Many people are dreaming of freelancing full-time because of the flexibility it offers. Nevertheless, Taylor K. Gordon in a recent article, 4 Things to Consider Before Freelancing Full-Time says that doing quite a bit of preparation in advance will make the transition successful.
Here are 4 questions to ask yourself before taking the plunge.
- What are your long-term goals?
When you are working for a company in Lake Mary team office space, you have a definite career path and you know what to do to get promotions and to receive raises. Unlike when you’re freelancing full-time, your career path entirely depends on you. What is your ultimate goal and how can you attain it? How do you give yourself a raise each year? How do you plan to make it happen? You should think about these things carefully.
- Where will get your regular income?
Having regular clients and consistent projects each week will make freelancing full-time pretty stable. Reoccurring work gives you more stability than to start over each month seeking new income. This allows you to organize and project your income each month. So, it is very crucial to have some consistent worked lined up before you dive into full-time self-employment.
- Do you have emergency funds?
Your emergency saving is what you can depend on to keep you liquid until income starts flowing. How much you’ll need in emergency funds depends on your family expenses, keep a very slim budget so you may be able to save some cash. The rule of thumb is to save three to six months of expenses in liquid savings just in case business isn’t doing well.
- How will you pay for your health insurance and retirement?
When you are employed, your company is paying for your health insurance and retirement. However, you are completely on your own if you dive into full-time self-employment. This is a less exciting and costly part of being self-employed. Review your options before jumping into self-employment, so you have a plan in place.
Freelancing full-time is almost everybody’s dream, yet you have to get equipped and prepared to put yourself in a more stable position. Find some consistent work, augment your savings, and consider the long-term financial logistics. If you are looking for workspace solutions in Lake Mary to get started, YourOffice Lake Mary is a leader in providing the most prestigious executive office space Lake Mary and shared office space Lake Mary for any size business. Convenient, hassle free, and move in ready- our offices, meeting rooms, and conference rooms are designed to meet your business’ every need.