Freelancing could be an excellent venture, but like every other business undertaking, it has its pros and cons that you should be mindful of. In recent years, the Internet has granted us unlimited business opportunities–especially online.
Now it is easier than ever to dedicate your time and resources to bringing into life your ideas and making a revenue out of them.
That sounds cool, right? Because you won’t have to do a 9 to 5 job, you’ll be your own boss, and you’ll occupy yourself with something that you are actually passionate about.
Seems about right, BUT…
While conceptualizing your business plan, make sure to set more realistic expectations and quit thinking that becoming an online service provider is an easy-peasy lemon squeezy endeavor.
Myths on this field spread like wildfire across the Internet. Thus, in this article, I have highlighted the most common ones you wouldn’t want to fall victim of.
1. You Can Start With Zero Capital
I see why it could be tempting to believe that.
We would be living in a perfect world if people could just start their business without investing in it first.
In the in-person industry, reality hits your pocket harder than in the virtual one. You’ll need at least a five-figure savings to start.
When it comes to building a solid foundation for your e-commerce, the numbers are much less frightening.
However, you still need to be prepared! Especially in the beginning, there might be unexpected expenses that you’ll need to cover. Think about web hosting, video conferencing, domain name, logo design, marketing, advertising, and licenses. Sure, not all of these are mandatory but the least you can do is to have a website. And that’s not free.
Also, you won’t be having many clients right away and you will be spending more than you are earning.
But don’t panic. This is completely normal and in a few months, your investment should start paying off.
Until then, make sure to prepare a capital solid enough to support both yourself and your freelancing career.
Many platforms offer you different packages to satisfy your initial needs.
Although some of them might be free of charge, these platforms will eventually lead you to some sort of a paid package so that you can make use of their advanced features and grow your business.
Remember that your online presence should be one of your most valuable assets, so spend your resources wisely and according to your business needs.
2. You Can Do Everything on Your Own
I totally get you on this one. I often believe that I am almighty as well.
But hey, even Gandalf the White needed the help of the hobbits at some point.
As I said in the introduction, you will have boss responsibilities now. No more thinking of one particular task at a time.
You will have to deal with many different activities and processes that you might not be particularly acquainted with. And, believe me, YouTube tutorials won’t help you for that matter.
At least at first, while you don’t have many (or any) associates, you will have to be responsible for production, distribution, finance, and marketing.
If you are freelancing on a small scale, then you will probably be fine on your own as long as you possess some business acumen.
However, once your business is up and running I wouldn’t recommend you to do everything alone. You simply won’t have the time, nor the ability to manage everything from finance to tech support by yourself and continue growing at the same time.
3. There Is No Job Security
I bet that’s one of the most common misconceptions that people have pointed out to you once you started talking about becoming a freelancer.
When you come to think of it, everything you do in life poses a certain risk, including your boring administrative job. You can always get sacked, you know. Who is going to pay for your kids’ education or your mortgage while you are on the job market?
When we speak of freelancing, no one is going to fire you. You might lose some clients, but this doesn’t mean that you are done for good with the job.
You can easily find new clients, because there are many people looking out for different kinds of services all the time. You can’t say the same for full-time job employers.
At the end of the day, I’m sure that you would prefer to say that you’ve tried and it didn’t work out as you expected instead of feeling regretful because you didn’t fulfill your potential.
4. You Should Think Big to Become Big
I am not saying that you shouldn’t think big and strive for greatness, but there could be many interpretations to this business mantra.
For example, don’t go beyond your income, hiring an advertising strategy that promises to make your business international in a week.
Be realistic and take baby steps towards success. Start advertising on a local level, then if things turn out well and your brand gains reputation on the local market, expand.
Do not rush things out, because you will lose time, nerves, money, and brain cells trying to operate on a level you are not prepared for.
Don’t get me wrong, you should always plan ahead and set new business goals. But do not overestimate your capabilities and, most importantly, be patient.
5. You Can Work at Your Own Pace
Some freelancers joke that instead of doing a 9 to 5 job, they are working 24/7.
Sometimes it is hardly a joke.
Freelancing indeed gives you some freedom when it comes to working flexibility. But it is rather misleading to believe that you can work whenever and however you wish to.
After all, you will need to take into account what time suits your clients best and create a business routine that attends to their needs.
So, if you are planning on spending a few hours per week during the days of your choice, think again. You’ll have to meet deadlines and fit in their schedule, rather than vice versa.
And if you are working with clients on the other side of the globe, guess what – you might need to do night shifts as well!
That’s why working online might require more advanced time management than any other undertaking. Most business owners work up to 70 hours each week, even with a supporting workforce.
You might say that I am trying to talk you out of a freelancing career. I am not.
I am just mentioning all the fun parts to prepare you well, thank me later.
And to add a positive sparkle into this section, you have complete control over which clients you work with. Meaning that you state your working conditions (hours) and if they do not correspond with their expectations, decline working with them or negotiate a compromise.
6. You Can Juggle Between Your Regular Job and Freelancing
Managing your full-time job together with your business in its early stages might seem easy to do.
Nonetheless, you’ll eventually need to focus on your online business primarily. Otherwise, it will surely fail.
This will require you to sort your priorities and quit your other job. Freelancing won’t be a form of a hobby anymore.
When you start growing, the amount of your workload will increase exponentially, and you’ll also need more empty hands to maintain the consistency of your services.
This could lead to hiring more people to help you out and, additionally, dealing with even more responsibilities than before.
Of course, you’ll be able to tell when it’s the right time to quit your full-time position.
Do You See Yourself as a Future Freelancer?
Providing online services is not for everybody. It requires stepping out of your comfort zone and possessing discipline, planning skills, and quick wits.
Also, dealing with different clients – each person with their own peculiarities, ideas, and expectations could be overwhelming at times.
Even so, it also brings immense joy, once you see their happy faces when the job is completed.
I am positive that if you are an ambitious and self-driven person, you won’t regret this kind of experience!
I am also here for you if you feel anxious about your tech skills or if you want to level up your video conferencing appearance.
Devina Nencheva is a Media and Information student and also a content creator at 3veta.com. For her the opportunity to be a creative smarty-pants is the biggest perk of blogging. Reach her @_3veta_
Online services stock photo by PopTika/Shutterstock
