decide whether or not to take the plunge. It can be a very exciting experience to become your own boss and take control over your professional and financial future. However, this decision is not without risk. These are the five things you should think about before going freelance.
1. MOTIVATION
What is your motivation for becoming freelance? Is it so you can spend more time at home with the family? Or perhaps it’s because you want to be your own boss? Do you find it hard working with others? Or do you always fail to make it into the office on time? Your motivation for considering freelance work has to be carefully considered. If there’s a definitive reason for wanting to go freelance it’s worth considering – if not then there’s no reason to take the plunge.
2. STRESS
Working freelance is definitely a challenge: you never know where your next paycheck is coming from and when you're working on a job you inevitably worry about getting onto the next one. When you’re on a roll things are great, but when the work dries up things can get very stressful. Whether you think you can handle the stress and the uncertainty should inform your decision to go freelance – or not.
3. MONEY
Often the switch to freelance is motivated by the desire to do more enjoyable work – often to the detriment of your bank account. When you consider going freelance something you have to think about is how much less money could you get by on? Some people live off very little, but some just can’t. Freelancers aren’t always hard-up of course but your wallet might take a hit during the transition.
4. WORK ETHIC
Whether you are self-disciplined enough to work without bosses breathing down your neck is something that you should honestly and objectively consider. When you are your own boss there’s no need to get up at 6:30, you can take hour-long lunch breaks and you can knock off at 3:00. It’s all very fun – but what will it do to your productivity? If you don’t feel that you’ll work as hard as a freelancer as you did as a full-timer, you’re probably better off sticking with the nine-to-five.
5. SUCCESS AND FAILURE STORIES
Do a little bit of research and you’re sure to find a fair share of success stories – and sadly more than a few cautionary tales. Some professions are by definition ‘freelance’ orientated; journalism, prop-making, design, painting etc. For those working in other sectors, transitioning to freelance may well be a trickier prospect. By talking to others and doing internet research you’ll be able to discern just how difficult freelancing within your sector will be.
1. MOTIVATION
What is your motivation for becoming freelance? Is it so you can spend more time at home with the family? Or perhaps it’s because you want to be your own boss? Do you find it hard working with others? Or do you always fail to make it into the office on time? Your motivation for considering freelance work has to be carefully considered. If there’s a definitive reason for wanting to go freelance it’s worth considering – if not then there’s no reason to take the plunge.
2. STRESS
Working freelance is definitely a challenge: you never know where your next paycheck is coming from and when you're working on a job you inevitably worry about getting onto the next one. When you’re on a roll things are great, but when the work dries up things can get very stressful. Whether you think you can handle the stress and the uncertainty should inform your decision to go freelance – or not.
3. MONEY
Often the switch to freelance is motivated by the desire to do more enjoyable work – often to the detriment of your bank account. When you consider going freelance something you have to think about is how much less money could you get by on? Some people live off very little, but some just can’t. Freelancers aren’t always hard-up of course but your wallet might take a hit during the transition.
4. WORK ETHIC
Whether you are self-disciplined enough to work without bosses breathing down your neck is something that you should honestly and objectively consider. When you are your own boss there’s no need to get up at 6:30, you can take hour-long lunch breaks and you can knock off at 3:00. It’s all very fun – but what will it do to your productivity? If you don’t feel that you’ll work as hard as a freelancer as you did as a full-timer, you’re probably better off sticking with the nine-to-five.
5. SUCCESS AND FAILURE STORIES
Do a little bit of research and you’re sure to find a fair share of success stories – and sadly more than a few cautionary tales. Some professions are by definition ‘freelance’ orientated; journalism, prop-making, design, painting etc. For those working in other sectors, transitioning to freelance may well be a trickier prospect. By talking to others and doing internet research you’ll be able to discern just how difficult freelancing within your sector will be.
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