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How to Know it’s the Right Time to Become a Freelancer

How to Know it's the Right Time to Become a Freelancer

You probably already have a circle of dozens of acquaintances who have jumped the corporate ship to become entrepreneurs. Whether they do a side gig from home as a network marketer or are freelancing, you want what they have – job independence!

If you have a talent or skill that you can market, that little niggle of wonder is likely already speaking up in your mind. Can I really do this on my own? Would people really pay me for what I love to do?

The answer isn’t always crystal clear, but if opportunity is beating on your door, you should consider opening it up and checking out what’s behind it.

If you’ve been waiting for the right time to become a freelancer, here are a few signs that success is ready for you to say yes!

1. You Can Work it Around Your Job

It can take a while to build a following for your freelance gig. There are two main schools of thought about going out on your own and you have to choose the one you’re comfortable with.

Do you drop all stability and focus solely on your business, giving it the energy and passion it needs to grow from the start?

Or do you keep your day job and work your side hustle in addition to all your other responsibilities until it takes off?

Either way is fine if it works for you. Most freelance gigs are going to take a while before they become profitable, though. If money is your concern and you can work biz around your job, then you have no worries!

2. The Startup Costs Are Affordable

Some freelance jobs require next to no overhead, while others can get quite costly. What is your talent, and what do you need to use it professionally?

For instance, as a freelance photographer, you’re going to need a decent camera and editing software. You may be able to slowly add everything else over time, but those two things are a must. Do you already have them? Can you afford to get them?

Other startup costs for most freelance gigs include things like:

  • Web page services
  • Computer equipment
  • Marketing and advertising
  • Scheduling tools
  • Accounting services

Check into startup costs for your gig before you decide to jump in headfirst. If you can afford what it takes to get the job done, you are on the right path!

3. You’re Already Looking for Something Else

When you already love your job and are satisfied with it, it might not make sense to quit and go into full-time freelancing. A side hobby could be a better option.

But if you’re already thinking about making a change, for whatever reason, there is instability on the horizon. Why not make it a change into something you are passionate about?

Any change can be scary. If the signs are pointing you towards freelancing, though, there are a lot of benefits that you might find waiting for you!

4. The Math Makes Sense

It can take up to three years for your freelance gig to get off the ground and become profitable. During that time, you have to be financially ready to live a lifestyle less than you’re accustomed to.

Chances are, you’re not going to have zero business during that time period. You will likely cover overhead and then some as your reputation builds. But make sure the math makes sense before you go full-time into the world of entrepreneurship.

Consider these factors prior to making any big financial decision:

  • If you have health insurance, is there anyone on your policy with an urgent need for it? Do you have a backup plan to get them covered?
  • Should your credit score go down if you struggle to pay anything on time, is there any purchase you might have needed that you wouldn’t be able to get?
  • Can your bills handle a few months of missed income while you get set up?
  • Do you have enough in savings to keep you and your family fed and safe as your business gets settled?

Make sure the important economic factors are ready for you to handle a transition into freelancing. But don’t forget this important thought: Does the math make sense for you not to freelance?

How much are you making now, versus how much could you be making if you invested in yourself? Don’t let the financial fears scare you if the potential for great success is there.

5. You’ve Done the Research

No matter how talented you are, if there is no market for your skill, you won’t be successful. This is particularly true if you are a brick and mortar or in-person freelancer. That limits your audience-reach.

Do the research thoroughly to see who your competition is and if there is enough of a market for you to make a go of your business. Global industries mean a wider potential client-base, but it also means more competition.

Once you look into the success rates of freelancers in your industry, and in your area if that’s necessary, you can make an informed decision.

Conclusion

The decision to become a freelancer shouldn’t be taken lightly. Yes, you will have the perks of being your own boss and setting your own schedule. But there are lots of responsibilities that come with them.

If these signs are all showing you that you can handle the freelance life, go after your dream and make it happen!

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