Answering your questions about being a freelancer: PART 1
What are the negatives of being freelance? How do you know if you're ready? Is it as terrifying as it seems? Join me for part one of a 101 on being self-employed!
I asked for your questions about being self-employed on my Instagram story, and a bunch of you asked them (too many to fit into one post, so this is going to be a two or possibly three-parter, I’m afraid).
Of course, it goes without saying that I am answering these questions purely from my own experience, so please take them with a massive pinch of salt and don’t bet your life on them. It’s just not that deep.
1. Is it as terrifying as it seems?
Oof. Starting off strong. The honest answer is yes, but with the caveat that it does get easier, and there are things you can do to make it feel less scary. I started freelancing while furloughed with an income still coming in, which is a very unique situation to be in, but one that really helped in terms of not feeling massively pressured financially or emotionally. However, when I eventually handed in my resignation and registered as a sole trader, it definitely felt like I was on the edge of a cliff, untethered and completely exposed. There’s something weirdly invigorating about how absolutely terrifying that moment feels; I had to lean into the terror a little! A few logistical things I would highly recommend:
Have a few months of outgoings saved ahead of time so that if things are slow at first, you have some money to fall back on
If you’re in a relationship, have an honest conversation about potentially becoming self-employed, so they can support you emotionally and you can plan together how it will impact your finances. It might be the case that you decide not to go on holiday this year, or not to buy a new sofa, so that you can save the money you would have spent on non-essentials or use it to invest in materials or training to support your freelancing career
Know what your bottom lines and ideals are: financially, mentally, emotionally. What kind of lifestyle do you want to live? What would you change about your working life as it is now? What is the minimum amount of money you need to make to live? In an ideal world, how many hours do you want to work a week? Knowing the answers to these questions helped me to feel more in control - I knew what I had in savings, what I needed to make every month to pay my rent and bills, and the kind of working life that I was aspiring to. It gave me parameters and an ideal to work towards that I found really calming.
2. Did you start freelancing on the side before quitting full time?
The above question leads nicely into this one; as previously mentioned, I was in a very unique position when I started freelancing in that I was furloughed, so I wasn’t actually doing my day job, but I was still getting paid.
I would absolutely recommend freelancing on the side while still working at your 9-5, but always, always check your contract first: some companies stipulate that employees are not allowed to engage in any side hustles outside of their 9-5 job, or that you must declare any additional income sources to your employer.
Let’s say that the above isn’t true and there’s nothing in your contract to say that you can’t freelance on the side. In that case, go for it! I juggled my day job and my freelance projects for one month when furlough ended and I needed to see out my four weeks’ notice, and it was definitely challenging, but I was also really determined and just wanted to get to a place where I could call the shots in my own life. That motivation really got me through it.
If you aren’t allowed to freelance on the side, there are other things you can do to build your business while still employed, so you can hit the ground running once you’ve handed in your notice:
Start compiling a list of potential clients: include everyone, even that CEO you met briefly at a meeting or networking event, or your hairdresser who could really do with a better social media presence. Be thorough, go through your LinkedIn connections, scour your work emails. Milk every possible connection to see if it might bear fruit; what have you got to lose?
Try to pin down exactly what you can offer as a freelancer, in minute detail. What is your niche? What are you really good at? Focus not just on your skills, knowledge and experience, but on the things that make you uniquely ‘you.’
Think about your personal brand - will it include a visual, such as a logo and colour palette? Will you need a website, or a separate professional social media presence? Will you work under a brand name?
Make a plan of some kind, if you’re a planner like me and it’s helpful - think about timelines and finances, and spend some time coming up with a dream client/project list too. It’s always good to dream a little.
3. How did you know you were ready to launch into freelancing?
For me, it was the pandemic that forced me to reevaluate and see my working life differently (I know, I know, it’s a major cliche, but it’s true). Freelancing sort of happened to me: I was furloughed in June 2020, and literally days later I bumped into an old colleague who offered me some copyediting work. I ended up having to google how much copyeditors charge in the UK because I had absolutely no idea what I was doing. Exactly one month later, two PR professionals who I had met briefly at a networking event in 2019 contacted me to ask if I could write some press releases for their clients; the work ended up being my first official retainer.
It’s important to note that I was in an incredibly privileged position: I already had savings before I even considered self-employment, I lived alone in my flat without any dependents so had the freedom to work as late as I wanted, and I had no other financial obligations besides my rent and bills. The one thing I didn’t have was a partner to rely on should things go tits-up, but I had a supportive family and I knew that I would be OK.
I spent the summer working on the freelance projects that I had accumulated and bidding for more work on freelance Facebook groups (an excellent tool for new freelancers). By the September, I had to make a decision: go back to the 9-5 job that was waiting for me post-furlough, or go it alone.
When it came down to it, I realised that I simply couldn’t bear the thought of giving up what I had already built and going back to my normal day job. The terror of being stuck in that job outweighed the terror that I felt about being self-employed, and so the decision was made.
4. Does self-employment have any negatives?
Oh, plenty of negatives! ABSOLUTELY. It can be isolating at times; you miss the camaraderie of being in an office and part of a team; Christmas parties are never the same when it’s just you, a Taylor Swift playlist and a bowl of cocktail sausages (who am I kidding, I would much rather spend my evening alone with Taylor).
Here’s a list of the negative parts of being freelance that I’ve experienced so far:
The admin. For someone who quite enjoys being able to buy stuff and keep a roof over my head, it’s surprising how much I despise doing my invoices every month.
Tax returns. An obvious one, but they are tiresome. I do mine myself rather than paying an accountant (I’m a control freak and hate the thought of someone else filling it out for me) and it is very straightforward once you get going, but boy, I always end up putting it off for as long as I possibly can before submitting it in an adrenaline-fuelled panic.
Creative blocks. As a writer/social media manager, coming up short on creative ideas is always a bit of a hairy moment, and there’s often no one there to chat to or workshop it together.
Being the sole person in charge. The buck stops with you when you’re a freelancer: you are the person they have hired to do XYZ, and you’re expected to deliver. It can feel quite isolating and lonely, but at the same time, you’re not dealing with office politics which is a massive bonus in my book.
Dealing with difficult clients/situations. I’ve been in a few situations where I have needed to set a boundary or let a client go because the work just isn’t aligning with what I want to be doing anymore, and it’s tough. Really, really tough. The difficult conversations need to be had, and I find that it’s always best to lead with kindness and generosity of spirit, be firm and honest and state exactly what you need clearly.
Thanks so much for reading! If you have more questions about freelancing that you’d like me to answer in the next part of this series, leave me a comment. :)
Lauren x