Do you want to start making money by using your skills? Do you want to try your hand at making money on the side? Do you want to find a gig that’s flexible with your college schedule?
We’re going to look at freelancing (not starting an online business), and what you need to know to get started. I’ve been doing freelance writing and various freelance tasks online for about two years now. I wanted to share important information on freelance work with you guys today.
How’s freelancing different from starting an online business?
When you work as a freelancer you do a service. You work for a project fee or an hourly rate. You do your work and that’s your only commitment. When you start an online business, you’re responsible for everything. You might have to hire a freelance web designer, a freelance writer, and freelance SEO consultant.
What are the benefits of freelancing?
You focus on the the work. When you run any sort of business (online or offline), you have to deal with every single aspect of running a business. You have to deal with clients, marketing, taxes, accounting, and so. When you do freelance work you focus on what needs to get done. You charge your rate and you get out. You can use freelancing to follow your passions to make money.
Are there any setbacks to freelancing?
As beneficial as freelancing is, there are a few setbacks. The first obvious setback is that you don’t have the opportunity to make as much money as the business owner does. You only get paid for the work that you do. Your income potential ends there. When you run an online business, you have the opportunity to earn much more revenue.
The other main negative of freelance work is the financial situation. You don’t have a steady pay check, the work is random, and you’re responsible for your own taxes. For some of us this really isn’t a big deal. For others this is what’s holding many from becoming online entrepreneurs.
Does freelancing in college make sense?
I’ve stated before that college is the best time to start a business. There are many great online jobs for college students that I’ve highlighted in the past. I strongly urge that you use your energy and free time in college to figure out how you can make money in case you don’t land that dream job right out of school.
How are the working conditions as a freelancer?
The working conditions as a freelancer can be ideal if you’re ready for it. If you’re not ready for it, life can be hell as a freelancer. You need to look at a few important questions when it comes to your working conditions as a freelancer. The questions for new freelancers are:
- How do you work? You need to decide if you’re going to get your work done in the morning or in the evening time. You need to look at how you plan on getting things done. I found myself staying up late at the last minute to get work done when I first started out.
- Where do you work? You can have an actual office setup, use the coffee shop, or keep your laptop on your lap as you sit by the couch. It helps to figure out where you plan on working.
- Do you take holidays? Setting boundaries as a freelancer is key. If you don’t have any limitations you’ll never know when to stop working.
You need to address these three questions before you even consider any sort of freelance work.
What are the common fears for becoming a freelancer?
There are two common fears when it comes to getting started with freelancing. What are these fears?
- Money. We all need money to survive. Worrying about money will hold us back from freelance work, starting a business, or doing anything cool for that matter. There are two simple solutions here. You can save up as much money as you can or you can take advantage of your youth. When you’re young you don’t have that many bills at all. You need to exploit this to get started in freelancing. If you have a family and real responsibilities, you need to save up and beef up your savings so you don’t have to worry about living in your van.
- Failure. We’re all afraid of failing. The fear of failure holds us back from doing remarkable things. If you’re afraid right now, you need to read this piece on how to overcome your fear of starting your own company.
That’s what you need to know to get started with freelance work.
This was the first of many articles on the topic of freelance work. Stay tuned for a can’t-miss week here on Studenomics.