Thinking of transitioning to a full-time freelance career? Check out these 5 signs to see if you're ready to take the leap. Learn how to set financial goals, create a marketing strategy, and promote yourself effectively.
How to Work Freelance Full-Time (Seriously)
You are not alone if you have a side business that earns additional cash each month. According to a 2018 Bankrate poll, nearly four out of every ten Americans work a second job, earning an average of $686 per month (or roughly $8,200 annually). A fantastic approach to leverage your skills to enhance your income and satisfy your creative needs is through side jobs.
However, working a 9–5 job plus a 5–9 job can be stressful. You (ideally) reach a tipping point when you have a sufficient number of clients to confidently resign from your employment in order to freelance full-time at some point. However, take into account these five indications that you are prepared to be your own boss before giving your two weeks' notice.
1. You can achieve or surpass your monthly revenue target.
Determine your finances in the first step. Generate sure you will be able to make enough from just your freelancing business to cover your expenses because one of the benefits of doing two jobs is that you have two incomes going into your bank account each month.
Because you have only been working on it part-time, your freelance income may not yet be as high as your full-time employment income. However, consider whether it is possible that you may meet or exceed your goals once you have more time to devote to your business.Keep thorough records of your revenue and outgoing costs, and bear in mind that, as a freelancer, you will be required to pay taxes on a quarterly basis while creating your budget.
2. Your company is incorporated.
It is advantageous for your firm to incorporate for a variety of reasons. Creating a business will secure your personal assets, allow you to claim tax deductions for things like office space and supplies, give you greater credibility, and allow your operation to carry on even if you leave the firm.
You'll take your business more seriously and your customers will too if you think of yourself as a business owner and entrepreneur, even if you don't have a product or more staff and can work from home while wearing pyjamas.
3. A marketing strategy is in place.
Make a marketing strategy so you can be methodical about where and how you find new customers. The objective is to truly comprehend your client so that you can deliver the services they desire, be aware of how to contact them, and leave a lasting impression on them to earn their business in the future.
To determine your target market, mission statement, products and services, how people will purchase from you, and how to create buzz, use market research. Being deliberate will help you save time and energy compared to randomly throwing ideas at the wall and seeing what sticks.
4. You are excellent at promoting yourself.
If you shy away from the spotlight and feel uncomfortable boasting about your accomplishments and business, full-time freelancing may not be for you. You can't just unwind and wait for potential customers to discover you.
Making sure that people learn about your company requires being proactive on your part. For freelancers in 2018, having active social media accounts, a website that concisely defines their services and background, and publicity is ideal (and some could even argue necessary). Let potential clients know about your experience, mission, and successes since they want to work with someone they can trust.
5. You have self-control and motivation.
It takes a lot of labour to run a business, and you need to work hard to acquire customers and earn money. You're suddenly your own boss, therefore you need to be driven, well-organized, and prepared to handle all the duties involved in running a business.
When you work as a full-time freelancer, you are responsible for tasks like accounting, scheduling, and email marketing that may have been handled by someone else at your previous position. In order to concentrate on the higher-level plan that will advance the company, you must be willing to pick up new talents or hire another freelancer who can assist.
When did you decide it was time to transition to a full-time freelance career? Tell us in the remarks section below!
Thinking of transitioning to a full-time freelance career? Check out these 5 signs to see if you're ready to take the leap. Learn how to set financial goals, create a marketing strategy, and promote yourself effectively.
