In today’s economy freelancing is a popular way to earn extra income. And, many people who start out with side hustles are eager to freelance full time.
Freelancing has many advantages: you can set your own schedule, diversify your income, find ideal clients, and earn much more money than a day job allows. However, some people want to portray the freelance life as all puppies and rainbows and this simply isn’t the truth.
While there are many advantages of being a full time freelancer there are also many disadvantages that you should consider. Here are three signs that you’re not cut out for the freelance life.
You’re Looking to Do Less Work
One common misconception about freelancers is that they sit around in their pajamas all day watching TV and browsing the internet. This couldn’t be farther from the truth.
Anyone who is building their own freelance business will have to put in much more work to get started than they currently do at their day job. If you’re not willing to put in 40-60 hours per week in the beginning of your business you’ll have a hard time finding enough clients to replace the income from your day job.
In addition it can also be hard to draw the line when it comes to working at home. If you don’t set a consistent schedule for yourself you might find it difficult to say no to work all the time. You have to be able to set appropriate work/life boundaries for yourself.
You Don’t Want to Work for Anyone Else
When you freelance you get to set your schedule but most freelance businesses are based on serving clients. This means rather than working for one person you’ll be working for multiple people.
You’ll have multiple people to please and multiple projects to complete. Yes, if you don’t get along with a client you can drop them but in the beginning most freelancers take any work they can get.
You Think You’ll Be Rich
You see income reports online from super successful freelancers who make thousands of dollars per month. You start daydreaming about the day when that will be you.
The problem is that the majority of freelancers aren’t making thousands of dollars a month – especially when just starting out.
It takes to build a successful freelance business and the day that you make five thousand dollars a month freelancing might never come.
If you’re self-motivated and willing to work hard to establish yourself you can create a successful freelance business. However, you need to be realistic before quitting your day job. It will take time to build you client base and subsequently your income.
If you’re ready to take on the freelance life start building a savings buffer and work on getting clients on the side. When you’re income starts increasing and you can pay your bills off your freelance income then quit your job. Just make sure it’s what you really want before you cut ties with your employer.