Moving from full-time employment to freelancing takes a lot of risks.
However, there are certain conditions indicative that you are ready for freelancing full time, eliminating or reducing those risks.
1. You have to have enough money saved to cover your living expenses while you’re setting up your business and finding some clients because this can take some time.
It’s possible that you can start right away and make enough money to make ends meet, but in case of a slow start, it’s better to be prepared and set aside money for a few months.
2. As a freelancer, your income will depend on the projects that you are working on — how long it would take you to finish those projects — and the times the client will pay you throughout the process.
There may be months where you make a lot more, and there may be other months where you make very little.
This instability of income must be learned to manage properly through careful planning.
3. Before you move to freelancing, you should have spent enough time testing the waters if there will be enough projects for you to dedicate your full attention to.
Also, while there is an ongoing work, you have to market your services to build a larger client base that could lead to more referrals.
4. Although it is true that being a freelancer gives you more freedom in choosing the people you work with or the time of your work, which most people are drawn to aside from its financial rewards, you should be aware that most freelancers put in long hours of work as they see fit.
5. If you want the flexibility in choosing your projects, then you can never do away with more responsibility that freelancing entails such as securing the work, leading the project, and interacting with clients.
6. Having a strong portfolio that shows your best work to the potential clients is a must.
This is something that aspiring freelancers should focus on whether past projects in your full-time job or a personal project.
It really doesn’t make any difference if you showcase them in your portfolio.
7. As a freelancer, you will do the work all by yourself without having a team of co-workers at your disposal.
So you have to have the ability to get the job done and that includes being able to develop a process for managing client projects.
8. Working directly with clients is a major part of your job as a freelancer, so you’ll need to be good at working with them.
Gain as much experience as you can in order to be successful and remove the stresses of having to face your clients because of lack of experience.
9. For a freelancer, dealing with the finances running a business can be a tough one, but this doesn’t have to be.
There are a number of tools and apps available that can help with invoicing and managing your finances. And for a one-person operation, it’s not going to require a significant amount of your time.
If you are ready to put in the effort to organize your finances and be completely in control, it doesn’t take an expert to do it.
10. You have to establish a solid network practically by letting people know of your freelance service. This will result in new projects and referrals.
Aside from this, there are other experienced freelancers you can turn to — especially when you’re just starting — when you have concerns managing projects, developing proposals and establishing policies for payment.
You can get through the challenges of freelancing if you have a strong network.
So build relationships and connections as you transition to full-time freelancing.