Have you been thinking about leaving your job and start doing freelance work? Are you afraid to take the leap? Let's take some time to discuss some problem areas concerning freelancing.
What is a Freelancer?
A freelancer is a person who sells work or service without any regular salary, because he or she is as an “independent” contractor. Some do freelancing full-time, others part-time, that is, to augment income one gets from a regular paid job. A few register as consultants of a professional association that offers the services of these consultants to a bigger market. Currently there is an estimated number of 1.5 million Filipino freelancers based on a study done for the UP School of Labor and Industrial Relations (1).
Benefits and risks of freelancing
One major benefit of becoming a freelancer is the flexibility of work. You get to choose if you want to work full time or part time, and you get to work anywhere, even as you are travelling. Another benefit is you get to save on cost and get back more precious time for self and family. No more wasting precious time in traffic to and from work, no more expenses on transportation cost, no more inconvenience in being stuck in long lines waiting for the next jeep or bus to work. This allows you to save some extra money and spend more time with people you love.
As for the risks, one major thing to consider when you leave corporate work to become a freelancer is that there is no guarantee of fixed monthly income. One big problem facing freelancers is the lack of standards on contracts and fees. We've heard of some horror stories of freelancers not getting paid by clients. Compared to a corporate career, the world of freelancing can be unpredictable and intimidating. There is no job security that a corporate job can give you, no health insurance, no paid holidays and other benefits. This is the reason why even with the best technology and internet service, not a lot of people are willing to take the risk of becoming a freelancer. While issues like finding work and creating a stable income stream are often seen as top roadblocks to doing freelance work, it's important to remember that it's been done by hundreds of people already. If they can do it, so can you!
How to Transition to Freelance
The good news is that "The Philippines' freelancer market is a growing segment and is poised for further upsurge, with more Filipinos looking to getting freelance work from overseas," said PayPal Southeast Asia's head of strategic partnerships Abhinav Kumar (2). A well planned freelance life can be just as stable as having a full time corporate job. The scariest part is taking the leap. But there are some steps you can take to equip yourself for the transition. One is to save up for an emergency fund that could cover around 3 to 4 months of expenses. This is because as a newbie freelancer, you may have a rocky start and you might struggle looking for clients.. Another way to prepare is by studying. Enroll yourself in an online course, seek mentors that have been successful in the world of freelancing. Join online groups for added support and do your research. There are many online courses you can take to learn the various jobs you can do as a freelance. Before you even consider leaving your corporate job to go freelance, ensure you have enough money saved up for health insurance if HMO benefits are important to you and your family. You may also want to find other ways to temporarily earn extra cash that will fit your freelance schedule to supplement your finances as you transition full time into becoming a freelancer.
Taking the Leap
Now that you know how different corporate work is from freelance work, it is time to have that self-discussion. Assess your skills and priorities and what you want to achieve. A freelancer is a self-motivated person who needs to be self-disciplined. It can also be a lonely job because you will work alone and be solely responsible for the work you produce. It's important to really think about how you will thrive physically, emotionally financially as a freelancer before you make any decision you might regret. As with any type of job, there's no guarantee that you will succeed, but it can be a rewarding job if you have the passion and grit for it. If you are lost where to start, I would recommend the Filipino Virtual Assistance as they are committed to help you until you find your first client. They will teach you where and how to start especially when it comes to finding clients. The freelance workforce will continue to rise and with the help of internet and technology, more people will be available to do freelance work. Time is a valuable currency and freelancing allows you to work from anywhere, be your own boss and explore various careers you may have never thought possible.
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