Many freelancers begin doing their business as a side hustle. When clients are not promised, and the money is not flowing in regularly, it is wise to have a second source of income still coming in. Most freelancers dream of eventually taking their business full-time. But the line between taking a successful business risk and setting yourself up for failure can be thin and hard to predict. There is no one-size-fits-all solution for when you should take freelancing full-time, but the following guidelines should be considered if you find yourself debating doing so.
You Feel Financially Stable
Finances are a large part of what holds individuals back from taking their side business full-time. Clients and projects can come and go, which doesn’t exactly guarantee a large paycheck every week. Budgeting will play a huge role in taking your side hustle full-time. It is always best to be prepared for every circumstance. While no freelancer wants to lose all their clients, it is best to have money stashed away in case the worst scenario does happen.
You should feel financially secure before ditching your daytime job. Working as a freelancer means you lose out on benefits and makes you responsible for doing your own taxes. By establishing your income goals and building up excess money, you’ll be more prepared to enter the freelancing world with confidence.
You Have a Substantial List of Clients
Depending on your business niche, your clientele might look different than others. For instance, photographers will constantly need to be networking and finding new opportunities and referrals. It is not as if their same three clients will be getting married over and over again, whereas, with a freelance social media manager, they might have a set of five clients they put in a certain amount of hours for each week. This is going to look different for every individual. However, if you feel you have a substantial amount of clients or business coming in to sustain your lifestyle if you were to drop your day job, this might be your sign to take freelancing full-time.
You Can Make Sacrifices
Many people enjoy freelancing because it gives them a break from the corporate world and prior job restrictions they faced, such as lack of travel or wardrobe freedom. However, freelancing can be very demanding at times. Even though it has immense benefits for those who put hard work into it, it can require lots of sacrifices. This might mean you have to work some extra hours some weeks or give up an evening out with friends in order to finish your workload. Freelancing can have the tendency to blur the line between work life and home life. However, these sacrifices are all worth it if you are truly passionate about your freelancing business and the other benefits it provides you with.