Many people dream of becoming their own boss and leaving their day job behind.
Working from home can be ideal in many ways. You set your own hours, you can make time for your family and yourself, and you can select work that you like and turn down work that you don’t like.
But of course, there is a catch.
When you work at a regular 9-5 job (or any other hourly schedule) for a boss, you know that you have a paycheck coming on a regular basis, and you know how much that paycheck will be.
You most likely have benefits, including health insurance and at least two weeks paid vacation, and paid sick days.
When you become a full time freelancer, you give up all of that security for good.
Work is no longer handed to you; you have to go out and search for it. There is no vacation pay; if you don’t work, you don’t get paid.
Still, the freedom and potential of freelance work make the risks and uncertainty worthwhile for many people.
The good news is, making a living as a freelancer can be done along- side your day job – at least at first.
So if at all possible, you should start freelancing part time at first, enjoy the extra money you are making and take the time to figure out what works best for you before you quit your job.
You might actually find that you enjoy the extra money SO much that you want to keep the security of your 9-5 while having the creativity and financial benefits of freelancing too. This is a great compromise and good for your bank balance too.
If however, quitting your job is your ultimate goal, then you're about to hit a quite tough but thoroughly enjoyable learning curve.
What works beautifully for one freelancer may not work for you or may not suit your style, and it takes a while to find out what methods bring in clients and cash.
It also takes a while to establish a reputation, start getting referrals, figure out which freelance sites are lucrative and which are wasting your time...and it’s much better to have a steady paycheck coming in while you find all of this out. Much less stressful too.
If you're serious about going full time you also want enough of a financial cushion set aside so that if it takes a while to get up to speed, you have your basic expenses covered - rent or mortgage, utilities, food, internet, phone bill, and any other necessary living expenses.
Here are some questions that you need to ask yourself before you consider becoming a full time freelancer:
Do I really, truly have the necessary self discipline to go out and spend at least an hour or two searching for work every day - more if necessary?
Do I have enough discipline to set and meet my own deadlines, with no boss motivating me to get my work done on time?
Have at least an idea that I can find clients and steady paying gigs?
Will I be able to handle the social isolation that comes with being a freelancer and working from home? (don't underestimate this one)
Are my finances in good enough shape that I can survive my first few months working as a full-time freelancer?
If you can answer yes to these questions, you are ready to go!
If not, then it's time to start learning or go back to your day job.
