Are you cut out to be a freelancer?
Contributed, July 26, 2019, 3:30 p.m.
Before you quit your day job, make sure you’ve written out a detailed business plan. - 123RF
Freelancing definitely has its perks. It allows you to earn a living by using your unique skill set while providing you with ample control over your work-life balance. However, it also comes with a number of challenges and not everyone is suited for it. To make it as a freelancer, it’s important to have the following:
Discipline. Freelancers need to have the ability to stay motivated and on task without prescribed schedules or superiors hounding them for deliverables. In most cases, they also need to have the ability to work alone.
Multiple skills. As a freelancer, you may need to take on tasks outside those associated with the service you offer. It’s not uncommon for a freelancer to also become their own bookkeeper, marketer, advertiser, networker and manager. Make sure you have the ability to oversee every aspect of your business that will be under your control.
Savings. Working as a freelancer tends to involve a degree of financial risk. Moreover, it can take some time before a new business starts to turn a profit. It’s therefore important that you have financial cushioning in place while getting your operation off the ground.
A client base. It’s a good idea to have a few solid clients lined up before permanently setting up shop. To get established, many freelancers start by offering their service while working a full-time job. When their side business picks up, they transition to making it their primary source of income.
Finally, before you quit your day job, make sure you’ve written out a detailed business plan. It should include a marketing strategy, a pricing system, financial projections and a full market analysis.