Many Aussies are handing over their resignation letters, saying goodbye to their workstations, and trying to make it as freelancers. From writers and designers to developers, and consultants, people are leaving their 9-to-5s to pursue their dreams.
While transitioning to freelance work has its rewards, it also means no pay unless you actually find something to work on. It means increased expenses for taxes and health care, too. The decision is not easy especially when it comes to your finances, but there are things you can do to make the transition a little smoother.
Make Saving Money a Priority
You might have to live from pay cheque-to-pay cheque at the start of your freelance career, but it is important to start saving even just a small amount of money. This is so you have a buffer to prepare for the leaner months ahead.
This may feel like a big obstacle, but you can break it down into manageable bits. Know how much you spend each month so you know how much you need to make. In case you need easy money to pay for bills and whatnot, maybe apply for a quick money loan. Don’t worry, you can always earn more later — and you will.
Secure Your First Client/s
Instead of simply quitting your job and trying to live off with what you have until figuring things out, secure your first clients while in your day job. In particular, look for core clients — those that you will surely retain month after month for consistent pay cheques you can depend on.
Be Mentally Ready
You will encounter challenges no matter how prepared you are. Things might not be exactly as you imagined, dealing with money may be stressful at times, and the flow of income may be slow. So, set a solid mental foundation before doing anything.
Leaving behind a ‘secure’ job will always involve some risks. But as long as you create structure, you can relish the freedom that freelancing offers, and eventually enjoy efficiency and success.