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Before you start freelancing, here are vital questions to ask yourself. Do not quit your job until you have gone through these questions. You must be aware of the challenges ahead and plan for events that can occur as a freelancer.
You should never leave your job to become a freelancer until you have built a client list and regular income. Going freelance has many benefits, including the freedom and flexibility to work the hours you want.
That said, you are transitioning from receiving a regular salary to getting paid when your clients process the invoices you send them.
Let me be completely frank and say it is entirely different from being employed by a company. If, after answering these questions, you still feel freelancing is for you, then put all your time and passion into it.
Can you meet deadlines?
Clients can be demanding, and meeting their deadlines is essential to increase your chances of being hired for future freelance jobs. The client should always be your top priority. Set expectations early on in the project to avoid disappointment. In your current job, do you always meet important deadlines?
Are you willing to give up some free time?
Work and lifestyle must be treated equally. To start your freelance business, acquire clients, and build your reputation, remember that the hours you work initially will be more than those of your full-time job.
For up to six months, are you willing to give up your free time to get your business off the ground? Do you have other commitments that might impact the time needed to freelance? Be honest with yourself.
Can you find enough work?
Having a network will be instrumental in finding freelance work. Do you have enough contacts to reach out to? Do you have a strategy in place to find new clients and bring revenue into your business within a month of you leaving your job? Building a network before quitting your job to go freelance is smart.
Do you have a portfolio in place?
Potential clients will want you to prove you have the skills and experience to complete the project they are hiring you for. Therefore, it’s essential to have a portfolio with examples of previous work and, ideally, testimonials or case studies where you have helped a client succeed.
You do not necessarily need a website to be a freelancer. You could showcase your skills on a social network like Instagram or X. Creating videos on YouTube is another option if you are comfortable being on camera.
Are you going to make enough money to live?
Firstly, there are a few sub-questions to answer. What income do you want to make each week, and how many hours do you want to work? This will help you decide on the pay rate you should charge clients.
Consider taxes and other required payments, such as healthcare and pension. Next, research what other freelancers charge for your service. Does it compare to what you want to earn?
Will you leave your job and transition into a freelancer with no savings? Do you have any debt you need to pay each month? What about rent, utility bills, and general living costs like food? All this needs to be factored in.
Can you wait for your money?
One of the more frustrating aspects of freelancing is waiting for clients to process your invoices. The larger the company, the longer it can take.
Are you good at managing your money, and can you still pay your bills when invoices take a few months to process? This is why saving a percentage of your income is highly recommended each time you are paid.
Living invoice to invoice is going to make life incredibly stressful.
Do you have the skills to run a business?
When running a freelance business, you will need to be multi-skilled.
Of course, at some stage in the future, you can hire people to do many tasks, but initially, you will need to be good at marketing to find new clients. You’ll need to complete financial tasks like invoicing and completing tax returns.
Most successful freelance businesses will have a website and a social media presence and spend time networking with potential clients. Do not let a lack of skills put you off because we all learn as we go along, but be ready to learn!
What’s next?
I recommend you start a freelance business as a side project you can do in the evenings and weekends. When you have built your client list and have a regular income that closely matches your salary, decide to become a freelancer.
Read my guide on how to become a successful freelancer. It’s a highly recommended read if you are unsure where to start.
