According to Upwork and Freelancers Union, more and more people are considering the idea of freelancing full-time. If you have also been contemplating the idea, perhaps you’ve wondered if it’s a financially viable option. Here are some questions that’ll help you see if contract work can be done permanently or if it’s better to stick to one, stable employer.
If you’ll be freelancing full-time, will there always be a market for your services?
Embarking on a side hustle only to find out your part-time hobby wasn’t really meant to be a career can be shocking. And this often happens because there simply isn’t a market for the specific services you’re offering. Or because the market is oversaturated with services like the ones you offer. Freelancing full-time isn’t something you can just decide on overnight. It’s best to test the waters while you’re still employed (full or part-time).
What do your finances look like?
It can take some time before you start earning and income (and until clients start paying you) if you freelance full-time. Before just diving into this new career option, you need to get clear on what your monthly budget looks like. Will you need any start-up costs to get your business going? Are there some expenses you can trim to help build your business?
Do you know what freelancers earn?
If you’re heading into freelancing on a permanent basis, you’ll need to have a clear idea of what you’ll earn and what perks won’t be available anymore. Most permanent employees receive benefits like pension fund and medical aid contributions, none of which you’ll make as a freelancer. You also need to keep in mind that you’ll pay provisional tax as a permanent freelancer. Plus, you’ll need to cover your own medical and retirement fund contributions.
Do you have exceptional time management skills?
Freelancing on a permanent basis just isn’t a realistic option for some people since they need the routine of an office schedule to be productive. If you can easily sleep till noon and aren’t the best at meeting deadlines, you might be one of those people. But if you prefer to work independently and you’re a self-starter that doesn’t need a lot of supervision, freelancing might be your perfect fit.
The most successful freelancers are hardworking and creative, but they’re also flexible and resilient. If you’re adaptable and understand the basics of freelancing full-time, you might just have what it takes to thrive in this often challenging career. If you’re keen to start a new adventure, head over to Adzuna’s listings right now and start browsing for the job of your dreams!