The life of a freelancer isn’t always glamorous. While you gain the freedom to set your own schedule, charge your own prices, and pursue your true interests, these benefits don’t come without risks. The work can be irregular, and the hours long. Still, many people feel the benefits outweigh the drawbacks.
That’s why the number of freelancers has been steadily rising, and it’s predicted that over half of workers in America will be freelance by 2027. The lifestyle has something to offer everyone. Whether you’re a stay at home parent or an adventuring college grad, it’s undeniable the flexibility of freelance is a huge draw. While every freelancer’s needs will be different, there are some basic tools and preparations you should make before embarking on your freelance journey.
Without regular hours or an office, your work may seem to blur into your life. That’s why it’s important to clearly define your space and working hours, so you aren’t in work mode around the clock. To survive life as a freelancer, you’ll need to be ready financially for lean times by keeping extra savings on hand. In addition, you’ll be responsible for managing your time, acquiring clients, and minding your budget.
You’ll be spending as much as half of all your time doing work that isn’t what clients pay you for, but simply necessary for running yourself as a small business. That’s why it’s important to consider that your hourly rates should be enough to cover all the work you do finding clients, billing them, and marketing yourself. In addition, there are several additional expenses associated with going freelance. Paying taxes and health coverage can be more costly outside of a company.
One of the most important things to remember as a freelancer is that there are people you can reach out to for advice and help. Whether you find a mentor who can guide you through the intricacies of marketing yourself and getting paid, or simply the other freelancers sitting next to you in the coffee shop, you don’t have to do everything by yourself. Just because you’re a lone worker doesn’t mean you have to go it alone. The journey won’t always be easy, but it’s sure to be rewarding.
Check out this infographic below by Fundera to help you prepare even further for life as a freelancer:
