There’s something about being your own boss.
Be bold, be brave, quit that job, do your own thing!
As great as that sounds, barely a few are prepared to face the actuality of quitting a 9 to 5, monthly paycheck kind of job to make the transition from job to freelancing. It can be a pain at the beginning if not planned out in advance. It is obviously much easier for a person in a creative industry to find a freelance job rather than a mechanical engineer. Working on your own terms and timings is great but one has to weigh how well that fits their life, it will take a lot more planning and saving for a person earning the living of a family than a bachelor who can move bag and baggage to a new place or job overnight.
Worry not, here are a few basic tips and tricks to make the transition from job to freelancing smoother and well planned:
Let’s get the basics clear first:
- Freelance: When you work on particular projects on a temporary basis for specific tasks according to your expertise. You’re not bound to a company.
- Monetary compensation: Depends on your work experience and the field you work in, it will help you to look up other user profiles to get a sense of the market rates before you decide yours. Initial days might bring in less but as you build your portfolio and client base, you’ll be making a handsome amount.
- Timings: You’re the boss now! But you’re going to have to keep your schedule in check now. *With greater power comes greater responsibility* (Pun intended)
- How to start: We’ve curated a list of websites you can register your services at. Read further.
- Unknown territory: Don’t be scared, do your homework beforehand- the internet makes available tons of opportunity online.
Now coming to things you must do before you finally write that final “let it go” resignation:
- Know your industry: Read, research and follow the updates and news about the industry that you work in. This will help you get quality work and keeps you in tune of the content you churn out.
- Have a clear picture of your basic monthly expenses to know the minimum you need to bring in and more.
- Start saving now! You need to have a reserve to fall back on before you take the plunge, the payments will come after you travel, put in time, money and effort. It’s a business, after all, there has to be some capital investment before returns and profits start coming in.
- The only benefit you’re looking at is money. No insurance, no HRA, no EPF etc. You will be responsible for planning and saving your own money and paychecks, invest in insurance etc.
- Put in some effort in researching market rates and stabilizing that with your own realistic expectations to come up with a fair rate.
- Get your clients now, before you quit your job. Yes, being realistic and practical has to be a part of this transitional phase.
- Want a raise? You give yourself a raise, get a team, hire people. You’re in charge! Churn out more work, get the grind on and more monetary compensation will pour in. Do not forget to always have a clear understanding of personal money and official money as your team expands.
- Most importantly be prepared to be solely and completely responsible for all your actions, schedules, quality of work, invoices, bills and all of sorts of such things. It’s your baby after all, make it work!
Coming back to one of the FAQs about freelancing, where do we start?
It’s a growing world with opportunities galore! Just look around and you’ll find ample platforms to start with. With the increase in the freelancer culture, there are a lot of websites out there that let you register and facilitate finding the work suitable to your skill set.
Some popular ones you can give a shot at are:
- Engineer Babu
Don’t be scared but then, be well prepared. I hope these tips help you break that last barrier and as a parting gift check out these awesome-sauce freelancers who are nothing less than motivational.
…But are you still wondering how to find your next client? Here’s some help to sail you through it: Freelancers, Find Your Next Client. Here’s How
Stay tune for some more exciting scoop on freelancing as a career and how to tackle the ins and outs of it.