You are probably full of all the great reasons why your job sucks and that you should quit right now. But, deep down, your gut feeling tells you that “it is not time yet”. And oh, “You will never get paid as a freelancer like you currently earn”, “I want my benefits” and more. Those are some pretty scary thoughts if you are genuinely looking for a new adventure as your own boss and freelancing as a new job is at the top of your list.
Freelancing has been on the rise for a long time. There have always been freelancers. But this very time, 2022, is the year for freelancers. Just before covid, about half of hiring managers admitted to working with freelancers. Today, 94% of hiring managers have admitted to working with freelancers with some companies relying on freelancers for the majority of work done at their companies.
Though freelancing is less of a stable job and more of a full-time business, it needn’t be a scary adventure. Not to mention, it has a lot more perks than traditional jobs. It\’s all about the perspective you have about the traditional job vs freelancing conversation. All the perks at your job now can be reduced down to money, dollars, cedis, or whatever your currency happens to be. That said, if you earn much more as a freelancer, you can easily pay your own benefits, get my drift? But there are several other factors to consider in making your decision. Which is probably why you are here.
In this article, we will dissect the topic of freelancing for the absolute beginner while guiding you to make a decision as to whether quitting to start a freelancing business is the right move to make.
Freelancing: The Basics.
Freelancing used to be one of the things people considered when considering quitting. Now, it not only makes the list but also ranks high in that list. Covid-19 brought a lot of work from home experiences to people who never dreamed of working in the comfort of their homes. Now, many of such employees are engaging in what has been called the \”Great Resignation\”. Many employees would actually accept less pay in order to keep working from home and more are considering quitting to become freelancers if they do not get the flexibility of a work-from-home work environment from their companies.
So, what is freelancing?
For the avoidance of doubt, it\’s only right we ask this question to identify what exactly you will be getting yourself into if you do decide to quit after reading this guide.
According to the investing website Investopedia, \”A freelancer is an individual who earns money on a per-job or per-task basis, usually for short-term work.\” It goes further to say \”A freelancer is not an employee of a firm and may therefore be at liberty to complete different jobs concurrently by various individuals or firms unless contractually committed to working exclusively until a particular project is completed.\”
This is pretty much what freelancing involves. Being a solo business person, catering to the needs of several individuals and businesses at a time.
Freelancing comes highly recommended by people who have dabbled into it. Most will even show you their income statements to prove that it is worth it. Just think about it. You get to determine who you work with, when, and how you work. There is flexibility in how you schedule your day and you no longer have to miss important life events of your friends and family simply because your boss won\’t allow you. You determine your rates and are accountable to only yourself. There is simply a lot of good a freelance job or career can do for you.
However, as much as it comes with all these perks, freelancing is not easy. And it would suffice to say freelancing is not for everyone. While only a few will admit, it involves a lot of sweat, blood (not literally), and even tears to become established as a freelancer and be able to relax in any resort of your choice just as you see on those Instagram pictures.
Behind the victory is gruesome work that can only be fueled by passion and a feeling of fulfillment. While many are shifting into freelancing, many are not prepared and a part of such a number will resort to getting a job after some time as freelancers. It takes staying power to make the shift especially when you have a family and children. Things are much more complicated. But if you are able to work your way through all the hiccups of your situation, freelancing can be life-changing.
Why You Should Quit Your Job To Freelance
1. You Are Spending All of Your \”Me\” Time on Your Freelance Business
If you are already taking on some freelance work and you find that you no longer have time for things that you equally love, then you might be at a crossroads. And need to decide whether your job should hold back your business, or it is worth quitting to pursue your side hustle full time.
How do you spend your evenings? How about your Saturdays and Sundays? Heck, are all your holidays full of work while you should be grabbing some fun? While this could be a result of mismanagement of time, you could also be at a point where you need to decide whether you want to become a full-time freelancer.
Freelancing provides various advantages that you might want to quit your job to focus on your hustle. For one, you can easily increase your fees and still not be affected. But you cannot increase your rates at your job as you will. Freelancers have the freedom to manage their rates as they see fit.
However, you also want to be sure that your freelance income is stable, consistent, and has quite a record before quitting. You want to have your lifestyle when you quit, not have to reduce your standard of living to hack it as a freelancer.
2. You Want to Scale Your Business: You Have a Plan
You may not have hit a time trap situation where you no longer have time for anything. But you may have reached a time where you believe it is time to scale your freelance business. This requires focus and quitting your job makes sense.
Scaling as a freelancer means you have already been in the game and you know your way around. You are certain of your earnings, and you can be assured of a good income if you do quit. These considerations are important if you have a family and dependents. You don\’t want to sign off on their future in a gamble.
Perhaps this is the reason why Gen Zs and younger people, in general, find freelancing more appealing than older people. The stability and security a job provides is necessary when you have responsibilities beyond yourself and dependents to take care of.
That said, anyone, whether young or old, can make the transition from a job to freelancing with the proper preparations and planning.
3. You Have Enough Saved
Quitting means saying goodbye to the stability and security that a regular job comes with. And if you have been freelancing for a while, you may be able to tell how stable your business is. Whether your business is stable or not, it is helpful to have an income runway before you take the jump. Freelancing is both predictable and unpredictable depending on the stage of your business and how stable it is. Popular advice is to have at least 3 months. But 6 months is ideal if you haven\’t started freelancing yet.
4. You Are Tired of the Fixed 9-5 Schedule
Working a regular job means adhering to the fixed work hours. Whether you have work to do or not, whether you have something personal to take care of or not, you have to be there at the specified work hours. For most people, that is 9-5 in the US and 8-5 in Ghana.
Rising early to get to work overtime creates a routine and a routine creates your life. For some people, spending that amount of time of their lives on commutes, and preparing for work is not as interesting. If you happen to be one of such people, freelancing might be a good option for you. You don\’t need to have such a fixed work schedule. It is important to know that being a freelancer doesn\’t mean less or no work, it means you may work more, but you have control about when, where, and how you do the work. That\’s the promise of freelancing.
5. You Find Freelancing More Fulfilling
Working a job has its good and bad sides. You may be good at a particular part of your job, yet get less of similar tasks. You may have to work through a stiff corporate ladder to realize your dreams. You may feel less happy each day after work.
Workplace burnout is real. And so is a feeling of lack of meaning in work. Despite the fact that we all need the money to live decent lives, work is far more than just the money. Without a feeling of joy, and fulfillment, work can quickly become stale and boring. At worst, it could spiral into depression and existential crisis. These are some of the realities of having a job that doesn\’t quite fit all of your specifications.
Freelancing allows you to do only what you feel you connect with. You also get to choose the people you work with and you can fire clients who do not follow contracts.
6. You Want to Call the Shots
Let\’s face it, some people are okay with a manager while others as much detest the thought of it. If you detest being managed or having to report to a boss, then you might be better off as a freelancer.
While you still work for others, you make a lot of choices and you are an independent contractor and not an employee.
Being a freelancer means you get to make a lot of decisions that affect the direction of your business, what jobs you utake, which people you work with, and your rates.
It also means taking responsibility for deliveries, managing projects and the associated responsibilities to any work at hand. You call the shots, and you are responsible.
Conclusion
While I have done my best to present some of the advantages and disadvantages as well as the benefits and trials of quitting to become a freelancer, I may not be able to cover everything. And considering that our human experience is often only similar but never the same; it helps to do some deep soul searching, personal reflection and consulting close friends and family since your decision will invariably affect them as well. While you need to weigh their views, know that they do not know it all and you are the final decision maker. They can advise, but they cannot decide for you. It\’s ultimately up to you. If you are already decided about quitting, freelancing is a great option and has proven to be a reliable source of income after the initial tinkering to find your path. But if you are considering quitting to freelance, then you need to ask yourself some tough questions. Go with your gut responses as they already know what you want deep within.
