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Full-Time Online Freelancing
(Page 2 of 3)
Transitioning from Full-Time Employment and Part-Time Freelancing
If you are new to freelancing, then
the best way to get to full-time freelancing is to start out with part-time freelancing. If freelancing is a good fit, you’ll start to notice
that your workload is increasing. At some point, you may find that you
have more projects than time to do them, because of your full-time job,
and might decide to leave the salaried position behind once and for all.
This is of course a decision not to
be taken lightly. There are still risks, and by leaving your job you’re
giving up a safety net that you may have grown more accustomed to having
than even you realize. But again, as the saying goes: no guts, no glory.
There is no way for most people to smoothly transition to full-time freelancing
from a full-time job—at some point you just need that big chunk
of hours to expand your business.
Here are a few considerations to keep
in mind if you’re considering “going for it” after
being a part-time freelancer:
- Make Sure You’re Ready: Okay, it
seems obvious, but as a guide-writer I still gotta say it: be sure you
are ready before you pull the switch. Remember that there’s a big
difference between working a few hours a week and working full-time.
Consider just where your workload is, how much you’re earning freelance
and how much more you will need to earn to replace your salary.
Also, if you’ve gotten used to the extra money associated with
working both for yourself and someone else, don’t forget that unless
you’re making much more per hour than you did at your job, you’ll
need to keep yourself busy beyond just standard working hours to maintain
your income level. For example, if you earn $700 a week at a full-time
job and another $200 freelancing, you need to move that $200 up to $900
to replace what you have right now. Alternately, you could stick to the
$700 and perhaps get a bit of that free time back that you lost when
you started freelancing part-time. :)
- Consider a Trial Period: If you have the
opportunity, consider a trial run at going full-time, by taking some
time off and seeing if you can gather enough business to approximate
full-time freelancing. This might be feasible if you have a good amount
of vacation built up. Just be careful not to over-commit yourself
- Deal with Benefits: If you are relying
on benefits that you get from your employer, what happens when you leave
your position? Figure that out before you do anything.
- Get Set Up for Full-Time Freelancing in Advance:
Before you leave that job, make sure you’ve got everything you
need for full-time freelancing set up and ready to go. If the little
desk in the corner of your bedroom is not going to cut it for full-time
work, or you think you need to talk to an accountant, deal with these
issues up front.
- Establish a Financial Buffer: Don’t
strike out on your own until you are in a good financial position. Deal
with any major debt issues before you get rid of that job. A cushion
of money in the bank to help tide you over during those inevitable early
dry spells wouldn’t go amiss either.
- Consult with the Family: Yeah, them again:
you needed buy-in from them to start freelancing part-time, but going
full-time is a whole new ballgame. Make sure your spouse and any other
significant “persons of interest” are all on board with the
change before you do it.
Okay, my cautious nature is coming
through again with most of these tips. What can I say? “Better
safe than sorry” works for me. :) Remember that one of the big
advantages of easing into this is that you do have the luxury of time—make
use of it to get all your ducks in a row. This will greatly increase
your chances of success.
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The Online Freelancing Guide (http://www.FreelancingGuide.net)
Last Site Update: October 21, 2011
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