Work anytime. Live anywhere.
Ask most working employees or PMETs (Professionals, Managers, Executives, Technicians) why they want to quit their jobs and become a freelancer, and a common answer you’ll hear is…
“I want more time freedom.”
More time to spend with their families, more time to spend on themselves, more time to learn new skills, more time to go travelling, and a whole lot more activities they’ll now be able to achieve.
It’s almost as though becoming a freelancer will instantly give them more time.
It’s probably the reason why freelancing businesses like Grab and Uber are growing in popularity.
The registration process is quite simple and you don’t even need to own a car to get started. (You do need a driver’s license though or it’s illegal)
And almost instantly, you can get started in the freelancing world and run your own business.
A business where you control your time. Your working hours. Your income. Right?
Well, I hate to be the bringer of bad news but…
The world of freelancing ain’t that simple. Unfortunately.
Principles of Accounting
Too many aspiring business owners I meet always fail to consider one of the most fundamental (yet important) principle of business…
Accounting and Finance!
Many of them started their entrepreneurship adventure based on this emotional concept that starts with the letter “P”.
PASSION!
Now, don’t get me wrong… there’s nothing wrong with being passionate about what you’re doing. But you should also factor in the financial elements aspect of it.
- How you get new clients.
- How you grow your business.
- How you fulfil your services.
To name a few.
Once you’ve factored in all these business principles, then, and only then, can you actually begin. Can you be one step closer to your dream of being a full-time freelancer.
Unfortunately, most people do it the opposite way, and end up with a financial nightmare once their business has kicked off after a couple of months.
Is Freelancing Really Possible?
Does that mean you can’t jump into freelancing?
Well, thankfully, the answer is…
You can.
It all depends on the type of freelancing work you’re doing.
Different scope will require different levels of planning and resources.
For instance, starting a driving service could be as simple as renting a car or using your own car. However, you also need to consider the difficulties finding customers and the potential earnings per hour.
For many types of jobs, it also means being able to connect with others…
For customer service. For sales. For client support. And so much more.
Made much worse when you’re a natural introvert like me.
The last thing to ever do is estimate your earnings based on the cab fare you pay thinking it is the same results every time.
Too many people I know assumed driving a car will quickly replace their current livelihood.
The result?
They quit their high-paying job. Jump into freelance driving. And find themselves regretting their decision three months down the road.
Likewise for most service based jobs.
One thing to consider is… you may be good at what you do… but are you equally good at finding customers?
A Safer Option
Instead of jumping the gun, quitting your job, and start freelancing… there’s a safer option.
Depending on your company’s stance… you could choose to moonlight first.
Take on only one or two projects every month and complete them as and when you have the extra time.
This lowers your stress level from having to handle all the business aspect of freelancing and it lets you build up both your confidence and your portfolio.
At the same time, you’re not too worried about paying the bills since you still have a stable stream of income coming in at the end of the month.
Once you’ve built up your business skills, your portfolio, and your rates, it is then much safer to leave your job and focus on your freelancing career full-time.
Something Money Cannot Buy
Ultimately, being a freelancer, being your own boss, is a challenge for many. But that’s the struggle everyone has to face at the beginning.
And once you’ve overcome the initial hurdle or two, the rewards are definitely worth the effort.
You gain probably the most valuable resource around. A resource we all want. A resource that is limited in its very nature.
I’m talking about time.
With a profitable freelance business, you control your time. You dictate the hours and the income you want to earn.
It’s just something money can never buy!
And that makes it worth ALL the effort and the time investment at the beginning.
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