So, you're planning to do some freelancing on the side or make it your full-time source of income. But how do you know you're ready to take that step? Can your remote work fully support you financially?
Much has been written about transitioning from office work to freelancing, but believe me—anyone who's gone through it can add something new to the existing list. That’s why I’ve decided to share my own perspective on the matter.
PREPARE IN ADVANCE
If you’ve decided to go full-time freelance, one of the key things will be careful planning for the near future and preparing everything you need to get started. There are several things you can do while still working in an office to ease the transition and avoid wasting precious time during your first months as a freelancer.
Here’s a rough checklist of what you should prepare in advance before launching your freelance career:
EVALUATE YOUR FINANCIAL NEEDS
Do you know how much money you need to maintain a comfortable lifestyle, just like when you had a stable office job? Think this through carefully and decide whether now is the right time to go freelance full-time, and whether your work will align with your lifestyle and monthly expenses.
Most likely, you’ve already done some freelancing, meaning you’ve had two sources of income—your full-time job and freelance gigs. But keep in mind that when you transition to full-time freelancing, you’ll lose one of those sources, and your income will be different for a while. Even if your freelance income matches your office salary, you’ll no longer have “extra” earnings—freelancing becomes your main job.
Taking a smart approach to finances early in your freelance career is crucial—it can determine whether you’ll feel frustrated or confident in this new work style. It will likely take some time before you start earning consistently, so plan for this ahead of time to avoid falling into a tight budget and giving up life’s little pleasures.
This is where that “financial cushion” I mentioned earlier comes in. Calculate how much money you need each month for utilities, internet, phone, groceries, and essentials. Add in some entertainment costs and a buffer for unexpected expenses. If you have a loan or mortgage, don’t forget to include your monthly payment. This total is your monthly financial cushion—and ideally, you should have at least two months' worth saved before quitting your office job. Don’t forget that freelancing doesn’t guarantee a paycheck on the same date each month, yet your bills still need to be paid on time.
CONSIDER POTENTIAL LIFESTYLE CHANGES
Yes, working from home can be amazing—but it also comes with its own challenges, especially when it comes to psychological factors. Before switching to full-time freelancing, consider how this change might affect your usual lifestyle.
Be cautious when making the leap to full-time freelancing. Don’t assume that remote work means a carefree lifestyle. Many freelancers would agree that the work hours can be long, and often come with a lot of pressure and stress. These are things you don’t see from the outside looking in.
Go freelance full-time because you genuinely want to work and earn this way, and because this type of work fits your personality and lifestyle—not because you just want to sit in your underwear in front of a monitor all day.
SET GOALS, DEADLINES, AND KEEP MOVING FORWARD
The transition from office work to freelancing might take more time than you expect. As you can see, there are many things to consider before leaving your stable job completely.
Don’t abandon this mindset even after becoming a full-time freelancer. Keep setting small goals and tasks to help you progress toward success. Just like in any job, it’s important to feel personal and professional growth, develop your skills, and take pride in your work. Only then will you achieve great things and feel proud to call yourself a freelancer!