Are You Ready to Make the Leap? (Part 6)

Finally! It’s time for the last sign in the “Are you ready to make the leap?” series, designed to help you figure out if you’re really ready to move from freelancing on the side to pursuing a freelance career full-time. But first, let’s revisit the first five signs:

1. You’re restless.

2. You’re looking for flexibility.

3. You have the right personality.

4. You have steady work.

5. You have a financial cushion.

And now for number six.

6. Your gut is telling you to go. Trust your instincts. When you think about freelancing, about quitting your job and making a go of being your own boss, how do you feel?

Do you feel an adrenaline rush? Do you get excited thinking about the possibilities? Do you itch to get started immediately?

Or does your stomach twist into knots because the idea is so nerve-wracking? Do you break out into a cold sweat and stress about a slew of what-ifs? Some nerves are OK—they’re good, in fact. They’ll keep you grounded and ensure you’re thinking realistically about what you’re about to do. Because let's be honest: it is scary.

But if the thought of quitting now leaves you on the verge of a nervous breakdown, perhaps it’s time to take a step back. Think things through more. Wait a while.

It should come as no surprise when I tell you that this isn’t exactly the most cush time to make the leap into freelancing full-time. People are getting laid off. Budgets that normally would include funding for freelance projects are getting slashed. Magazines and companies that used to be great sources of freelance work are folding all over the place. So if you’re not ready—really ready—it’s OK to wait. You don’t want to jump into freelancing a nervous wreck. You want to be cool, confident, ready to take on the world.

And if all you can think about is the fact that freelancing feels right, that you’re ready? Then assess your financial situation, your work situation, whatever else you need to think about.

Still have that feeling?

Ready, set, jump.

Photo: ClickFlashPhotos

Are You Ready to Make the Leap? (Part 5)

If you’re still not sure you’re ready to jump into freelancing full-time, never fear. I’ve shared four signs that you might be ready to make the leap, but there are still two more to go.

But first, let’s review the first four, in case you missed them:

1. You’re restless.

2. You’re looking for flexibility.

3. You have the right personality.

4. You have steady work.

Now, for the fifth sign:

5. You have a financial cushion. There are no hard-and-fast rules that tell you exactly how much cash you should have saved before you quit your day job. Some people recommend a month’s worth of living expenses, some three, some six. My advice: The more you have saved, the better. Bills typically come in a lot more quickly than checks, and even if you have work lined up ahead of time, it can take a while to build up your business to the point where you can cover all of your expenses. That cushion makes a difference—really.

In an ideal world, I would have saved more money—a lot more—before I quit. But the timing made sense for me for other reasons. So I didn’t spend as much time saving as I should have.

If at all possible, save more than you think you’ll need. You’ll be glad you did.

Remember, too, that there may be additional expenses you didn’t have to worry about before. Setting up to freelance from home is a relatively low-cost endeavor—as long as you have a phone, a computer, a printer, and an Internet connection, you can get going. But you may decide to spend the money on a professionally done portfolio website. You might want to print business cards. You’ll have to pay for basic supplies like paper, ink cartridges, and pens that you might not have used as much of before. All of those little expenses add up.

And don’t forget about health insurance. Perhaps you are covered under your spouse’s plan and don’t have to worry about it. But many freelancers forget that once you cut the cord from that full-time job, you’re on your own for health insurance, retirement savings, disability insurance, and whatever else you might have had for benefits before. When you’re calculating your monthly expenses (and you should, stat), be sure to take those additional costs into account. Then, and only then, you can get a clear idea of whether you can make the freelancing life work financially.

Photo: ClickFlashPhotos

Are You Ready to Make the Leap? (Part 3)

I’m back with another installment in the “Are You Ready to Make the Leap?” series, designed to help you figure out if it’s time to pursue the freelance life. We’ve already heard two “start thinking about leaving if ...” situations. Now it’s time for the third.

1. You’re restless.

2. You’re looking for flexibility.

3. You have the right personality. Not everyone is cut out for the freelancer’s life. On the surface, it seems pretty cush. Work in your pajamas. Get up when you want, quit when you want. Pick work when you want to. Be your own boss.

But the reality is, it’s hard.

When I started working from home remotely for my previous career, I had plenty of people tell me, “Wow. I don’t know how you do it. I would never have the dedication to work from home.”

They’re a step ahead of many freelancers, who leap without realizing just how much work is involved.

It’s true: I could leave my office right now and go watch TV. I can go to the gym, the grocery store, the bank whenever I want. If I want to take a snooze, I could walk away from my computer at any moment and do just that. Yet for the most part, since I started my own full-time freelance writing business a couple of weeks ago, I’ve put in at least 7 hours a day (and sometimes many, many more than that)—mostly sitting like I am right now, at my desk, in my office.

Some people have the right personality for this kind of work. They’re independent, they can handle being alone without someone to chat with for hours at a time. They’re focused and dedicated and not easily distracted. They can juggle multiple projects and tasks at one time and switch quickly between them, without waiting for someone else to supervise and tell them what to do.

Does that sound like you? Then you may be ready. If not, think a little harder. There isn’t one personality you must have to make freelancing work for you. But if you’re easily distracted or are thinking about freelancing just so you can enjoy the free and easy benefits, I wouldn’t jump quite yet. Remember, it’s freelance work. Not freelance leisure.

Photo: ClickFlashPhotos