4 Things You Need to Know Before Starting Freelancing

There are many stories about people successful in freelancing. Some people claim that you can be your own boss, work when you want and have a lot of independence. Those in the know about freelancing will tell you that it’s not for everyone. There are plenty of pitfalls but I want to get started by discussing some of them here.

Although freelancing is a great way for those who want to be their own boss, there are some things to consider before you get into it. My first point is that it can be a difficult career because you depend on things outside of your control. You also need a lot of self-motivation and independence in order to succeed at freelancing.

Let’s look at the first downside:

YOU ARE YOUR OWN BOSS

       There are many advantages of being a freelancer, one of them is that you can work when you want and how much time you want. Another advantage is that you get the opportunity to pay off your debt or save money more quickly if you play all your cards right. It all depends on what you want your life to look like. You only need to set yourself a goal. The opportunity is unlimited with no limits for how much you can earn. That’s the good thing.

The downside to this is that you will always need to be hustling clients and updating your skills. It is always important to make sure you are consistently improving your skill set for your clients since they won’t stay with you forever. You have to work really hard every day, develop yourself and keep on chasing existing and new clients.

Another important thing you must do is to create a community online and have a strong presence. This is one of the best ways to help your business grow and an excellent way to keep in touch with existing customers. This is also a good strategy so more people will understand the true value of what you have to offer.

It’s a good thing you are your own boss, but it does have its downsides. It’s up to you on how much time you want to dedicate to your business which can sometimes be overwhelming for people who are not used to it. When you’re freelancing it’s important to always be mindful of not wasting your time! If you don’t work, you won’t have an income. We always need to save for when we’re not able to work due to illness, procrastination or depression, for example.

You may not be able to find any clients and often end up at home without any work. And there may be months when you won’t have any work at all. Freelancing is quite the irregular type of work, so just keep in mind that this is another key point to understand about it.

 THERE IS NO SECURITY

As I said before, not all clients are loyal and you need to keep marketing to new ones. If you want your business to thrive, it is crucial to stay motivated every day, one day to the next. There’s no security so you will not get a regular salary and you will need to make sure you pay for a private health insurance in case of illness. In the beginning, you might even be paid less, you might have to spend a lot of time and do some free work as well. You might not feel the energy to keep going and be very discouraged by the whole experience and this is when procrastination can kick in.

You must be very aware of your mindset and thinking. On the positive side, you must know that there is an exponential curve in freelancing. As you are working and learning new things, you will be gaining more regular, long-term clients and you will able to charge more for your services.

UNDERSTAND YOUR SELF-WORTH

You need to understand your true skillset and what contributions you can actually make to a business and your clients.

Are you able to provide error free work? Do you truly have the skills needed for the particular task? Am I overselling myself?

What skillset do I have? What is my English level? Can I actually complete the work requested error free without creating any additional work for my client?

The better your skillset the more you can charge per hour.

Do some online research and check out how much people earn with a similar skillset in order to make sure you are not over- or undercharging your clients.

KNOW HOW MUCH YOU NEED AND WANT TO EARN PER MONTH

Take a pen and paper or use Microsoft Excel and write down every single expense that you have in a month. Sum up your expenses.

Now you know how much you need to earn each month on a minimum basis.

Next, you should think about what your goals are in life, how much money you need to achieve them, and how long you give yourself to reach them. After doing this exercise, you will know how much you need to earn extra each month, so that you can achieve your goals.

It is a good starting point to first wanting to earn as much money so that you can comfortably live. Once you managed to achieve step 1 you upskill yourself and start working on increasing your income by offering more valuable skills to your clients.

To conclude the 4 things you need to know before starting freelancing, remember to always be aware of your mindset since you are your own boss, always upskill yourself, take care of your security, know how much you are worth and know how much you need to earn on a minimum basis.