Ready to quit freelancing? Consider these options first
Running a freelance business is a juggling act that can become overwhelming financially, emotionally and even physically. So, what do you do when your chosen career style is getting you down?
You weigh up your options.
The conditions for freelancers are optimistic. A whopping 81% of hiring companies recently told Fiverr, the freelance jobs platform, that they are already using freelance talent to support their full-time staff and fill skills gaps. That same group of companies also said that independent talent provides a larger talent pool for recruitment and some 38% believe freelancers are more efficient.
But when economic certainty is hanging over everyone’s heads and prices on everyday items are rising, life’s challenges can plant seeds of doubt in the minds of even the most seasoned of freelancers.
That is why if you are having doubts if freelancing is still for you, you owe it to yourself and the business you have built, to ask yourself some questions before making any drastic and costly decisions.
What is really getting you down about freelancing?
Is it the uncertainty of cash flow? The long hours? Lack of affordable childcare? Late paying clients?
If, for example, it comes down to really just one client bringing you down, then it might be time to make your concerns known. Freelancers can often lose sight that they are a business, they are not their client’s employee, and do not have to accept disrespectful behaviour, such as paying invoices late or not respecting boundaries.
If you think it might be one client or assignment that is causing all this doubt, then check out this article for some great tips on how to quit a freelance job gracefully. It even has an email template to guide you.
If you feel that you can’t go on with inconsistent cash flow, then you might need to consider a few options. There are fixed term contracts that can give you a consistent salary for a set amount of months. But you won’t have as much freedom about the hours you work, where you work and how to take off time work for the unexpected child illness.
There are also longer term projects that you can pitch for rather than always taking the ad hoc assignment. You could also consider pitching for larger high-paying projects by bringing in another freelancer or two to fulfill more than one skill set.
By booking in your work months in advance, you could have a better sense of financial security. This is also a good habit if you are applying for a mortgage.
Do you go back to salaried and do a side hustle when you need to?
If you are at a juncture of your life where you want someone to take care of the health insurance, pension, sick pay, etc. but still want the ability to make a bit more money when you need to, then you may consider going for a permanent job and doing occassional side hustles. You will still need to take tabs of the side hustle earnings, report them on a self-assessment form and pay the requisite tax. But if this dual option makes your life easier and more content then don’t beat yourself over it.
What you may find, is that you will only focus only on the side hustle jobs that bring you joy. Once it is crystal clear why those jobs bring you joy, you can better understand the types of work and clients you may want to work for if you decide to go back to freelancing full-time.
Every bump in the road of life and freelancing happens for a reason. Perhaps it’s not freelancing that you need to quit but how you are approaching it; the type of work you, the industry you serve or the clients you are working with.
If you need a good old inspirational story right about now or you are on the cusp of quitting one job to fulfil your purpose with another, then here’s the podcast for you.
If you have a story to share, contact us on firstname.lastname@example.org.