Getting shut of your boss and flying solo is the dream, but it’s not all butterflies and unicorns. The flexible hours, creative freedom and higher wages aren’t a myth, but there are a few bridges hiding trolls along the way. Here are five things you ought to take into consideration before going freelance.
There’ll be lean times
Good news! Freelancers are more confident than ever. In the latest Freelance Confidence Index (yep, that’s a thing), 41% expected their business performance to improve over the next year.
Bad news – dry spells are unavoidable in this game. And sometimes, clients just won’t want to stump up. But we’ve got you covered; check out our upcoming article on coping with late payers and quiet periods (keep an eye on Facebook or LinkedIn to see when it’s published). Or befriend a big guy who’s willing to pose as a bailiff.
Flexible hours mean long hours
Working from home usually means longer hours. In fact, a professor at Stanford University found that, at one company, remote workers put in extra time to the tune of a whole day per week. Plan ahead to manage the heavier workload so you can fit in the gym, your book club and (if you must) the kids. And make sure to set aside a hefty coffee budget for when the inevitable all-nighters crop up.
Clients aren’t your boss
The customer’s always right – we wouldn’t dare argue with that. But you have to guard your interests because nobody else will. Make sure your payment terms are clear and that every project advances your business and reputation.
No boss means less guidance too. Whether you’re a graphic designer, an architect or a financial adviser, your client will be relying on you to deliver creative solutions to whatever problems happen to come their way. No pressure, eh?
You have more than one job
Your specialism is what sells you, but you have to multi-task to survive. To stay competitive, you need to be on top of the latest industry trends, manage your workflow and make sure you’re earning enough to keep doing it. That’s where companies like My Accountant Friend come in. They can take care of your finances and tax issues, so you can focus on getting that other stuff right instead.
You’re not alone
It can feel like you’re out there with no support sometimes, but more and more of us are becoming self-employed, and subsequently larger and more open networks are growing. In the creative industry there’s Hiive, for tradesmen there’s TradesmanLife, and the list goes on.
In fact, we’ve even started our own little freelance community so that people like you can share tips and let off steam. Check out Freelance Life UK on LinkedIn. We hope to see you over there soon!
