So you’re about to make a major career change, and you’re thinking about going freelancing. It’s nerve-wracking yet exciting at the same time. And it’s normal to feel that way. After all, it might be your most important life-changing decision yet.
So how do you actually transition? These are 4 crucial things you should consider before transitioning from corporate to freelancing.
Why Have You Decided to Change Careers?
You need to think deep and hard and ask yourself, “Why am I making this change?” Is it for the time flexibility and location independence? Is it because you are not enjoying work anymore?
List down what are the benefits you would get if you make the career change. For example, you will have more time for your family.
On the other hand, you should also list the disadvantages. Will your salary be the same? Do you know where to get the clients? How can you learn the skills?
List the Possible Freelancing Careers You Can Do
If the advantages outweigh the disadvantages, it’s time to shortlist what work you can do remotely. Start with your skills. Better choose a career close to your interest and current competence.
For example, you were working in marketing. Did you acquire any skills that can be provided online? Here are just some careers you can look into:
- Content Writer
- Facebook Marketer
- Instagram Marketer
- Web Designer
- Graphic Designer
- Virtual Assistant
- English Teacher
- SEO Specialist
Don’t worry if you don’t have the experience yet. Everything can be learned. You can check these legitimate freelancing courses to acquire the skills needed. You just need to set aside a specific schedule after your work to eventually get the ropes of it.
Are You Financially Prepared for the Change?
If you found your target career, should you quit your job now? I say not yet. You want to mitigate your gamble. Ask yourself, are you financially prepared for the change?
Do you have emergency funds as of the moment? It is an untouchable fund you set aside for emergencies. Generally, it’s around 6 months of your monthly expenses.
On top of your emergency fund, you can save up an additional 3 months “transitional fund” to cover the expenses while you are starting your career.
If you don’t have both funds, don’t quit your job. You don’t want to be stressed with your financial obligations while building your freelancing portfolio.
Direct Client or Agency?
If you can comfortably start your freelancing career with your current finances, the next question is, do you look for clients directly or through an agency.
The main difference is the pay. With a direct client, you will have the full amount for the fees they will pay. But you do have to find them. For some, this might be too much work.
With agencies, your salary will be lower. But they will do all the sourcing of client for you. And with their extensive connections, you might get a client asap. Check out this list of legitimate freelancing agencies.
What to Do If You’re Not Yet Financially Prepared?
Your finances are not a hindrance to starting a freelancing career. But I suggest, do it part-time first if you can’t afford to quit your job. As you progress and get more clients, it’s up to you to decide if you want to do it full time.
With these tips, you’ll find it easier to navigate in transitioning from your corporate job to freelancing. Good luck!