Are You Ready to Be a Freelancer?

Are You Ready to Be a Freelancer?

The thought of being your own boss is pretty enticing, isn't it? But do you have what it takes to be independent? Here are a few tips for getting out on your own to earn a living:

1) What have you got to offer? - All freelancers typically have a specific competency or skill-set that is established and in-demand.  Step back and assess the market for your service. Can you identify potential clients? Do you have a portfolio, track record of previous projects, or "clients" that you can use as reference points? If the answer to any of these is no, then you are probably not ready to freelance. Alternatively, you might want to take small steps towards freelancing by researching and building a potential client base (and perhaps even do some part-time consulting for them), or building your portfolio while you are still employed full-time.

Another question to ask about your "product" or "service" is how diversifiable it is. Will it survive and endure potential market shifts and changing client needs?. For example, if a client contracts with you for graphic design services to support their print design needs but they find over time they need someone with Web design skills, could you diversify or re-train to meet their needs?

2) Can your finances support you choice? Few freelancers hit the ground running with a healthy pipeline of clients, and while the costs of starting up a freelancing business can be low, you will need a financial cushion to cover your cost-of-living and start-up expenses. If you are able to fall back on savings, or have a partner (or spouse) that can support you during the first few weeks and months - then freelancing might work for you. If not, then once again, you might consider doing it on a part-time basis in order to establish a steady set of clients and a base of savings to work from.

3) What are you looking to get out of freelancing? - Becoming a freelancer requires a great deal of self-assessment. Understanding what you want to gain from going freelance is one of the most important steps to take, simply because the waters are so utterly new and uncharted. This requires being honest about your needs, motivations and expectations, and how much you are willing to endure to make freelancing work for you. A useful way to do this is to look at the pros and cons of freelancing versus those of a salaried, full time position.

This resource was paid for by your tax dollars at business.gov. 

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