{"id":127,"date":"2018-08-20T06:00:25","date_gmt":"2018-08-20T04:00:25","guid":{"rendered":"https:\/\/timingapp.com\/blog\/?p=127"},"modified":"2023-10-25T12:49:54","modified_gmt":"2023-10-25T10:49:54","slug":"are-you-ready-to-freelance","status":"publish","type":"post","link":"https:\/\/timingapp.com\/blog\/are-you-ready-to-freelance\/","title":{"rendered":"Are You Ready to Freelance?"},"content":{"rendered":"

\"Full-Time<\/p>\n

Have you noticed how much more common the concept of freelancing is today?<\/p>\n

What used to be a term seemingly reserved for writers\u2014reporters, columnists, copyeditors, etc.\u2014has now transcended across nearly every industry.<\/p>\n

(According to Merriam-Webster<\/a>, the word \u201cfreelance\u201d seems to have started in the early 1800s to describe a medieval soldier who would fight for the side willing to pay him the most. It was first mentioned in Ivanhoe<\/em>, a novel by Sir Walter Scott.)<\/p>\n

Especially in an increasingly digital world, the demand for developers, digital marketers, and tech whizzes has skyrocketed. Particularly when it comes to specialized needs, experts can find themselves in a position where they are being paid top dollar without having to make a full-time, on-site commitment.<\/p>\n

Are you in a place in your career where going out on your own and \u201cbeing your own boss\u201d is something that feels right?<\/p>\n

Whether you\u2019ve been working on a side hustle for a while now, or are just ready to break out of the corporate mold, this post will help you take a rational approach to the debate going on inside your head.
\n[content_upgrade cu_id=”132″ ]Free Download: Full-Time to Freelance Quiz<\/strong>[content_upgrade_button]Click Here[\/content_upgrade_button][\/content_upgrade]<\/p>\n

The Rise of Freelancing<\/h2>\n

You don\u2019t have to look very hard to find the reason why employing freelancers has taken off so quickly in recent years\u2014it\u2019s because of that increasingly digital world mentioned above.<\/p>\n

Being in a society where communication is almost constant (so long as there is a dependable Internet connection, of course) means that the elements of a traditional office environment aren\u2019t really required for most businesses anymore. Teams are much more agile, allowing for employees or partners to work remotely.<\/p>\n

This has opened the door to allow companies to keep a leaner in-house team and source out different specialties. It still requires business owners to be financially cognizant though, since even though they may be providing less bonus, equity, or health benefits (at least in the U.S.), they may find that they are paying freelancers a higher hourly or project-based rate for overall less work.<\/p>\n

The scale, however, seems to falling in the favor of freelance. According to Nasdaq<\/a>, 43% of the American workforce will be freelance by 2020\u2014just a year and a half away!<\/p>\n

Benefits of Freelancing<\/h2>\n

The advantages of being able to utilize freelancers might be clear for the business owner, but you might be wondering: \u201cWhat about the actual freelancer? Won\u2019t they feel less job security?\u201d<\/p>\n

This is a tricky question to answer. On the one hand, yes, they might feel less job security. Without a set salary, bonus structure, or clearly defined work expectations, it could feel a little loosey-goosey.<\/p>\n

But the sad truth is that there\u2019s no job security anymore, even in a full-time role. Companies are downsizing, bankrupting, and changing direction every single day. So, doesn\u2019t it make a bit more sense to already work in an environment where you potentially have multiple sources of income (aka, personal clients)?<\/p>\n

Setting the debate of stability aside, there are plenty of other benefits of freelancing to consider\u2014let\u2019s explore two of them.<\/p>\n

Time<\/h3>\n

Ah, time, the most valuable currency in life. We all have a finite amount of it, and it never feels like enough.<\/p>\n

The great thing about freelancing is that you have so much more freedom when it comes to your time. Of course, you still need to put in the work to get paid, but you can schedule your focused hours around your needs and wants.<\/p>\n

Maybe you have young kids at home and want to spend less on childcare by taking advantage of working in the evenings. Maybe you\u2019re a world traveler who is lucky enough to cram a year\u2019s worth of work into nine months, giving yourself the summer to travel to new places.<\/p>\n

Whatever the case, freelancing allows you the opportunity to build your work responsibilities around your personal calendar. There is no paid time off \u2014 which means you won\u2019t get paid for time not spent working, but you also don\u2019t have to ask human resources for approval to take a three-day weekend.<\/p>\n

You can build up projects to work 50 hours a week or 15, whatever works for you and your life. You\u2019re also likely not driving or taking the train into an office as a freelancer (or if you are, it\u2019s not every day), thus saving you commuting time.<\/p>\n

\"Full-Time

Source: Nasdaq<\/p><\/div>\n

Independence<\/h3>\n

Sure, you have clients to answer to and expectations to uphold, but no more dealing with a demanding boss or being called into seven pointless team meetings throughout the day.<\/p>\n

As a freelancer, you are usually hired to do a specific job, without all the other distractions, duties, and hierarchy headaches. You\u2019re given a level of autonomy, allowing you to do what it is that you\u2019re good at and avoid the rest.<\/p>\n

In order to feel comfortable and empowered in this kind of situation, you need to feel confident in your abilities and skill set, which brings us to the title question: Are you ready to freelance?<\/p>\nIn order to feel comfortable and empowered as a freelancer, you need to feel confident in your abilities and skill set. <\/a><\/span>Share on X<\/a><\/span>\n

Knowing When It\u2019s Time<\/h2>\n

As mentioned above, freelancing makes sense when you are able to offer a precise expertise to a person or company. It\u2019s great if you are a hard worker and fast learner, but unless you are able to provide a specialized service that they aren\u2019t able to fulfill internally, then freelancing might not be the right route.<\/p>\n

If you possess a particular knowledge base or skill (and to be honest, most people do!), then there are other factors to consider before making the switch, including money.<\/p>\n

Finances<\/h3>\n

\"Full-Time<\/p>\n

This is a very personal subject, and one that is completely different from person to person.<\/p>\n

In order to understand if you\u2019re ready to cut the corporate cord and enter into the world of freelancing, you must have a clear understanding of living expenses.<\/p>\n

We can\u2019t give you a ballpark number of what that look likes since it varies so much, but take into consideration housing, food, transit, health care, clothing, and entertainment costs, plus any debts or dependents.<\/p>\n

More than likely, aim for a figure higher than your current full-time salary. Don\u2019t forget the potential added expenses of self-employment taxes, insurance, resources, and supplies.<\/p>\n

Investing in Yourself<\/h3>\n

Speaking of resources, there are a few that are likely critical to your success. As a freelancer, think of yourself as a \u201cbusiness of one.\u201d Like any business, you need to proactively invest in tools that will positively affect your bottom line.<\/p>\n

These will likely include:<\/p>\n