Want to quit your permanent job and go freelance full-time? Here’s what you need to consider first

The freelance life is one that tends to get romanticised a lot. Sure, it comes with a lot more flexibility when it comes to where, when and how you work, which is, no doubt, something that appeals to many a desk-bound worker. It also makes you the boss of your own solo business and puts you in the driving seat when it comes to your career.

But this doesn’t mean that this lifestyle isn’t without its drawbacks. It comes with a ton of admin which would, in a conventional job, be handled by the company, you pay more taxes and, for the most part, you’ll be working in isolation and not have the company and camaraderie of a team. What’s more, there is no buffer between you and your clients, and you will have to fight for yourself and your work every step of the way. If you are someone who feels that they are organised and opinionated enough to handle it, however, full-time freelancing can be a fulfilling and lucrative career path.

If you think you are up for the challenge of leading a solopreneur life, great! But don’t announce your resignation just yet.

Here are four things you should consider before taking the plunge and pulling the permanent-employee plug.

1. Your money situation

In the freelance world, it’s either feast or famine. This means that while sometimes you might be fully-booked and raking in the dough, other times work might be more scarce and the paycheques even more so. To be a responsible freelancer, you need to be disciplined when it comes to saving because you might have to rely on that stashed-away cash if you find yourself in the midst of a dry spell.

2. Your organisational skills

When you work in a conventional nine-to-five, managers are lurking behind every corner to make sure you are staying on top of your workload. As a freelancer, you need to manage your time effectively and keep yourself motivated and on track. Keeping your workspace tidy and organised will help, as will keeping a daily to-do list and using productivity tools to maximise your time.

3. Your administrative acumen

As any freelancer what their biggest frustrations are about being a solopreneur and the endless amount of admin will be near the top of the list. You will be responsible for sending quotes and invoices, chasing up on late payments, supplying new clients with contracts and paying your own taxes, which are only deducted automatically as PAYE when you are in a permanent post.

4. Your work style

While some people thrive when they spend most of their time alone (here’s looking at you, introverts!) all freelancers experience feelings on loneliness from time to time. If you want to go freelance but don’t think you’ll handle only having a potplant to talk to, considering renting a desk in a co-working space or join an online freelancing community for insights and support.