Braving the freelance route

[bobbleb]

Has anyone made the move from a demanding but much loved job to being freelance? I have been offered a part time freelance position in same sector.
Presently I work a four day week. If I secure an additional 2-4 days a month, I could meet my current salary on a three day week and still cover my tax/pension etc.
The only thing holding me back is me and worrying that I am throwing away my career. How do I take the bold step?
Has anyone done so and regretted?
Thank you for reading and sharing your experience.

Can you try to secure some extra work before you leave the job?

wherre would you get clients from? How much marketing to you need to do?

factor in costs of being self employed like accounts, insurance, no holiday or sick pay etc

id start with it as a side hustle first if you’re unsure - can you cut down current job to 2 days a week while you build up client base?

I have rarely met anyone who becomes self employed in your situation who regrets it. I didn’t. It’s been 25 years for me.

I’ve done it and I’m so much less stressed. The only thing I miss is the pension contribution and security of sick pay! But nothing else!

Do you have a partner with an income or are you a single income household? Do you have any savings to tide you over? Are you in an in demand sector (could you get a job again fairly easily?)

If you are relatively secure I would go for it. I went freelance recently but this was completely off my own back starting from scratch just based off my own skills and portfolio. My oh works though so we were fine for me to be earning little to nothing for the first few months. If you have a gaurenteed income from an existing client I would feel even better about it.

I ran the numbers when I started to work out exactly a minimum I needed to earn in an average month. Make a plan to active that and routes you can use to increase your income with other clients. I literally rang people up to offer my services sending my cv with portfolio afterwards. You do need to be braver when a freelancer.

I am well networked. The two days a week will be a secure start. My husband works and we are in the fortunate position of savings. I have priced the initial job a bit low I think, but will increase my rate in future conversations with other clients.
I'm hoping that even the greater flexibility will help me to feel a bit better.

Thank you @Luckydog7. Which sector are you in?

That's great to hear. What sector are you in @BitOutOfPractice

PR / marketing. Yours?

My business was 25 years old last week and I am now unemployable 😬

I think your plan sounds really do-able. Would your current employer give you any freelance work?

Just reading back your other post, this would be my first, last and only bit of advice: DO NOT UNDERPRICE YOURSELF. It is the number one mistake I see new businesses make, particularly women. Have confidence in yourself!

Thank you. I work in the third sector. My heart is always to do pro bono and help a good cause...

So I need to have confidence in setting my day rate. 😬

I went freelance for 9 years and it was great... until it wasn't. I was pulling 16 hour days and making decent money but over time the market got flooded with cheap labour and people using AI, and ultimately I ended up getting a paid job earlier this year which has been better hours and so much less stressful as work ends at the end of the day.

I'd say you're not really going freelance if you've been "offered a freelance position" though, that sounds more like a dodgy employer who wants to skip out on their responsibilities and potentially not pay you what you're worth. Going freelance comes from you and you are not exclusive to a single client. I wouldn't quit my job for something like this, although I can tell from your posts that you feel the grass is greener right now and are probably going to go for it and you've already sold yourself short financially by underpricing because you're so thrilled at getting the opportunity and don't want to blow it. This really isn't a good mindset to do business from.

Especially, don't underestimate the amount of time and work needed to set up a proper business presence that will bring in clients, there's a lot to do even for the most simple businesses (I was a writer).

It might help to write down all the push and pull factors that are pushing you out of your job and pulling you towards freelancing, and also doing an analysis of how you plan to match your current salary, hours needed at the hourly rate you've specified, and run some projections of how soon that will happen.

Thanks@monpetitlapinfor this post. I appreciate you sharing your experience so openly.

I should have said that I negotiated the role to be freelance at a considerably higher rate than offered, to allow me to take this step change. The remit as consulting will also position me to work strategically rather than be heavily drawn into too much operational day to day.

I'm also planning to offer say 1-2 days a month to 1-2 more clients to both add variety, gain skills and to test a higher rate. This should hopefully provide good value to them.

Thanks @BeetleDeuce what have you found makes life feel less stressful for you?

Not having to manage anyone!!! Especially capability management or conflict. And not having to attend wanky work meetings - can’t believe how much time that used to take up. Now when I’m working I’m doing PRODUCTIVE STUFF.

My day rate for charities is between 450-600.

I began doing freelance work alongside my pt employed work about five years ago. It has been really useful as a way of keeping my hand in different areas and also smooths out my CV if an employed role comes to an end.

At present I work about one day each month for the same organisation and earn £500 for a fixed piece of work. It is specialised and has to be done at a fixed point in the month but is otherwise quite straightforward. Occasionally it clashes with a busy time in my other work and I have to frantically do bits of it in the evening, but generally it can be managed ok.

I was freelance for 5 years before I had my son - I took a FT job then because the timing of my pregnancy/Covid/moving etc didn't work out too well for me.

I'm well paid in my current job and I love the people; and I'm getting some good contacts in my industry; but it's death by meeting, I hate the management side, and I really miss being freelance.

I'm trying to build it back up on the side, but I'm guilty of underpricing, and not great on sticking to the consultancy side (which I love) rather than getting sucked into the day-to-day...

I've never regretted going freelance, though, and I hope I can make it back there!

Self- employment is great, but I promise you will never take a day off work ill again because you don't be getting any sick pay! No holiday pay either, and you will need to check how much you can afford for pension contributions.
You'll also need a separate business bank account, and a thorough understanding of the tax position for self-employed workers.

Thank you everyone. For those who are s/e, do you have a policy for income protection/I'll health? Please can you recommend?

No - I’m not aware of such a thing to be honest.

@bobbleb

I work in design, landscape specifically. I mostly subcontract for other landscaping companies doing 3d models and visualisations and technical drawing.

Its an industry with lots of older men running building projects with minimal tech skills so I'm not concerned about AI taking over my job any time soon. There would still be a lot of human work needed and most companies only like building their own designs (for legal reasons if nothing else) AI can't dig holes or saw wood.

Its been great. I used to work in a office but now only do the part of the job I really like (drawing) and make £25 per hour and that really good value for my clients. My prices will be going up in January.

It sounds like your set up is ideal so if I were you I would definitely go for it.

Thank you @Luckydog7 . Yes, from considering in the round I think it will be the right decision. I also think that the type of work will be interesting for me as it will be well defined and more strategic (hopefully!).
I really appreciate your message thanks.

I work in the same sector as you. Left an employed role as it just wasn’t working for me and was affecting my mental health. I had no job to go to. Then I got approached to do some freelance work. I’ve been doing it for a few weeks. It’s great in that you get given specific things to do. You don’t get sent or cc’d in emails not relevant and you don’t get the day to day crap that you would if you were employed. However I’ve felt that unlike with an employed role you don’t get the induction, you literally have to get stuck in from day one, which I’ve found a bit of a challenge. Also feel a little of an outsider.

Also it didn’t even occur to me about having insurance in place. I was recommended Hiscox and had a call with them and they said I needed ‘marketing’ cover. I have friends who freelance and love it, but for me this is just a temporary thing whilst I search for something permanent. You also need to register with the ICO.

re day rate I was told what they could offer and it was around what I was going to ask for. But probably not as high as it could have been but for me it’s a stop gap.

Thank you. Please can I ask why I need to register with the ICO? Not aware of that one.

Grateful for your advice re ICO registration as this has not been mentioned anywhere else or in any groups I'm part of. Thank you!

It’s if you handle data. I don’t know much about it, just told I should register.