3 Massive Advantages That Most Freelancers Need but Don’t Have
And how you can get them too.
Quitting a stable corporate job to pursue self-employment is not as easy or stress-free as people make it seem.
It’s an arduous transition that takes months and, sometimes, years to progress through.
Freelancing also isn’t the end-all solution to your problems. There’s a common misconception that becoming your own boss will fix job woes, relationships, insecurities, and so on. Yes, self-employment provides flexibility and independence — but that comes at a price.
Freelancers are business owners. Running a business is not easy. Whoever says otherwise is a liar.
However, there are distinct advantages that exponentially increase the odds of self-employment success. These advantages are often unheralded because they’re polarizing — most people considering self-employment don’t have these advantages…yet.
I know this because I had the following three factors working in my favor before I quit my corporate job to pursue full-time freelancing. (And I’ve outlined how you can too.)
Money
Money is a major advantage that most can’t claim. It’s by far the biggest advantage because (1) money is necessary to cover living expenses, (2) money can accelerate business growth, and (3) financial stability insulates against debilitating stress and anxiety.
By money, I mean a cash reserve and/or reliable sources of income.
I’ve seen a lot of writers take “the leap” to get out of an underpaying job and hopefully secure financial windfalls from freelancing. However, that’s a form of the misconception I mentioned earlier. Even though there isn’t an income ceiling, self-employment does not unlock immediate fortunes. It’s actually the opposite. You start from square one in terms of establishing and growing income streams.
I’ll be totally transparent: I was incredibly fortunate to have a well-paying job before I became self-employed because it enabled me to save more, build runway, and maximize my chances of freelancing success. Sure, giving up a lucrative career in banking for freelance writing was a risk, but it was a calculated risk. I saved and prepared for two and a half years. By the time I quit my job, I had accumulated a year’s worth of runway.
Fertile networks
A network of friends and professionals that want you to succeed is invaluable to building a business from scratch because you can tap it for money-making opportunities. These are people that will go out of their way to connect you with work.
If you don’t have that when you start, you either have to go on a hellacious pitching spree or take subpar gigs just to get by. Neither option is ideal.
I landed my first three clients because of my network. When I quit my job and officially became a full-time writer, I leveraged announcement posts on social media platforms. Past friends and colleagues saw my career transition and recommended me to businesses in need of a writer. Without those good samaritans, it would’ve taken me longer to start making a livable income.
Reinforcing support systems
A support system is a subset of your network that actively supports you by promoting you/your services, listening to your hardships, offering a different perspective, and providing fresh ideas. Your support system could consist of family members, a significant other, close friends, or even other freelance writers.
You can’t put a price on being able to bounce ideas and work through problems with experienced individuals who have been where you are. Running a business involves a lot of decisions. It helps when you can ask someone, “How did you handle this?”
Or, when you inevitably experience imposter syndrome and self-doubt, your support system can help you through it. I was lucky — I found Elna Cain’s and Jorden Makelle’s Facebook Groups early on. (Unfortunately, Jordan’s group has been archived, but you can still view old posts.) These are diverse groups of writers that having varying levels of experience. Most importantly, you can use these groups to answer any writing-related question.
The good news: you can attain these advantages too
I was very fortunate because I had these advantages, but I don’t want to dissuade you from making the transition to self-employment if you’re not in as favorable of a position. Instead, I want to shed light on how you can adequately prepare too.
It’s not easy, but it is doable.
Build runway
It’s possible to succeed without money, but it’s much more strenuous. “Runway” is a failsafe cash reserve that covers your living expenses once you become self-employed. Unless you ease the transition to self-employment by landing a few clients before you quit, your expenses will likely exceed your income at first. Runway preserves your financial stability (and sanity) and keeps your business in operation.
If you can’t save enough through your current job, you should consider part-time freelancing until you’re able to (a) build up enough runway or (b) earn enough on the side to break even (i.e. make more than you spend each month).
Develop relationships
Developing mutually beneficial relationships takes a while. You have to be willing to put yourself out there. Although social media enables us to connect with anyone instantaneously, that doesn’t mean it’s easy to build a network.
To start, try reading other people’s work. These could be editors, fellow writers, or potential clients. Comment on content that you enjoy or have a question/opinion about. Promote your favorites on social media and tag the author. It’s flattering and usually appreciated. Plus, it’s an effective way to start a conversation with someone and gradually get to know them.
Entrust an inner circle
Lastly, self-employment can be a lonely experience. It’s one thing to evade financial hurdles, it’s another to elude emotional struggles. Imposter syndrome is a common phenomenon in the entrepreneurial world. It helps if you can lean on an inner circle for support and feedback — especially if those individuals understand the pain points of freelancing.
Before you transition to freelancing or some other self-employed venture, consider checking the following boxes:
- 6–12 months of runway
- A network of people that could potentially direct you to gigs
- An inner circle of like-minded people to help you through inevitable hardships
At the very least, you should establish runway or stable clients first. Otherwise, you amplify your risk and open the doors to financial stress, which can cripple your writing career. To ease the transition, it’s not uncommon for people to moonlight as a freelancer when they aren’t working for their day job. Doing so means less time and energy put toward building a business, but it’s less of a risk.