The state of freelancing is the most competitive I’ve seen since I started in 2018. Now the question is: Should you still freelance, given the current climate? Here are a few points I mulled over finding answers myself: 👉 Freelancing is so different from a 9-5 that if you've worked an office job for years, you'll see a glaring difference in schedule, flexibility, cash flow, workload, and mindset. If you’ve worked in corporate America (or wherever you are), your brain is likely wired to start at 8 or 9 am and end at 5 or 6 pm. Freelancing means you own your schedule, but you'll likely feel weird and guilty at first doing things your way. My rudest awakening was when I realized that my workload was commensurate with the money coming into my bank account. If my deliverables and to-do lists are short, my bank will get fewer dings that month. A 9-5 means regular payments to your payroll account. With freelancing, aside from varying amounts of cash you get monthly, you’ll also have different payment terms, which you must stay on top of. Also, depending on how busy or quiet your month will be, you have to be open to the possibility of having minimal work, if at all. 👉 Ask yourself: What does freelancing mean to you? Is it something to do in the interim, as a replacement for your day job, a side hustle, or an escape from burnout? 👉 It all boils down to your risk appetite and where you are in your life. What season are you in your life right now? What are your top priorities? You may likely have a higher risk appetite if you’re young with fewer responsibilities and dependents (e.g., no mortgage or fewer mouths to feed.) Or perhaps you have kids and a mortgage but see freelancing as an increased earning potential. 👉 Freelancing is HARD work. How hard are you willing to work? It is NOT just delivering services for clients. It's a business. Freelancing is equal parts delivering a service, doing all the admin stuff, and nonstop marketing. 👉 You can always experiment and see what works for you. Start freelancing as a side hustle. Or do it full-time. If you realize it's not working for you, you can pursue other things or iterate how you freelance. *** I wrote about this topic in a longer-form newsletter where I talked about each of these considerations. I also listed down the reasons why I took the big leap last year, and how I'm pivoting at the moment. Link in the comments below. 👇
You bring up some good points. IMO, there’s 1000 other things to consider that people coming out of jobs just don’t know to consider: 1. Contract language and negotiations - What happens if you get sued or need to sue? Is the contract actually air tight? 2. Business insurance - How liable are you in your relationship to clients? - What happens if your advice or work costs your client greatly? 3. Corporate structure, taxes, write-offs and filings - Sure, someone can do your taxes but do you know how much to withhold? Quarterlies? Sole prop? LLC? S-Corp? What to file based on which designation (ahem, that pesky BOI doc this year that nobody knows about) 4. Self-employed health care 5. File management - who owns what? 6. Networking 7. Marketing 8. Sales 9. Accounts Payable/Receivable - chasing &$ down and paying sub contractors 10. Etc. and so on There’s the work you do and delivery to get paid…and then all of the work you have to do just to get to the work you do and deliver to get paid. So many things are handled for an employee or not their responsibility in a business. That all changes when you become the entire business.
Thanks for sharing! My professional writing career took off at the beginning of the pandemic through freelance work at SHRM. I pounced at the opportunity to write for an #HR audience after discovering that my #writing skills combined with my 10+ years in the service industry highlighted some of the trials and tribulations #restaurant front-of-house staff suffered by not having an HR presence help them with filing for unemployment benefits. Of course, the story also features a FOH #worker who received unemployment benefits with the help of an administrative assistant (their HR help). I subsequently published more stories with SHRM, and then stories with The Texas Observer, JSTOR Daily, Stacker, and now with Business Insider. While I'm happy with my stories, I've always stayed as a part-time freelancer. I prefer full-time writing work, which is why I interviewed with three companies over the last three months. I always reached the final interview phase, but never received an offer. And that's okay because at that point the rationale behind a hiring decision may be more subjective rather than based on my skill sets alone. I'm a part-time #cashier at FreshMarket to make ends meet while #writing a #book. Did I bury the lede?
Freelancing isn’t a choice I’ve made per se, it’s the only thing available in entertainment right now. I’d absolutely love a full time position but there are none.
Freelancing is building a business. It has upsides and downsides and requires acumen and climate understanding. This is gold Tina S. and thanks for sharing!
Great post Tina. Especially the last point - you don't have to go all in, just a dip a toe and see how it goes.
Great post and good advice Tina S.! As a mom (and not the main breadwinner of the family) freelancing is perfect for me. It allows me to stay in the loop while giving me flexibility to be there for my kids.
Seasoned Content Writer and Growth Marketer | I help drive content-led growth for your brand | Open to work and collaboration | Published on Business Insider and Dynamic Business
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