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It’s the beginning of a wonderful adventure when you throw off the shackles of your full-time job and started the transition into being a freelancer, and whether this is starting a blog or realizing your dream business, it’s something that a lot of people are choosing over the typical 9 to 5.
The main reason appears to be that the concept of job security is something that is fleeting for a lot of organizations, and unless you’re working in the public sector or have been somewhere for a long time, that security is hard to come by now.
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As a result, it’s natural for a lot of us to want to go freelance because your earning potential is uncapped. Pay raises are few and far between in permanent jobs which can feed into a lot of job dissatisfaction.
So before you take the leap, prepare yourself by doing the following…
#1) Get Your Finances in Check
The first thing to do, whether leaving your job or starting a freelance career, is this. You need to make sure that you have reigned in your spending habits, or you know how much money you have to play with every month after all the essentials have gone out of your account.
Being organized is the main thing because you will have to keep track of outgoings as well as your income and the expenses, which will make up a vital part of your tax return.
Doing a self-assessment every year is the bane of any freelancer’s life, and the mad rush to get it done before the deadline is a common occurrence, yet people never seem to learn! You can bypass this by getting a system in place.
It’s important to get professional help where you can. And while there are countless forums online, you can get a tax lawyer free consultation so you can get the information face to face, and the salient points. This is better than having to trawl through pages of online information.
#2) Set Up an Emergency Fund
Not just for emergencies, but also for your future. Be sure to set up a retirement fund because you will be living without a safety net. Being a freelancer means that you are responsible for your own work and earnings, and as a result, you’re not entitled to the things that an employer would normally help fund, like a pension. It pays, in many ways, to keep on top of your funds when you’re a freelancer.
#3) You Will Work a Lot More…
…and probably for less pay. This is a big part of freelancing, especially in the beginning when you’re trying to get your name out there. So if you have a job to do in the day, you should spend your nights lining up the next potential assignment.
Much like a business, it’s your name that’s important in freelancing, and you are the commodity. So you need to sell yourself accordingly. This is why networking is so important.
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#4) You Will Wonder if It Is Worth It
With all these difficulties, you may wonder if it is worth all the hassle. Well, it is, for one simple reason, the freedom.
People leave jobs because they don’t feel supported in one way or another, either emotionally or financially, so by leaving you’re taking your life into your own hands, so make the most of it. It really is a great adventure.
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