9 Things to Know Before You Go Freelance
Are you thinking of going freelance? In this video, I'm going to share with you 9 things you need to know before you dive in fully into freelancing.
Hey there, my name is Mika Matinazad and if you're a fellow filmmaker like me, you've probably been considering freelance work as an option. I’ve been a full time freelancer for over 4 years and hope to keep going for many more. The thought of being your own boss, setting your own hours and having control over how much money you want to make sounds pretty appealing, right? But it's not as easy as it sounds. There are a few things you need to know before making the jump into freelancing.
In this post, I'm going to share with you 9 of them:
You will work all the time: I'm not kidding, when you don't have to be in an office from nine to five, your work day becomes much longer. I typically start working around eight or nine in the morning and will continue working until six or seven, take a dinner break and work even more. This can be a great thing because it allows you to have a lot of control over your schedule. However, it can also be a little bit daunting because you may feel like you're working all the time and never really getting a break.
Savings: The freelance life is not meant for everyone. While it can be incredibly rewarding, it can also be unpredictable and full of financial ups and downs. When you're first starting out, you may find yourself struggling to make ends meet. Even if you have plenty of work lined up, it can take a while for your invoices to get paid. This can be a frustrating and stressful time, but it's important to remember that it's just a temporary setback. With a little perseverance, you'll soon start seeing the fruits of your labour. So, if you're considering making the leap into freelance life, just be prepared for a little financial turbulence along the way. I would personally suggest having at least 3 months of expenses saved up and put away before getting started.
Taxes are higher: One thing that people don't realize is that when you're self-employed, your taxes are actually higher. This is because you have to pay both the employee and employer portion of taxes. For example, if you're in the United States and you make $50,000 as a freelancer, you'll actually owe between $10,000 to $15,000 in taxes depending on the state you live in instead of the $12,500 you would if you were employed by someone else.
Healthcare is hella expensive: This is something that I put off until 26 since I had help from my parents health plan. When you're freelancing, you don't have access to employer-sponsored health insurance. This means that you have to buy your own health insurance, which can be very expensive. In the United States, the average cost of health insurance for a single person is around $400 per month.
You're always representing your business: When you're a freelancer, you are your business. This means that everything you do is a reflection of your business. If you're rude to a client or deliver subpar work, it's going to reflect poorly on your business. If you go above and beyond for a client or produce great work, it's going to reflect well on your business. Your reputation matters even more in the video production world because most jobs spread through word of mouth.
You spend a lot of time alone: This can be a great thing if you're introverted or enjoy working by yourself. However, it can also be a little bit lonely. I personally enjoy being at home and working in the comfort of my own house. I work out of coffee shops maybe once or twice a week but I find that I’m the most productive when I’m a quiet calm setting so home works best for me.
Routine is important: Even though you don't have to punch a clock or stick to a nine-to-five schedule, it's important to develop a routine when you're freelancing. This will help you stay focused and productive. For me, I typically start working around eight or nine in the morning and work until five or six in the evening. I take a break for lunch, exercise in the afternoon and try to take a few breaks throughout the day to play with my dog, grab food and coffee or run errands in the afternoon.
You have to keep learning: One of the great things about freelancing is that you're always learning. Whether you're learning new skills to offer your clients or picking up new business tips, it's important to be constantly learning and growing. This will not only help you become a better freelancer, but it will also help you attract more clients.
Your portfolio matters: When you're freelancing, your portfolio is everything. This is what potential clients are going to look at when they're considering hiring you. Therefore, it's important to make sure your portfolio is up-to-date and showcases your best work. As a freelancer, it's important to have a strong social media presence. But you need to decide whether you want to use your personal accounts for promoting your freelance business. Many freelancers are perfectly happy using their personal accounts for work-related purposes. But if you prefer to keep things separate, it's worth setting up some dedicated freelance accounts. This way, you can build up a professional network and showcase your work without muddying the waters of your personal life. I personally keep it 80% work and 20% personal since I want my friends, family, and other people to know I’m human and do every day human things.
Hopefully this gives you a better idea of what to expect as you start freelancing. It's a lot of work, but I’ve never regretted choosing the freelance route. It’s enabled me to make more money, pick what projects I want to work on and not take orders from a lousy ole boss. If you're thinking about making the switch to freelancing, keep these things in mind and I guarantee you'll be on your way to “great success”. Thanks for watching!