I'm very interested in sharing my knowledge with people to be part of the freelancing era and rise above imagination.
The COVID-19 pandemic had a significant impact on the world economy. In 2021, post-pandemic, we saw a lot of people quitting their job. This unprecedented event is known as the great resignation. There were many reasons behind the great resignation. Low wage, feeling disrespected, not enough flexibility, and no opportunities for advancement are just a few of many.
Freelancing can be less stressful. Freelancing offers you the flexibility to create and manage your schedule, the opportunity to be your boss and earn as much as you want, spend time with your family and stay at home. One benefit that I like the most is being able to work with anyone regardless of geographic limitations.
Now freelancing might sound like the best career option for you, and you are already thinking about quitting your job. But wait. Quitting your job straight away is as stupid as it sounds. There are some things you need to consider before leaving your job and becoming a full-time freelancer.
Have an Emergency Fund
It is necessary to have an emergency fund for every working professional. An emergency fund is making sure you are sorted out for your next 3-6 months' essentials like water, gas, electricity, rent, etc. this will help you keep going if you don't get any clients in the first 3-6 months. If you are in heavy debt, get your loans sorted out first because this might cause you big trouble. Hire a financial advisor to help you out with this dilemma.
Have a Clear Understanding of why Freelancing
It is not feasible to take such a significant risk for only money reasons. If you are happy at your job and only money makes you go freelance, you might want to reconsider. You can definitely negotiate for higher pay from your employer, or you can change your employer. If you want more responsibilities, job change, or facing any issue, talk to your employer or HR representative.
Uncertainty of Freelancing
This often happens with freelancers. Sometimes you get a lot of inquiries, a lot of work in a month, and sometimes you don't get a client or even an inquiry. Some days you work rigorously, and some days you don't work at all for a whole month. Also, payments in the freelancing world are inconsistent. The invoice you sent might get overlooked by the client, and your payment will arrive late.
Tip: You need to make a plan and track your productivity to avoid any loss due to lack of awareness.
Prospecting and Personal Branding
Freelance marketplaces like Gig4u, Upwork, and Fiverr are good approaches to connect with clients as the payment is secure and you can join their communities to explore more and more. But as you are just starting out, you need to understand the term personal branding too. Use social media like Facebook, Instagram, and Linkedin to aware others that you're actively available for freelance jobs. Prepare an ideal client persona, know where your ideal client hangs out, send a DM or proposal, put out valuable content, and get inbound leads.
I will share another article to help you understand the importance of personal branding in freelancing.
Filing your Taxes
As a freelancer, you must estimate your annual earnings and pay your taxes quarterly, unlike a traditional job where your employer is liable to deduct TDS from your salary. While you are starting, it wouldn't matter, but as you fall in the tax bracket hiring a CA would do the job.
Do consider this before you quit your job. Freelancing also requires hard work. It is competitive. Do what you love and what you enjoy the most. Keep upskilling and become better at what you do if you want to become a high-paying freelancer.
What I suggest: If you're planning to quit your job to start freelancing and have not much idea about it, I suggest do not quit the job. On the other hand, invest some time on a regular basis to learn to freelance and start freelancing while working as an employee. When you start earning through freelancing and feel confident, quit your job and take over your freelance plan. That sounds like a secure plan, right? Give it a thought and see if you can manage your time to freelance with your job and other life events.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Riha John Doe