Let’s talk about freelancing, shall we?

What is Freelancing

The dictionary defines the term ‘freelance’ as: “working for different companies at different times rather than being permanently employed by one company.”

Whether you call it self-employed, solopreneur, contractor, or consultant, or any combination of the litany of terms people use, it doesn’t matter. The definition remains the same.

Unfortunately, there’s much debate as to who’s a “freelancer” and who’s a “business owner,” and I’ve never quite understood why. Aren’t they one in the same?? My hunch is that this carries over from the Mad Men era when freelancers carried a negative stereotype that they couldn’t find full-time jobs and were forced into freelancing.

Hence why, today, some people shy away from using that term.

And yet, today, so many people WANT to freelance … they want to be their own bosses, have unlimited earning potential, and are not at all the slackers the negative stereotype made them out to be.

It doesn’t matter if you have your own clients, work with agencies, or a combination of the two.

It doesn’t matter if you subcontract to other freelancers.

If you are self-employed, sell a product or service, pay taxes on said product or service, and otherwise fit the definition listed above, you ARE a freelance business owner. (Don’t come at me in the comments! lol)

Who Can Freelance?

The term “freelancer” is most commonly associated with the advertising and marketing industry, the likes of graphic designers, illustrators, content and copywriters, web developers and designers, social media managers, strategic marketers, and more.

However, truly, anyone can be self-employed, no matter the industry. This fastest growing segment of the U.S. workforce also includes artists and hairstylists, ride share drivers and insurance providers. The list goes on and on.

Some freelancers work full-time, others work part-time. You may have heard of people having a side hustle or a side gig. Or maybe they ‘moonlight’ (work evenings and weekends) on the side. It’s all the same thing.

I will admit, freelancing isn’t right for everyone. It does take a certain amount of motivation and determination to make it work. (Don’t despair if you don’t think you have it; it can be taught! I know someone who’s been there who can help … Hi, it’s me.)

And I certainly don’t recommend freelancing right out of school. There’s something to be said for honing your craft and getting real-world experience working with those above you.

The Pros of Freelancing

The best part of freelancing? You get to be your own boss.

And with that comes an enormous amount of FREEDOM! Which is pretty badass, if you ask me.

Plus, you get to set your own schedule.

You also get to work with whom you want, on what you want, from where you want, wearing what you want. You get to choose clients and projects, partners and vendors.

You can form partnerships or a ‘virtual agency,’ should you desire, bringing in other freelancers that help fill the gaps. (For example, as a copywriter, I may have a client who also needs a designer, photographer, and social media manager. A partnership may be short-term for one project whereas a virtual agency can serve the client on an ongoing basis.)

You also get to set your own company policies and procedures, and you can walk away from a client if they become too difficult. Which is pretty empowering, I’m not gonna lie!

Plus, it’s pretty easy and inexpensive to get started.

The Cons of Freelancing

As with any pro, there comes a con.

For example:

There’s No Guaranteed Paycheck—Which means you’ve got to learn how to stay afloat during the feast or famine times. This also means you may need to supplement or diversify your income. Save up ahead of time or get a part-time job.
There are No Benefits—Which means you’re on your own for health insurance, vision and dental. Unless, of course, you can get on a spouse’s plan. Don’t go without, though! Check the marketplace for more affordable options.
There are No Retirement Savings or 401Ks—Again, you’re on your own here. Yet there are options, including setting up a SEP (Simplified Employee Pension) IRA, designed for self-employed individuals.
It Can Be Lonely and Isolating—Even if you’re an introvert, this isn’t good for your mindset. Figure out ways to get out of your home office / studio to interact with others.
It Takes Time to Build Client Roster—Most likely, you won’t be making six figures in your first year. Building a business is a process that takes time. Yet, if you build the foundation right, you can be well on your way!

What it Takes to Freelance

As mentioned above, it does take motivation and determination. It takes self-discipline and persistence. Yet, it also takes business skills. And I think this is the one area that so many gloss over.

Unfortunately, many of us didn’t take business classes in school—whether they weren’t required, or we didn’t think we’d ever need them.

And then, lo’ and behold, whether by choice or by default (you quit or lost your job), we end up out on our own … not having a clue as to how to run a business.

I don’t care how talented you are, how good you are at your craft or your niche, or how many awards you’ve won. If you don’t know how to run a business, success will not come easy … if at all.

The fact of the matter is, you’ll be managing clients, projects, budgets and deadlines.

You’ll also be wearing multiple hats.

You won’t be just a designer, let’s say. You’ll also be the CEO, CFO, CMO, COO and any other O title you can think of. You’ll be the account exec, the researcher, the accountant, and the janitor. You’ll be the new biz dev person, the social media manager, the marketer, and the administrative assistant.

As a freelancer or self-employed business owner, you do it all.

The key is to be humble enough to admit you don’t know it all … and then go learn what it is you need to know. Consume everything you possibly can via books and blogs, attending programs and webinars, joining groups and communities, and getting help or coaching.

Ready to Freelance?

Freelancing is amazing, if you can make it work.

Should you freelance? Well, that’s only a question you can answer.

Just remember to get in the right mindset so you can treat it like the business that it is so you can find the ultimate freelance success.

Happy to help if you need me. Ready to get started? Learn more.

Everything You Need to Know About Freelancing