Giving up on freelancing? What to consider?

The thriving economy of freelancing has created jobs for over 2 million freelancers in the United Kingdom alone. With the many benefits provided by being a freelancer, people are shifting their schedules towards the flexibility that it brings. Instances, where freelancers found themselves torn between leaving their full time employment and entering the gig economy, have also increased, and have caused some questions and concerns to be raised. 

Here are some of the things you might consider before entering the gig economy: 

Building a sustainable freelance business takes time

This is the reality both for employees and employers. Building a good reputation in any career is not an overnight exercise, it takes time. Even if you have a lot of great skills, you can’t just become a freelancing success overnight. It takes time to build up your business and it starts by growing your network. Quitting the freelance world might cost you contacts, work, and make you feel that you have wasted a lot of time and energy building up your profile and personal brand. 

Expect income fluctuations

One major drawback of leaving full time employment is that your income will fluctuate. You will move from a steady income to earning as much as you can work for. You could lose clients and experience fast changes in your workload. 

If you have tried to enter the Gig Economy and have not been successful in finding work and contracts then the financial burden might be taking its toll and you might be forced back into full time employment. Even if you lose one of your biggest clients, that can still open the door for more clients to come, so long as you keep your ideas open and pitch to prospects regularly. Better to have a financial plan first before leaving a job that you’ve been comfortable with for some time.  

If you are thinking about leaving freelancing, ask yourself if that will make you happier in the end. It is not always the cash you make, its also your personal welfare and peace of mind that is important.

Before giving up on anything, think to yourself “Have I done all that I can do?” 

Will I have regrets when I make this decision?

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