There is more to working for yourself than lazy days spent in pyjamas, leisurely responding to emails while lounging with your cat. Deciding to quit your stable 9-to-5 in favour of being your own boss is daunting. Here are a few things that no one tells you about taking the freelance plunge.
1. You're going to have to start slowly.
Even if you happen to have lined up a few clients, swopped a few business cards and even sent out introductory emails, it may take some time to get off the ground. Patience is essential, you will get there. It may just take a little longer than expected.
2. Sometimes you have to say no.
As difficult as it may be to turn down a job, you may sometimes have to pick your battles - and clients - carefully. The lost sleep and endless weekends spent at your computer are sometimes just not worth it. Don't set unrealistic goals for yourself or take on work you can't practically handle to make up for lean times.
3. Save. Save. Save.
There will be good months and there will be difficult months where clients forget to pay your invoices and simultaneously seem to vanish into thin air. Freelance work is particularly hard to come by during the festive season, a time when paid employees go on paid leave and freelancers just suffer. In these times, it is essential to have some money saved to fall back on for essentials like rent and food.
4. Beware, the taxman.
No one tells you that you will automatically be taxed 25% of your earnings. Yes, for every invoice. Most clients will deduct this and send it off to the South African Revenue Service (SARS) for you, but sometimes you have to keep track of it on your own and make sure to get it to SARS before you're met with a hefty tax bill. You might get something back from SARS when it comes to tax returns season, but make sure to keep all your documentation in order.
5. Time is money.
You will have friends, former colleagues, cousins and friends-of-friends pop into your inbox with "quick questions" and requests for "some advice". While there is no harm in helping people, be aware that your time is money and you can't afford to spend endless hours consulting on a project that you are going to see no gains on.
6. Exposure doesn't pay the bills.
Say no. Again, your time is money and your skills are valuable. If you're a freelancer who needs to make a living through your skillset, always negotiate the best deal for yourself. A paying job always trumps a non-paying one.
7. You'll need to rely on others.
Even though you may no longer work in an office, it's a good idea to build up a network of freelance colleagues. You'll be able to offer each other support, ask for advice, and most importantly you will be able to share contacts and pass on jobs to one another when any of you is over capacity. It's a sweet deal.