Going Freelance: the first 5 things you should consider

One thing that's certain right now is that nothing's certain.  We're living in truly unprecedented times where the fabric of our working lives is being torn apart and restitched.

We've noticed that many Escape members are restructuring their working lives, with many dusting off the idea of going freelance. We're staying extra connected to our community during this period of uncertainty and offering gratis advice and guidance where we can.  With this in mind, our COO Skye Robertson shares 5 things you should consider when going freelance, and we've linked to the full video recording of the webinar at the bottom of the article too.

1) Preparing to take the leap

During periods of severe uncertainty, it can be really tempting to jump into something new instantly. But you shouldn't do that without making preparations. In the first section of the webinar, Skye discusses laying the foundations for making the freelance leap. These include:

Getting your personal finances in order:

• Understanding that personal finances are personal; auditing your current finances.
• Setting achievable goals and making plans: How much do you need? By what date?
• Assessing your two actionable levels: spending less and saving more.

Setting yourself up well before you leave your job:

• Getting the essentials in order: finances, networks, plans.
• Crafting your proposition and marketing plan.
• Building relevant skills - what’s missing in your skillset?
• Designing a new working pattern for yourself.

Getting a few gigs under your belt:

• Getting exposure on freelancing sites.
• Reaching out to old employers for potential work.
• When you should and shouldn't work pro-bono.
• Engaging with and building networks.

2) Crafting your offering

Next up, it's time to figure out what you're offering is. This doesn't just mean having a vague conception in your mind, but establishing a genuine, quantifiable offering. It means knowing what you are as well as what you're not. In this section, the webinar explores:

Figuring out what you're offering:

• Looking at your existing skills.
• Asking your friends' opinions.
• Identifying what excites you.

Building up your personal brand:

• Understanding that you already have a personal brand.
• Analysing what values guide you at work.
• Thinking like a supplier; you’re trying to be one.
• Using LinkedIn to boost your profile.
• The 3 Cs of personal branding (watch the webinar below for insights on this)

Getting your pricing strategy right:

• Establishing open, transparent communications.
• Practising communicating & justifying your price.
• Knowing what you need to do to charge more.
• Tackling "is there a fee?"
• Testing pricing models.

3) Build your portfolio

Section 3 of 5 of Skye's webinar covers Building Your Portfolio. This is about developing a substantive catalogue of services, backed up by past examples. And from here, understanding how you can make a solid, scalable career out of going freelance. We'll look at:

Balancing your project portfolio:

• Understanding assumptions surrounding freelance careers.
• Understanding the flexibility of freelance careers.
• Creating your 3 Balance Goals.
• The 4 levels of an investment portfolio.

4) Managing your finances

Stage 4 of our Going Freelance webinar features tips from Escape Programme Leader Stacey Lowman, the founder of Pachira Money. This section will look at ensuring you ask yourself the right financial questions (and knowing how to answer them). Her tips cover:

• Committing to regular financial reviews.
• Owning your own schedule.
• Feeling comfortable talking about money.
• Adopting good personal finance habits.
• Setting up the right bank account.
• Taking care of Tax, National Insurance and VAT.

5) Keeping Yourself Sane

Skye rounds off the session by looking at keeping your head above water. Going freelance can be incredibly rewarding, but there are also natural stresses you'll incur. Skye looks at the following fears and how to counter them:

• Money drying up.
• Saying yes to everything.
• Never switching off.
• Slipping into other bad habits.
• The struggles of irregular income.
• The guilt of saying "no" to free work.

Watch the webinar on how to start freelancing here.

Curious about going freelance but need more guidance and inspiration to get started?

Join our How to Build your Freelance Career webinar to help you navigate the world of freelancing. You will learn:

• How to design a work-life around who you really are
• How to build resilience, to not give up when times are tough
• How to meet new people and find new opportunities
• How to structure your time
• How to sell yourself and choose the right work
• How to stand out from the crowd and be better than the competition
• How to manage your finances on the journey