After being an employee, it can feel daunting to become a freelancer or an independent contractor. It can be scary for many to not have the safety blanket of a fixed salary getting credited to their bank accounts every month. There are several freelance professionals who took this leap, with nothing but courage in their hearts.
If you’re looking to become a freelancer, here’s your guide to nailing it, while also being financially secure.
Do you have what it takes?
Here are a few qualities that you should possess to be a successful freelancer:
1) Disciplined and Self-motivated
Many freelancers struggle with the discipline required to meet deadlines and end up procrastinating, thus appearing unprofessional. However, for making loyal clientele, you will have to be consistent and self-motivated.
2) Good at money management
When it comes to being a freelance professional, there is no fixed salary you will earn every month. This means that some months your earnings can be huge, and some have very low income. You will have to learn to distribute your money wisely and still invest and save. Also, be ready to firmly chase companies for your payment.
3) Flexible
As a freelancer, you will have to be flexible with working with a variety of clients, with requirements vastly different from each other. Many freelancers end up working all day, every day. But that is not advisable and you will have to draw the line somewhere.
4) Good at networking
The amount of work you get depends on how good you are at networking. You will have to build good professional and personal contacts and be seen as someone with an amazing work ethic. You should have people in your circle who would refer to you with full confidence and give you work if something comes up.
5) Optimistic
A career as a freelancer doesn’t take off overnight. In fact, initially, you may feel demotivated as you don’t get enough income from your freelancing projects. But once it takes off—and if done right—it can pay you much more than a regular job.
Things to keep in mind as a freelancer
Deciding on commercials
Karishma Chiplunkar recently quit her job at a well-known fitness chain across India to become an independent yoga trainer. One of the key aspects about starting this new phase was establishing how much she should ideally charge her clients. “I didn’t want to undersell myself just because I was just starting out as an independent contractor. But I also didn’t want to charge so much that I didn’t get enough work,” Chiplunkar explains, “I researched what the market rate was, and established a rate accordingly. Never undersell yourself.” Know your worth and charge accordingly.
Have a contract
Ensure the deliverables and the commercials are written down, and a contract is made. It will help you safeguard your interests and ensure you are not taken advantage of, as an independent contractor.
Secure a deposit
“To protect yourself from non-payment of dues (and it’s not uncommon), you can take a token amount to start the project. Many freelancers or independent contractors distribute the payment in three parts—at the start, after completing half of it, and at the end,” Meghna Jaisingh, a chartered accountant and financial advisor explains.
Build a pipeline
Do not wait for a project to get over before looking for another one. But also, do not line up multiple projects with clashing deadlines. Keep pitching, keep sending your portfolio, and keep making cold calls. Build a project pipeline so you do not end up with a phase of no cash inflow. “I maintain an excel sheet, which has all details of my freelance projects and the status of it, whether it is in the pipeline, written, published or paid for,” says Shama Nimkar, a freelance writer.
Prioritise potential long-term projects
“I would not miss out on a long-term project for a high-paying short-term one,” says Nimkar. “Apart from other projects, a company has been commissioning me to write articles every month. It pays well and I feel more secure, even if I have to say no to well-paying short projects that come along,” she adds.
Upskill and highlight it
Usually, companies hire freelancers to fill a certain skill gap that exists in their workforce. Also, there are a plethora of freelancers who offer exactly the same skillset. “If the supply is more than the demand, you will have to struggle to get a decent amount offered for your work,” points out Jaisingh. This means that you will have to upskill yourself, positioning yourself ahead of the competition.
Build a portfolio
Brand yourself well. Build a social media page and/or a website to showcase your work. Irrespective of how you choose to demonstrate your work, make sure it’s out there for potential clients to see.
Also Read: Important Tips For Mothers Rejoining The Workforce