Can freelancing bring big rewards? It sure can, both personally and financially. But, there are few guarantees in this game. You need to be on your toes. Here’s how to succeed in the world of freelance…
Is freelance right for you? You shouldn’t go into this under the impression that it’s going to be easy. It’s true that there are a lot of benefits to being a freelancer. You can set your own hours, and you often incur fewer costs when to comes to travel. But in order to succeed in such conditions, you have to be very disciplined. Some people find that not having a boss isn’t really right for them. Freelancers are also not guaranteed stability.
Getting a portfolio together. If you’re going freelance, it means you need to go the extra mile to show potential clients that you can do the job. It can be much easier for people in regular jobs to get references from employers than it is for freelancers to get references from former clients. That means you need to work hard at putting together an effective portfolio. It doesn’t matter what you’re doing. Writing, building, design—you should have a website that shows off your skills and features testimonials.
Being careful with your budget. One of the most common downsides about working as a freelancer is that the pay isn’t always consistent. That’s now the same as saying “the pay sucks”. It means that your pay is more likely to differ from month to month. You need to be careful with your money; you also need to consider insurance for your job if you want to protect your capital, which you can read more about if you click here. For people in regular jobs, it’s easier for them to predict how much money they’re going to have a few months down the line. Their income tends to be the same every month. A freelancer may not have that luxury. It means you need to be extra careful when it comes to budgeting.
Arming yourself with the right equipment. When you’re a freelancer, you have to get a lot of the things you’ll need to do your job yourself. Most people will work in an office or for a company who will provide them with all the tools and knowledge they need to do the work. This isn’t necessarily the case for a freelancer! You need to be more independent about such things. If you’re working from home, you need to ensure your computer is in top condition. If you’re going to be out and about, you need to have the right mobile equipment with you.
Making sure you’re on the IRS’s good side. The least fun thing about freelancing? For the most part, you need to sort out your own taxes. Some clients may have it set up so a portion of your payment goes to the IRS. But in general you’ll need to sort it all out yourself. There are many people out there who freelance for a while before realizing that they need to sort out their own taxes. Don’t make that mistake.