Important Facts You Should Know Before You Freelance
There are certain important facts you should know about freelancing before you make a decision to begin a career in the world of freelancers. Just because someone you know is a freelancer, and is doing quite well at it does not mean you will have the same experience.
Freelancing is hard work. It is not a life of riches and luxury as some may have you believe. I have decided to share 9 important facts that you should know about freelancing. And, before I start, I must say that it is best to start part time and keep working your traditional job until you get completely adapted and have multiple clients.
1: Freelancers Must Manage Their Finances Like A Business
This is one of the biggest reasons freelancers fail. You just cannot act like each time you receive payment from a client, you cannot treat it as if it’s your paycheck from a traditional job. You now have a business. You will have ups and downs, and if you save money, you will get through the difficult times. You will also want to invest in certain tools for your freelancing business. I highly suggest getting the book below to help you.
2: 35% Of American Workers
Do keep in mind that with the economy in the shape it is in, one of the important facts I found will let you know that you are not alone if you decide to start freelancing. 35% of American workers are performing some type of freelancing.
3: Freelancing Fail
If you can make your freelancing business survive through the first year, you will have a good chance of success. It is a fact that the majority of freelance businesses fail within the first year of their business being open. They do not manage finances correctly; they don’t market themselves; they do not heed dead lines; and they fail. Keep abreast of this blog and I can help you not be in the majority, but be in the successful minority.
4: Freelancers Must Pay Taxes Quarterly
When you start a freelance business, you also have to manage taxes. They will not be automatically deducted like your traditional job does. I highly suggest contracting an accountant. Keep receipts and manage your books. I suggest the following program to help you.
5: Lesser Known Are Hiring
As freelancers, we need to always be contacting, proposing and bidding on jobs. One of the important facts you need to know is: it isn’t the well known corporations that hire a lot of freelancers; it is the lesser know companies and corporations that are searching for freelancers.I suggest you contact all, but always keep this fact in mind, and do not bypass the smaller companies. They are the businesses that do not have enough staff to complete everything.
6: Your Problems Will Follow You
If you think that you would have better success being a freelancer because you seem to always have a problem of getting to your traditional job on time, or you have issues with playing on your smartphone at work; don’t assume that it will change because you become a freelancer. A zebra doesn’t change its spots when it changes locations. If you are always late to work, I would bet that you will be late with dead lines too.
7: Health Insurance
As a freelancer, you will now have to find your own health insurance. You won’t have that group plan that your traditional job offers. I am a member of the Freelancers Union, and I suggest you join too (it’s free). There are many suggestions on health insurance for freelancers. Just visit their website here.
8: Part Time
I mentioned at the start of this post that it is wise to keep your day job when you start freelancing. Yes, I freelance full time, but the statistics show that approximately 1/2 of freelancers still work a traditional job. Just make sure that your freelance jobs do not cause conflict with your traditional job.
If you think the skills you have would not work in the freelancing world, think again. One of the important facts I found is that a large percentage of the freelance jobs available were not even known jobs 10-20 years ago. Almost any skill can be a freelance possibility. Just use your imagination.
These are a few important facts I thought you should know before your decide on a freelance business. I hope they help you. If you have any other facts, you can post them below. If you have any other comments or questions, just post them below too. Thank you and have a great day.