4 Critical Steps You Must Take Before Transition Into Freelance
One of the more dramatic and risky professional shifts you can ever make is a transition into freelance. You work for a company as an employee, and then you become an independent company. Make sure you understand this vital concept before you make the transition. You are going to become a unique company owner and take on all the associated responsibilities. Freelancing requires enormous discipline, focus, patience, humility, resolve, and trust. In this article, we will learn about the things you should do before transitioning into freelance.
Steps You Must Take Before Making A Transition Into Freelance
Here are the 4 critical steps to must take before transition into freelance:
1. Learn in-depth about freelancing
Before leaving your 9-5 job, you should first do something forward. Learn what freelancing really is like to make sure it fits you the right way. Please read blogs, subscribe to some newsletters, or buy a freelancing book. This is one of the important steps before transitioning into freelance. It is worth investing in resources to help you validate your decisions before you begin your entire career as a freelancer.
Take a Master class or live in communities like the Freelance Institute with free time, then start freelancing. For everybody, free-trade is not a good fit. That’s why so many are fighting — they don’t understand the long-term engagement and sacrifice that it takes and just want all the benefits of freelance. While you don’t have a physical storage room to hire and manage inventory, you’ll find customers, run projects, get paid, and grow your business. Be ready to do so!
2. Build a proper financial plan
Save as much money as possible before you leave your job and do a transition into freelance, there are many freelance jobs for beginners where you can try your luck. Three-six months’ current income is a good rule of thumb. In that way, if you fight to find clients right away, you’ll have a safety net. It is a good sign that you are prepared to begin freelancing if you can do it. Before you become self-employed, you do not need to form a DBA, LLC, or S-Corp. You can just work as a sole owner. However, you can get a loan line that you can use if things start slowly.
It would be best if you didn’t rack up your debt, but with a financial safety net, you can be confident to say “yes” and “no” to the right projects. Your ability to decline bad projects and confidently price your services will help you build a steady foundation for your independent career.
Finally, calculate how much funds you need to make for the lifestyle that you want as a freelancer. Returning your salary is a good way to understand your financial needs. Make sure taxes, withholdings and expenses are taken into account. But don’t settle for that when you get to a rate of $25/hour. There’s no reason why, instead of charging a fixed price, you cannot charge $50-75 per hour instantly. Everything depends on your experience, skills, and value for potential customers. Do not forget to look into your new tax liability and save money for those taxes from each paycheck.
3. Build your website
As a new freelancer you must have your website before you say goodbye to your full-time work. It is not negotiable, in our opinion, and it just doesn’t have any negative effect. How many leads you can achieve is largely determining your long-term success as a freelancer. That is, how many potential customers you can find and contact. It’s easy to deny the idea of getting customers from your website with all freelancing platforms such as Fiverr, Upwork, and SolidGigs today. However, the overwhelming majority of independent customers start searching on Google despite the growth in free market places.
You have to create a wide network to attract customers when you’re a freelancer. You’re going to want to clean up your social media accounts, choose to join several freelance platforms, find some events and build a website to persuade customers to contact you. Platforms like Squarespace, Wix, and Flauntly allow you to pick and run a website with no design or code experience in just a few minutes. Find customers who are looking for people such as you on Google to focus on creating the website. You will be able to position yourself for success when you see your website as a powerful business tool and gain more leads.
4. Have a talk with your boss
This could be part of the article that you were waiting for when you have done everything above (the part that most articles never bother talking about). This is the most important thing that you must do before transitioning into freelance. For the most part, as all companies and managers different, you must make use of your best judgment and discernment. Talk to your superiors with honesty if your relationship is good. Tell them that you think of independence and ask about any possible conflicts or company policies that you may not know about.
Ask if there is an ideal time for you to make the transitions. Most people fear and actively try and escape this conversation.
- “What if they fire me on spot?”
- “What will tell this thing to my colleagues?”
- “Are they going to make me stay here?”
But it is the worst thing you can do to avoid that conversation. By avoiding tough conversations, you do not want to start your new career. Trust me, with your customers; you’ll have many. You can simply put your boss in two weeks if you don’t have a good relationship. Say you are “moving in search of other chances.” You have no obligation to explain your decision or justify it. Just be professional and do not bridge any. Do not delay leaving your job whatever you are doing because you worry that the company will collapse without you. You’re going to be okay. It is their responsibility to change your position when and how they see fit. Having an employee is part of your territory.
Transition into freelance is a very bold step, and one must think properly before doing it. You must give yourself time to know about the world of freelancing and how you can grow yourself in this field. It is recommended that until you are entirely sure, you should not take such a big step of transitioning into freelance. So finally it could be concluded that think and then act so that you won’t regret it in the future.
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