When To Venture Into Freelancing Full-Time?

What is the perfect time to start freelancing full-time?

‘Freelance’ as the term indicates, is work that can be done from the comfort of your home. In freelancing, a person is not bound into normal office work hours rather he has the opportunity to work as per his requirements.

Earlier, freelancing has been looked at as a secondary option for earning some extra money while continuing the regular job in day-to-day life. COVID pandemic, however, helped in bringing more respect to this avenue by having supported the backbone of many families when the regular jobs weren’t so regular anymore. When the whole world recognized that remote work could be securely done, freelancing has been rapidly adopted as the primary option for many individuals worldwide.

Thinking about freelance work, which is abundantly available online, one might think that they can do it without giving much effort and earn a good amount of money. However, it is not correct at all. In freelance work, one needs to love what they do and be passionate about it. One needs to be conscious of the fact that the initial effort is more than a regular office job.

Freelancing becomes a fantastic career choice especially when a person is devoted to the skills one wants to be paid for.

FEW REASONS WHICH DRAW THE PROFESSIONALS TO CHOOSE THE ROLE OF A FREELANCER

  • There is the flexibility of work, time, and place.
  • The freedom from the mundane schedule of 9-5.
  • As a freelancer, one is the sole owner of the profits.
  • There is no boundary to work within any defined framework.
  • Ample scope of creative liberty.
  • You get global exposure.
  • There is no hierarchy or employee-boss relationship to maintain.
  • Multiple sources of income to provide financial cushioning.
  • Better scope for growth.
  • When a person has diverse talents, it is not easy to keep sticking to a few skills.
  • Allows a person to build a better lifestyle.
  • Freelancing grants the liberty to work on several different projects, thereby doing justice to the full set of expertise.

FREELANCING AS A FULL-TIME JOB

One can say that freelancing is stressful and demanding. However, it can be equally liberating and rewarding. It may occur in the beginning that freelancing is easy to handle but on the contrary, it is not everyone’s cup of tea. It comes with huge financial and market risks. Then why should one choose freelance as full-time work if it is not fruitful?

As the pandemic has now proven, a person is not restricted to work only from the office. Freelancing has no constraint for defined work-time and workplace.

The summary of the thought process of when to venture into freelance as a full-time work

  • When there is enough confidence in your own skillset and boldness to face uncertain challenges
  • When one is disciplined enough to keep oneself updated and adapt to the market standards
  • When one wishes to work on specific projects pertaining to the area of expertise
  • When one is ready to interact with different people and wishes to gain cross-cultural experience
  • When one is not comfortable working on the same project with the same bunch of people year upon year
  • When one is mentally prepared to solve the problems on one’s own and is comfortable not delegating tasks to somebody else.
  • When there is more focus on the quality of work rather than the profile of the client or business
  • When there is a readiness to grow horizontally rather than vertically
  • When there is a determination to recognize and grasp work opportunities
  • When there are apt connections and networking to bring one’s wish to fruition

If we consider the statistics of the Hindu Business Line, we can find that India provides the second-highest number of freelance professionals across the world, trailing behind the United States of America.

According to recent reports, India witnessed an increase of 46 percent in new freelancers in 2020 alone. The report also ranked India as the second fastest-growing freelance market in the world with an estimated 15 million freelancers.

Indians are known worldwide for being extremely skilled and great working partners. English being a popular language in the country helps in breaking continental barriers and helps freelancers find lucrative projects across the world. Even if one looks for a job within the subcontinent itself, freelancing comes with handsome payouts along with many other advantages.

POINTS TO KEEP IN MIND BEFORE CHOOSING FREELANCING FULL-TIME

  1. Freelancing is not an easy venture.
  2. Not everyone makes money out of it immediately.
  3. It is a fantastic asset for strong-willed and persistent workers.
  4. It is safe to start a freelance as a part-time gig.
  5. This will help to ascertain the quality and quantity of work available in the job market.
  6. Strive to earn experience and confidence in the first few months.
  7. Knowing how to manage your finances is essential.
  8. Having fantastic communication skills is required to convert more leads.
  9. If there is a sustainable payout and potential work opportunities in the near future then only consider switching to full-time.
  10. Being a full-time freelancer demands paying attention to contemporary and emerging trends and trying to hash out the trends with your skills. This shall help in identifying and securing work opportunities.
  11. The negotiation skills must be astute in order to be successful.
  12. For the first few months, there will be no social life for you. Maintaining a work-life balance is critical in freelancing.
  13. Do not let Loneliness and isolation get to your head. Focus on making friends in the industry.
  14. Full-time freelancing means you are accountable for yourself, and therefore you must be diligent and work efficiently.
  15. It is a high-risk choice that comes with uncertainty to an extent of not having any work for months or being overwhelmed with too much of it.

It is important to understand before choosing freelance as a full-time job, that even though you are your own boss, you determine your own success.

Freelancing requires a totally different mindset and working habits as compared to a stable full-time job. It is extremely important to know beforehand what you are getting yourself into and avoid any potential disappointments.

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