The Secret To Becoming A Full-Time Freelancer

Freelancing is a great way to make money, but it’s also a lot of work and can be very stressful. Here’s the secret to making sure you can pull it off:

Takeaway
Embrace the freelancing journey and take control of your career.
Discover the secret to becoming a full-time freelancer.
Build a support system to thrive as an independent professional.
Avoid common freelancing mistakes that hinder financial growth.
Showcase your skills with a modern portfolio to attract clients.
Master time management to maintain a healthy work-life balance.
Understand the risks and compliance on freelance platforms.
Successfully transition from traditional employment to freelancing.

Define Your End Goal

Before you start your business, it’s important to know what your end goal is. This will help keep you focused and motivated on the daily tasks at hand. If you want to eventually quit working for hourly wages and start making a living from freelance writing, then that’s going to be your driving force in everything that comes next (more on this later).

To set an end goal, think about where you are right now in life: What do I want out of life? What do I see myself doing five years from now? Ten years from now? Thirty years from now? Are there any other careers or jobs that interest me? 

If yes, what would those look like? These questions will help provide some context and clarity as we dig into defining our end goals as full-time freelancers.

Are you ready to embrace the freelancing journey and become your own boss? Unleash your potential with our guide on the secret to becoming a full-time freelancer and take control of your career today!

Plan Your Finances

Now that you’ve worked out the details of your day-to-day schedule, it’s time to plan your finances. By this point, you should know what kind of work you want to focus on and have an idea of how much money is going to come in as a result. You also need to figure out how much money is going out and where it might be going.

It’s important for freelancers (and people who work for other employers) to understand their financial situation from all angles: 

Income and expenses, savings accounts, taxes owed or received from the government each year, health insurance premiums paid throughout the year (or not), retirement plans that affect how much money goes into them each month or quarter, investments made through 401Ks and IRAs…the list goes on!

Write Down The Income You Need To Earn

The first step to becoming a full-time freelancer is to figure out how much money you need per month. It’s important to be realistic about this, as it can be difficult to make more than enough money when you’re just starting out.

If your current work isn’t paying enough and you want to become a full-time freelancer, then consider raising your rates. 

If your current work pays well and/or allows for some flexibility in terms of hours worked each week, then think about increasing the number of clients or projects that you take on.

Know Where Your Money Is Coming From

Knowing where your money is going is one of the most important parts of freelancing. If you don’t know where you are spending your money, then how can you be sure that your business is making or losing money?

If you want to become a full-time freelancer, then keep track of all of your expenses and income. This will help you understand where the majority of your earnings are coming from and which expenses need to be cut down for this dream to become reality.

Keep a record of everything that goes into each project so that if something goes wrong in the future, it won’t catch anyone off guard because they weren’t aware how much certain aspects were costing them until it was too late!

Don’t let common freelancing mistakes hinder your financial growth! Learn how to avoid them and thrive as a freelancer with our insightful guide on 10 freelancing mistakes that are keeping you broke.

Get Those Startup Costs Down

Now that you have a plan to get your business going, let’s talk about how much it will cost. The first thing to know is that startup costs are the costs of getting your business off the ground. 

These are expenses like buying equipment and supplies, paying for training and education, and building up a reserve fund in case you’re not as successful in your first few months as hoped.

The second thing to know is that these costs can be very high but they don’t have to be. Startup costs can easily run into thousands of dollars per month and in some cases even more than that! 

But if you’ve planned carefully and done all your research beforehand (and we hope this article has helped with that), then there’s no reason why those startup costs have to put such a big drain on your bank account every month once you start working full time as a freelancer. Many successful freelancers say their startup expenses were less than $100 each!

Make A Savings Plan

To become a full-time freelancer, you must be able to save. Whether it’s for a rainy day or retirement, saving money is essential to live comfortably and free from financial stress.

Saving for retirement is one of the most important things you can do for yourself. Most people live paycheck-to-paycheck, which means they have little or no savings when they stop working full time. 

If this describes your current situation, then being able to save will allow you the freedom of not having to work until death does us part and maybe even longer!

Showcase your skills and land more freelance projects with a stunning modern portfolio. Discover the best practices in our guide on creating a modern portfolio that attracts clients and sets you apart from the competition.

Make Up Your Business Name And Website

If you’re going to be a freelancer, it’s important to have your business name, website, and email address. This will not only give you credibility but also help with trust-building. 

Giving out your email address might seem like no big deal at first but once clients are sending files back and forth or even paying invoices through PayPal (instead of sending actual paper checks), they can see how much money is coming in! And if they know that information, what else might they learn about?

A business bank account is also essential for keeping track of finances and getting paid. You’ll want an account in the name of your company so that people can send payments easily without bothering you directly with their personal information when they do so that way everything stays safe from identity theft or other unpleasant surprises! 

You’ll also need a phone number in case anyone needs to reach out during working hours which could include evening calls if clients are overseas – this means choosing one where there won’t be long-distance charges…

Find Clients, Hustle, And Make Some Cash!

Now it’s time to put your money where your mouth is and make some cash!

If you’re a student or recent graduate, this is the perfect time to get started. Your work will be fresh and different from that of older and more experienced freelancers out there. Plus, you don’t have much experience yet so clients will be willing to take a risk on you!

First up: find your first client. There are several ways to do this:

Both friends and family members are great options for finding a first client because they know you well enough to trust your skills but won’t charge an arm and leg for their services (which means more money for YOU). Plus, most people love helping each other out whenever possible!

Look for potential clients on social media platforms like Facebook or LinkedIn by posting about what kind of work you specialize in (you can also list these platforms as places where YOU would seek out someone with similar skills). 

You could even just ask everyone in person if they know anyone who needs help getting started with their freelance career path too – it never hurts (and sometimes leads down unexpected paths!)

Keep Detailed Records Of All Income/Expenditure

Now that we’re done with the basics, let’s get into some of the specific things you should be doing. Remember in elementary school when your teacher would tell you to keep a journal? It was probably pretty boring, but they were right: keeping detailed records of all income/expenditure is essential if you want to be a successful freelancer. 

The options here are endless a spreadsheet works well for some people, while others prefer pen and paper or a ledger book. There are even apps out there that can help manage your finances so that everything stays straight and organized (I recommend Mint).

Whatever method(s) work best for you are fine; just make sure they’re thorough. If someone asks how much money made on last year’s freelance job, don’t worry about looking up old files or taking down notes you’ll always have them recorded somewhere!

Struggling to balance your freelance work and personal life? Master the art of time management with our comprehensive guide on time management tips for freelancers and boost productivity while maintaining a healthy work-life balance.

Keep Active On Social Media

There are a lot of ways you can use social media to promote your business, and that’s one of the reasons why it’s so important to keep active on social media. Here are some ideas:

Use social media as an outlet for expressing yourself and sharing your work with others. This will help you build a personal brand and make connections with other people who share similar interests or fields of expertise. It may even lead to collaborations or recommendations from other professionals or potential clients!

Social media is also great for promoting new projects that you’re working on, so make sure you’re active there if you want this extra attention!

Understand the risks and learn how to safeguard your freelance career on Upwork. Check out our valuable insights on why you shouldn’t be afraid of Upwork’s permanent ban to stay compliant and ensure long-term success on the platform.

Conclusion

If you are a freelancer who’s new to the game, I hope these tips will help you take your side hustle full time. If you’re a freelancer who has been at it for a while and still hasn’t gone full time, then maybe this post will give you some ideas of what it takes to make that leap.

Further Reading

How to Become a Freelancer: A comprehensive guide on starting a freelancing career and tips to succeed as an independent professional.

Things to Consider Before Full-Time Freelancing: Key factors and considerations to ponder before making the leap into full-time freelancing.

How to Transition to Freelancing: Learn how to smoothly transitio

Frequently Asked Questions

What’s The Difference Between A Freelancer And A Contractor?

A contractor is a person who is hired to complete specific tasks for an employer. A contract employee may be full-time, part-time, or temporary. Contractors typically work on-site at the company location and are paid by the hour or by the project. Freelancers are self-employed professionals who provide services in exchange for monetary compensation. 

They bill their clients based on time spent working on projects rather than hourly fees (like contractors). Freelancers have less direct oversight from employers than other types of employees do but they often enjoy more freedom than traditional 9-5 jobs offer.

How Do I Get Paid As A Freelancer?

Most freelance jobs will pay you directly into your bank account via direct deposit or PayPal within 2 business days after completing work according to specifications provided by the hiring party.*What questions should I ask before accepting a job?

You should always ask potential clients how long they’ve been in business and how many hours per week their entire staff works together this will give you an idea of whether they’re likely to be around when problems arise down the road.*How do I get clients as a freelancer?

How Much Money Do I Need To Start A Business?

There’s no one-size-fits-all answer to that question, but if you’re just getting started as a freelancer, it’s important to remember that the only thing you need is an internet connection and some basic equipment. The rest of your business costs can be paid for overtime once your income starts coming in.

What Is The Best Way To Start Freelancing?

You could go online and search for freelance jobs, but you’ll find that there are millions of other people doing this same thing. Instead, try going through your network and get your friends and family to refer clients to you. 

This will ensure that you’re getting paid well by a client who has already done business with someone they trust.

How Do I Find Clients?

Getting clients can be tough, but it’s not impossible! Your first step should be making sure that all of your skills are up-to-date so that any potential client will know exactly what kind of work they’re getting when they hire you. If people can’t see how good you are at what you do, they won’t want anything to do with working with them either!