If you’re currently earning extra income on the side while working your day job, and are thinking about taking the leap to full-time, there are some important things to consider before making the transition, and we’re here to help with that.
In our latest video series ‘The Freelancer Lounge’, Jon Younger, author of the Forbes blog, Freelance Revolution, shares his best advice on how to shift from part-time freelancing to full-time and what mistakes you should avoid when doing so.
Here we’ll cover key factors to keep in mind before making the jump to full-time such as being economically stable, defining goals and purposes, doing research and more.
To learn more on making the shift to full-time freelancing, watch the full episode below.
The first question to ask yourself is, will you be able to make enough in order to survive if you go full-time? To help you estimate what you were to earn, try to determine whether or not you are satisfied with your current salary. Then, take your current salary and cut it in half, and then cut it in half once more. Afterwards, if you believe that based on your work to date along with the client base you currently maintain, you will certainly be able to generate enough income needed for yourself and/or your family, then feel free to make the jump!
However, if you’ve come to the realization that you may not be able to receive the amount of work you hoped for in order to pay for necessities, you may want to continue to take on side gigs until you reach the point of being able to work full-time.
Not only is it important for you to understand if you’re able to make the income that comes along with being a full-time freelancer, it’s crucial to know what type of role you’ll play in your career and if it’s the one you actually want. With that said, define your goals and ask yourself what you’d like to achieve as a full-time freelancer and your purpose.
To better understand the different roles there are in freelancing, here are five different categories of full-time freelancers.
Now that you’ve envisioned what your freelance career were to look like, it’s time to do your research! Talk to your current clients and connections within your network and try to get the sense of whether or not you have the potential at this time and if in fact this is the right time for you to shift to full-time. Do you already have a strong client base? How about your expertise? Will you be able to apply your expertise and skills full-time? These are all important things to ask yourself and consider.
As mentioned earlier, make sure that your finances are stable enough in order to make the leap. Furthermore, never depend on one single client to hand over the workload you’ve been desiring and make sure to have a client base that is wide enough in case one of them falls through with projects or tasks. Finally, have a plan and don’t just hope for work to come your way, as you’ll have to do most of the work in finding it (e.g., networking, marketing yourself, etc.).
Expanding your freelance business can be extremely exciting but you must have an action plan so that you avoid any major mistakes. Think twice (or three times) about your financial situation, what role you’d like to play in your freelance career, whether now is the right time or not to make the transition to full-time and lastly, know how to tackle any pitfalls they may come your way.
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