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Thread: Thinking of Going it alone

  1. #1
    Moderator RazoRmedia's Avatar
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    I currently take on a lot of freelance work yet I also have a full time job. I am thinking of going it alone but there are the worries of paying the bills etc without a steady income. Advice is needed, preferabbly from people who have been there and quit work to start up themselves.

  2. #2
    tell me, is this sellable..... OddDog's Avatar
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    only do it if your client commitments are sure and steady.

    then think on it some more.

    does your personal position (are you married with little ones ??) allow you to take such a step.

    then think some more.

    i personnally find it great, but the money side can get tough, (paid the car and health insurance last month). I enjoy it.


  3. #3
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    I had some unexpected joy talking to my bank, insurers etc explaining my change and now have some flexibility on my regular payments as long as I let them know in advance and always make good on my promises.

    The biggest problem for me (as for many small businesses) is the vagaries of cash flow, so I'd recommend having at least 3 months of overheads in the bank to fall back on if at all possible when you first start.

  4. #4
    Moderator RazoRmedia's Avatar
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    Originally posted by UK_Mac
    ...so I'd recommend having at least 3 months of overheads in the bank to fall back on if at all possible when you first start.
    thats the main problem UK_Mac !?

  5. #5
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    *he-he*

    Yep, chicken and egg

  6. #6
    Senior Member Geoff Edwards's Avatar
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    Related Question

    How many freelancers are thinking about getting a full time job and doing their freelance thing on the side?

  7. #7
    tell me, is this sellable..... OddDog's Avatar
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    no i will stay as i am am, a freelancer, but i agree with ukmac, the health bank account is VERY important, because at some stage clietns will pay late, but your creditors will not allow you to pay late.

  8. #8
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    The Minister of No Crap

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    Re: Related Question

    Originally posted by Geoff Edwards
    How many freelancers are thinking about getting a full time job and doing their freelance thing on the side?
    Well, I was thinking about it, but now I've done it.

    -scott
    http://www.scottmanning.com/

  9. #9
    ....he's amazing!!! lesli_felix's Avatar
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    Have you had a steady stream of freelance work for a reasonable period?
    Is there more work you could take on to replace your full-time job, and would it pay more?

    If the answer to these questions is yes, then consider going for it.

    But always remember the grass seems greener on the other side. And not being able to phone in sick when you fall ill is a real pain-in-the-arse.

    Timing is also crucial, you'll need to make the transition when you have a decent amount of projects in hand, and doing it without a little capital is very dangerous. hopefully you won't need the extra cash, but the peace of mind is priceless.

    Consider too, the possibility of negotiating a part-time role, and give it six months and see how you feel. You'll need your employer's co-operation for that, though.



  10. #10
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    have a really serious thought about that ( as if you didn't already)
    i mean, just be carefull / and make sure you have some amount of money appart for those calm months //
    ---------
    try a 3/5th working week or something part time /
    ---be carefull /


    g'luck

    sven

  11. #11
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    i would also say, think very long and hard about what it will really be like working from home (i am presuming that is where you will start from)

    I work for myself and i think it is fair to say, and i hope the other will agree, it really comes down to how motivated you can keep yourself and your mental dissapline.

    Also take into consideration what level of work you will need to do to match your current salary, not pass it, then decide if you are prepared for a lot of headaches and restless nights.

    Yes i prefer working for myself, but i also have no choice. It is a very nice option to not have to worry about things so think carefully, and as someone else said, do you have a wife / kids to take into the equation??

    My biggest problem that i have working from home is that i am bone idle at times and know that i should do a LOT more than i actually end up doing, but that is because i am a lazy oik, but be aware that it is not as easy to work from home as you first think.

    Also - remember the potential hidden costs there might be - internet facilites etc.. plus the big downside of you have foot the bill for new software and hardware etc...

  12. #12
    Senior Member Geoff Edwards's Avatar
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    This is an interesting discussion.

    We are tending to focus on the negatives associated with "going it alone." There are some nice tax inplications for self employed people. That latest software is a write off. A new hardrive? Keep the reciepts and write it off. You have to do the paper work... There is freedom to knock off and go to the beach and work late instead; as long as you meet clients deadlines. You can network with others in your area on the golf course or at lunch who may know of people who need your services or can themselves use you. There can be a tremendous sense of satisfaction from doing well from your own efforts.

  13. #13
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    absolutely, i think most of us who have posted work for themselves, they are defintely lots of rewards, if you have kids you can spend more time with them etc.. i suppose it is that the benefits are easy to think of but the disadvatages are perhaps not so obvious but well worth being aware of.

  14. #14
    think about this, as a designer at a company, you only have to do one job, as a freelancer, you have to do 3 jobs.... a salesman...a project manager.... and a designer.....put some serious thought into it

  15. #15
    Senior Member Geoff Edwards's Avatar
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    Thanks stinkyfatpig75,

    That's a good point. Sales being the very different but (oh, so important) task to most new to the self employed game.

    To that list you can also add "bookeeper" at least in the start-up phase.

  16. #16
    concentrate on your design...... oh and one more thing....HEALTH INSURANCE!!!

  17. #17
    roll`em easy
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    listen to my advice - don`t do it - You better keep your job

  18. #18
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    As a single mom of 2 - I have found working from home to be my best option. I can be there for them, the money is pretty good and I have a lot of flexability in my schedule.

    It beats paying childcare, and If I blow off a few hours durng the day, I can make it up at night when they are in bed. Granted, the flow isn't really steady yet, but if I apply myself better - it would be (warning, you can get lazy at times.) I have never missed a deadline and always keep my clients happy. What more can be said!

    Also - I joined the local chamber of commerce - it helps to get group health insurances, discounts on cell phones, long distance, and a HUGE bonus for networking and getting new clients/contacts.

  19. #19
    Senior Member Geoff Edwards's Avatar
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    melward,

    You bring up a good point. The lifestyle.

    If you have a spouse that is employed outside home you can easily match holidays (perhaps they can tag you onto their benefits package). For child care it is great. I have been working mostly from home since 1986. My kids always came home to me. Sometimes it is hard to work while kids are haveing a hassle but it was nice to be there for them.

  20. #20
    ....he's amazing!!! lesli_felix's Avatar
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    Originally posted by stinkyfatpig75
    think about this, as a designer at a company, you only have to do one job, as a freelancer, you have to do 3 jobs.... a salesman...a project manager.... and a designer.....put some serious thought into it
    That's right, you need many more skills and experience to freelance.

    Also, you forgot programming, accounting, answering the phone, and sorting through all the junk mail.

    But if you move to a position requiring extra responsibilities, experience and skills, you generally get a good payrise, and freelance work is no exception.

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