Want to Become A Freelancer? Here’s a Few Things to Consider Before Taking the Leap

Have you been dreaming of being able to stay home with your kids? Thinking about freelancing as a path to make that dream a reality? To make your dream a concrete goal, you’ll need to prepare for these four unexpected realities about freelancing.

A freelancing life can mean flexibility, autonomy, and the opportunity to work from anywhere, all on your own schedule.  But it isn’t an easy fast track to professional independence. There’s a lot to consider before fully committing to a freelancing path, especially if you’ve also got parenting responsibilities. Read on to learn what you’ll need to be ready for before you start your freelance journey.

There’s Lots of Competition for Jobs

Your dreams may not have accounted for the fact that the freelancing market is crowded. There are people from all over the world vying for some of the same jobs. Things can be especially tough on Upwork, Fiverr, and similar freelance marketplaces. There are millions of freelancers, and some try to undercut prices to win jobs.

Don’t let this discourage you, though. The truth is that freelancers are in high demand, especially in certain fields. So, if you have talent and dedication, you can make a name for yourself. It just takes time and a commitment to nurturing positive, long-term client relationships.

To get started, you’ll need to set yourself up for success. Here are a few things you can do, both before you start freelancing and as you build your business:

• Create a strong freelance resume and gather a portfolio that showcases your skills.
• Work on your virtual and written communication skills. The ability to connect with others without meeting face-to-face is more important in the freelance world.
• Learn how to pitch yourself and your talents effectively.
• Be persistent. Fully Booked VA recommends committing to making 100 pitches. Why? Because the process gets easier, and you get better at it, with practice. And the odds of success go up, too!
• Gather recommendations and referrals as you grow your business, and use them to go after the gigs you want.
• Once you have clients, be reliable and deliver high-quality work.

You’re In Charge of Your Own Taxes

There are many personal tax implications to starting a small business. That includes  the freelance LLC you may be dreaming of. If you’re transitioning from traditional employment to freelancing, or shifting from homemaking to freelancing, you’ll be taking on the role of both employer and employee.

This shift will change both your workflow and your tax responsibilities. Freelancers are responsible for estimating and paying quarterly taxes instead of the annual filing that most W-2 employees do. And there are additional fees and penalties if you don’t keep up with these payments.

Staying ahead of these financial chores will keep tax season from taking over family time or torpedoing your economic stability. Your best practice is to set aside 25–30 percent of your earnings for taxes. You may also want to invest in accounting software or consult a tax professional.

Freelancing Can Eat Up Your Free Time

One of the biggest challenges for freelancing parents can be trying to maintain a healthy work-life balance. Without a framework that fits your family and your life, freelance work can spill over into late nights, early mornings, and weekends. It can rob you of time with your family and friends and even sleep.

It might be tempting to take on more projects so you can earn more money. But overcommitting can lead to burnout.

How can you avoid this?

• Work on creating a schedule that suits your life.
• Develop efficient time management systems such as the ones in the video below..
• Set clear boundaries around your working hours and your family time.
• Use calendars or time-tracking apps to manage your workload.
• Don’t be afraid to say no to projects that conflict with your personal time, either.

You’ll Need To Be a Salesperson, a Professional…And Still A Parent, Too

If you want to succeed at freelancing, you’re going to need to do a lot of self-promotion. But, of course, you’re still going to need to complete your assignments and be there for your family, too.

The good news is that as an at-home mom (or dad), you probably already have a lot of practice at wearing lots of hats. So, to some extent, this is just learning to wear some new ones, too. =)

What might prove uncomfortable is learning to pitch your skills, negotiate rates, and convince clients that you’re the right choice. While this may feel way out of your comfort zone, you’re going to have to do it for most of the freelance jobs you want.

As we mentioned above, strong online communication skills can help you show potential clients that you’re worth your fees. Practice will make this self-promotion less intimidating. So will getting a client or two and meeting their needs. So keep at it until you’re there.

Conclusion: These Unexpected Realities About Freelancing Can Be Opportunities

So, did you know these unexpected realities about freelancing? If not, don’t panic. You can prepare for potential obstacles better now that you know what they are. And then you can enjoy freedom and flexibility as you work from home. Navigating job competition, learning to market yourself effectively, and developing the right mindset and tools will help you create a thriving freelance business while balancing the needs of your family, too.