Freelancers sell their work or services by the hour / day / project and can have a number of different clients, rather than working on a regular salary basis for one employer. This style of working suits certain industries such as the arts, media and technology. Example roles include writer, performer, TV producer and interpreter.
It can be a fantastic option if you are looking to work for a few hours a week whilst you are studying, for example writing articles for a magazine or producing code for a website. For graduates, it is also a way to build up different kinds of experience with different organisations. For certain roles, such a journalist, designer or actor, it is virtually impossible to find a full time permanent job – the work available is all based on short term contracts.
Being flexible is the key. You may want to have a part time job on the side, to make sure you have a steady stream of income before deciding to become freelance on a full time basis.
Here are some top tips on going freelance from former QM student, Basil Ballhatchet, who now works as a freelance translator.
- Timing is important – if you have just graduated and have the industry skills needed and an original idea / know there is demand for what you offer, you may want to start straight way. However, you might decide to wait until you have built up experience in a specific area (and made industry contacts) before you start on your own.
- Make sure that you have savings or another income that will allow you to survive for at least six months. You may find it takes time to find clients or to set up a business/accounts or to receive your first revenues from clients.
- Try to have a couple of clients lined up when you go freelance. You may even be able to start while you are still in permanent employment. Make sure you keep a record of additional income and pay tax on it. You don’t want tax issues at a later date.
- Before you go freelance (if you don’t have any potential clients), research the market properly to understand whether there really is any demand for your services and how best to market such services.
- Find a good accountant, preferably through family or friends and have a chat with them soon after you start, so that you understand how to deal with taxing your income and keeping accounts on a regular basis.
- Plan your finances: try to save at least 40% of your income each month. You will need to pay for your first year of tax and the following nine months in one go, so you have to plan ahead.
- Plan your work and if possible build a network with other people offering similar services. You may find in some cases that you are unable to take on all the work that you manage to attract and you can refer the client to another supplier like yourself.
- ALWAYS be honest with clients if you cannot take on all the work and propose such alternatives. If the client agrees to the alternative supplier, you have managed to both demonstrate your reliability to a key client and have also helped out another freelancer. You will find out in time that other freelancers will also generate work for you.
If you would like to talk about your options, book an appointment with a Careers Consultant.