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Starting out as a freelancer
Received wisdom is to look for stable and secure jobs. But in today’s job market, there are no guarantees whether you have a permanent job or not. So more of us are going freelance.
It offers the chance for control over your working pattern and freedom to work on different projects with a variety of organisations. But making the move from permanent employee to freelance contractor can be a scary step into the unknown. Having recently switched, here are my top tips on making a smooth transition into freelance work:
Have a financial buffer zone
The ideal place to start as a freelancer is with money saved up. A buffer zone of roughly 3 months salary is ideal. That’s because freelance contracts can take time to find and there are small upfront costs, as well as your daily living expenses. There is also a time lag in invoices being paid. With savings, you ward off the worry with the knowledge you have invested in yourself making this work and you are not desperate. You can afford to wait until the right thing comes up. This is a much better starting point than feeling that you have to take anything available.
