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When I started as a Freelancer I learnt some painful lessons!
I want to share some of these lessons and how you can avoid them completely.
There is no rule book for starting your Freelance journey, it's not taught in school or university. Going from employee to fully-fledged freelancer is scary and a lot can go wrong.
From starting out with a client paying £50 per month and nothing else, I had to quickly learn how to build a successful freelancing business. I've learnt the tricks and tools I wish I had known when I first started.
1. The Importance of Setting Boundaries
One of the biggest mistakes I made early on was thinking I could work any time and all the time. Without clear boundaries between work and personal life, everything mingles. This often results in burnout, strained relationships, and decreased productivity. It's crucial to set clear working hours, even if they're unconventional, and stick to them. Also, having a dedicated workspace can help mentally separate work from leisure. Remember, being your own boss means you're responsible for setting and enforcing these boundaries.
2. Always Have a Financial Buffer
The unpredictable nature of freelancing can be exhilarating, but it can also be stressful. Unlike a salaried job where you receive a fixed amount every month, freelancing income can fluctuate wildly. One month, you might be overloaded with projects and the next, you might have none. This is why having a financial buffer, or an emergency fund, is paramount. Before I started freelancing, I wish I knew the importance of saving at least 3-6 months' worth of living expenses. This buffer not only offers peace of mind during dry spells but also allows you the freedom to be selective about the projects you take on.
3. Learn About Taxes
This is one thing that took me a long time to get my head around, dreaded taxes! There is no avoiding them and you better pay them and pay them on time.
When I first started, I didn't understand it, in fact, I couldn't think of anything worse than thinking or reading about taxes. I buried my head and hoped for the best and the first year I scraped by. The following year I hired what I thought was an expert which messed me up - the tick box for student finance
4. Value Your Worth and Stick to It
When I began freelancing, I was eager to grab any project that came my way, often compromising on my rates. Over time, I realised that consistently undercharging not only impacted my income but also how clients perceived the value of my work. It's essential to research market rates for your services, factor in your experience, and then set a fair rate. While there's room for negotiation, you should have a clear bottom line. Remember, clients who don’t value your worth aren’t the clients you want in the long run.
5. Invest in Continuous Learning
The dynamic nature of most industries means that what's in demand today might not be tomorrow. When you're a freelancer, staying updated with industry trends, tools, and technologies is not just an advantage; it’s a necessity. Earlier in my career, I often got too engrossed in projects to prioritise learning. But, taking regular time out for courses such as Code Academy, reading books helped my freelance career, webinars, and workshops can set you apart from the competition and ensure you're always delivering the best to your clients.
