About the author

Darren Cronian, the author of this guide, has spent eight years securing remote jobs and building a successful freelancing business. His goal is to help people escape the office. Read more >

One of the reasons people do not quit their 9-5 job to become a freelancer is the fear of having no job security.

You have probably been in the same job for years and feel comfortable with the work you are responsible for and the knowledge that your employer is happy with the work being produced.

Going from a regular monthly salary to not knowing where your following income is coming from is a huge mindset change and one you have to conquer before you make any decisions about becoming a freelancer.

Dealing with a Lack of Job Security When Freelancing
What is Job Security?

Job security is knowing you are working for an organization or company that values your work and is unlikely to be dismissed. For 24 years, working for the local government meant the chance of them dismissing me was slim – you would have to mess up big time to lose your job.

Many people who want to quit their 9-5 job have been in that environment for many years and will live in their comfort zone. Is this you? When you transition into a freelancer, you lose that job security, and knowing how to deal with this change is essential before you quit your job.

Otherwise, it will be a complete shock when you realize that all sorts of tricks can stop you from earning a living. Non or slow payment of invoices and credit card chargebacks are three problems you must contend with.

No Job Security Anymore

Honestly, there is no job security anymore, and it’s essential to realize that. My first remote job contract lasted for 20 months, the second for 18 months. What’s important is to recognize that you are there to serve a purpose for any business: to help the founders achieve their goals.

If they feel you are not adding value to their business, goodbye. Or, if they find someone with your skills charging a lower rate, you will be gone. It’s a harsh world, and you must realize that quickly.

Good Money Management Skills

You will transition from getting paid on the same day every month to not knowing when an invoice will be paid.

This is why you need to have good money management skills. Before you quit your 9-to-5 job, have enough money in your savings to last you a minimum of six months. Believe this money will keep you afloat.

Also, ensure all debt is paid, so pay off the credit card bill, loan, or any other money you owe. You want to start from a clean slate and not be stressing about paying off debt while working remotely and traveling.

Every time a client or customer pays you, make sure that you save a percentage of the money and do not forget your tax bill. Putting that money aside will make life easier at the end of the financial year. Speak with an accountant for advice on tax implications for your business.

Finally, consider logging your spending on money management apps like Yolt and other money tracker apps. These apps allow you to run reports on what you are spending the most money on.

Keep up to date with Developments

Some industries move faster than others, so it is essential to keep up to date with developments. This will allow you to become well-informed and ahead of your competition, who have their eyes off the ball.

Keep a look for emerging trends and changes in technology. Some of the world’s biggest brands did not move with the times, and now other companies have taken their market share and put them out of business.

To become an expert within your niche, you must be informed and a leader that people notice. This will help you acquire media attention and those vital links to your website to build your audience.

Network with People within your Industry

Leading on from keeping informed of developments within your niche, another good strategy is to highlight 6-12 authority figures within your niche and start to build relationships with these people.

When they post on social media, answer their questions, ask your questions, and start discussions with them.

Building relationships takes time, but if they see you regularly in their timeline, they will check your business out. They might be able to help you in the future by finding freelance work or helping you build an audience for your business.

Improve and Learn New Skills

You must be a multi-skilled freelancer to pitch more opportunities to potential clients.

You must learn new skills when building an online business, from Search Engine Optimization to acquiring customers and sales. Taking time out of your week to learn new skills is highly recommended if you want to be successful.

You can use services like Skillshare, Teachable, and Udemy, which have a wide range of courses for all levels.

Build your Empire

While job security is essential to many, you must realize that you are building someone else’s empire – helping them achieve their goals in life. Why aren’t you building your empire and working towards your aspirations?

It’s not easy, there will be challenges and stress, but surely all of this is worth it if you build a business that adds value to people’s lives and helps you with what you want to achieve. Nothing worthwhile will come to you quickly; you must work smart and hard.

Focusing on these areas will help you deal with self-doubt because you will have put yourself in a situation where you are in control. It is that lack of control that many struggles to deal with a lack of job security and do not take the plunge to quit their job to work remotely and travel.

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