Many people we talk to dream of becoming a consultant or freelancer in their specialist line of work. There are countless things to consider before making the leap into the freelance world with many who’ve already achieved success providing advice for free – just Google becoming a freelancer to see what I mean. But what are the first steps to success?

Freelancing is a great option for many people wanting to escape the grind of a regular full-time job, but it isn’t for everyone. This month we take a look at the basic things to consider before quitting your secure job to work for yourself. Start by asking yourself the following questions:

Question # 1: Why do I want to become a freelancer? It is important to understand your underlying reasons to determine if this is the right decision. If you’re doing it because you hate your job or boss, you want to work less hours or earn more money – it’s probably not the right decision. While, it’s ok to have long term goals of working less, earning more and not having to answer to anyone, in the short term this is rarely the case. You need to be very good at what you do and be passionate about doing that for others on a day to day basis in order to succeed as a freelancer – if that’s you, then read on.

Question # 2: What am I going to offer my clients? You’re great at what you do and know a tonne about your area or industry but pretty much anything can be outsourced to someone these days. That means, what you do may be the same as what many others do. Do you really have enough expertise to instil confidence that clients will pay you for that know-how? If you think you do, decide what you will offer and create a brand/identity that sets you apart from your competition. Make sure you can clearly articulate your offer and how it stands out. It might be important at this point to narrow your focus rather than broaden it. Being a specialist limits your target market, but it also makes you more attractive to a specific set of prospects. Being a ‘Jack of all Trades’ is often not the most effective road to success.

Question # 3: Am I willing to do everything? Many freelancers make the mistake of thinking because they are great at what they do, they will have a great business. This is often not the case. You need to be prepared to get your hands dirty and handle every aspect of your business including the mundane and parts that may be way outside your comfort zone such as finances, marketing, prospecting, sales and administration. You need to be an expert in your area BUT you also need to wear many hats if your business is going to thrive. Down the track you may choose to outsource some or all of these areas, but in the beginning you will probably need to work hard and do it all while building your client base.

Question # 4: Is now the right time financially? Many people think freelance work is going to provide instant financial rewards with a freelancer’s hourly rate looking much more attractive (on paper) than a full-time employee’s. Keep in mind you will spend many more hours on your business than anyone is willing to pay. Your clients pay for a service, but the time it takes you to sell to them and generally run your business may not be billable. Many factors come into determining how much extra (unbillable) time you spend on each project, however be realistic about how long it might take you to earn your desired salary and ensure you have the means to support yourself until then. Alternatively, you could start small while still working in paid employment – but don’t compromise either job for the other with half hearted efforts.

Question # 5: Am I motivated enough? With no boss to hold you accountable, you need to do what you said you’d do, when you said you’d do it. Your clients (and your income) will depend on it because usually freelancers don’t get paid until they deliver, or at least until part of the project is completed. This is a difficult adjustment for many people. Understand you will need to be more mindful of budgeting and you will also need to ensure a constant flow of work to maintain cash flow. Depending on your personality, this may or may not be an issue, but if you’re not highly motivated, your income will most certainly suffer.

In today’s technically advanced world, the opportunities for freelancers are endless. Most people choose it to provide more flexibility and freedom in their life. But it doesn’t come easy. Be prepared to work hard and understand you most likely won’t achieve overnight success. You’ll need to allow some time to build your client base.

Would you like help from a Career Advisor to determine whether or not freelancing is the future for you? If so, please click here to view our Career Counselling Services.