Many experienced professionals pick up a freelance contract on the side eventually. Whether its to help out a friend or to try out a new specialty, occasional freelancing is easy to dabble in. However, after a few jobs, a time may come somewhere down the line where your recommendations and jobs are coming in almost more quickly than you can manage.
With all those extra projects, your freelance pay may even start to rival your day job. Working all around the clock to manage two jobs can be exhausting for anyone. So you may begin to ask yourself: should I freelance full time?
While many are attracted to the allure of freelance freedom, there are several important factors to consider before making the leap.
For one, you’ll need to have your finances in order. While you have the ability to make a lot more as a freelancer, you can also very easily make much less than with your day job. You’ll need to have a hefty savings to cover any unexpected dips in income. Plus, any time you may want to take off will no longer be paid. While you may be making more per hour on paper, after paying your own taxes, healthcare, and time off, you may not be getting as much as you think.
You’ll also have to become a master at business operations, from marketing, to accounting, to client management — you’ll do it all. While your skills will grow, you’ll also probably discover you aren’t perfect at everything, and encounter a few road bumps along the way. It can be a stressful experience to pick up all of these skills at once if you aren’t prepared for the challenge.