Should You Quit Your Job To Go Freelance?

Do you dream of quitting your job to start your own business and earn a living doing what you love without having to deal with workplace politics and a toxic boss?

You're not alone. Hundreds of people take the leap into self-employment every year. But that doesn't mean it's the right move for everyone.

Freelancing is hard. Your income can be completely unpredictable, you have to self-motivate, and you are responsible for every aspect of your business from generating leads and sales, to doing the work, to managing the finances.

Some people just don't want that pressure. Some people try freelancing and decide it's not for them. Some people love being self-employed.

I can't tell you whether it will be the right move for you. You might not even know yourself until you give it a go. But before you rush into a decision, here are some things you should think about.

Why do you want to go freelance?

People go into freelancing for all kinds of reasons. There's not really a right or wrong reason to do it, but knowing what you want from self-employment could help you decide whether it's the best option.

Many people go into freelancing thinking they'll have more freedom and flexibility, will spend every day doing work they enjoy, and will make more money. And while all those things are possible, they don't come easily and they don't happen instantly.

So unless you are prepared to work hard to make your business a success, you might find your problem could be solved by switching jobs or careers or doing a bit of freelance work on the side.

How long could you last with no income?

Ideally, you'll start earning straight away, but that will only happen if you have clients. Otherwise, you might find you have very low income for the first couple of months (or even no income at all).

And inconsistent income isn't limited to the first few months. Your income can fluctuate at any time. I know freelancers who have suddenly lost 50% or more of their income because their biggest client has ended the arrangement.

You need to be prepared for those slower months and income fluctuations, meaning you ideally need some savings before you quit your job.

Of course not everyone goes into freelancing with a financial buffer, but if you can, it definitely helps. So if you have no immediate need to walk away from your job, set yourself a savings goal and aim to hit that first.

Are you prepared to work hard and learn fast?

Don't quit your job if you think freelancing is going to be a breeze. It isn't. You can't coast your way through it and nobody else will pick up the slack.

If you let a client down, they'll go elsewhere. And that's if you can get clients in the first place. You won't have clients knocking on your door from day one - you'll have to go out and get them.

Be prepared to work hard to build your business up. Be prepared to learn new things, listen to other people, make mistakes, and be disappointed. It's not all doom and gloom, but it won't be a walk in the park either.

You'll hear many freelancers describing the first year in business as a rollercoaster - I did too. Some people adapt and embrace it, others decide it's not for them and go down a different route.

What services would you provide and who would buy them?

Your business will most likely evolve and change in the first couple of years, but that doesn't mean you should dive in without a plan. Think about what exactly you want to offer and who is likely to buy it.

Do a bit of research into freelancers who offer similar services. How do they package them? What do they charge? What kind of clients are they getting? How can you differentiate yourself (tip - don't try and be the cheapest)?

There's no point trying to sell something if nobody is willing to pay for it so make sure there is a market for your services before you put your life savings on the line.

How will you get your first clients?

You might think that being good at the thing you offer is the most important part of going freelance. It's not. You could be the best in the world at what you do, but it won't matter if nobody is buying it.*

The most important thing is getting clients. If you can't get any clients, you won't make any money. And if you're not making any money, you won't stay in business very long.

One of the most common mistakes freelancers make is underestimating how much of working for yourself is sales and marketing. Do not make this mistake. If you haven't got any sales or marketing experience, learn the basics quickly and start developing your skills.

Ideally, you'll have some clients lined up before you quit your job. If you don't, then figure out how you're going to get them.

*(Note: I'm not saying being good at what you do isn't important - you shouldn't be taking money off people if you're not delivering a good service. So be good at what you do, but be good at selling it too).

What support will you have?

Working for yourself doesn't mean you have to do everything alone. There are loads of resources, communities, and business groups out there, as well as coaches, consultants and mentors.

Friends and family can be great but unless they have experience of running their own business, the support they can provide is limited. Find people who can help you get going, give you practical advice, and provide support in those early years.

Ideally, look for people who have built the kind of business you want, not those who are still trying to figure things out themselves.

Which is worse: trying and failing, or not trying and never knowing?

There really is no right or wrong time to go freelance. Only you can decide when it's the right time for you or if it's really what you want to do.

I freelanced for two years around a full-time job before I finally went all-in on my business. But even then, it was a shock to the system. There's a big difference between freelancing on the side and relying on it to pay your mortgage.

I would recommend building up a financial buffer and lining up clients before you quit your job (if you are able to).

If you can't, it doesn't mean freelancing is out of the question. I know plenty of people who have made the leap or been pushed into self-employment without any savings or marketing plans, and they've made it work.

Equally, I've spoken to people who are seemingly in a good position to go full-time with their business, but they don't. They always seem to find a reason not to take the next step. They're usually waiting for the "perfect" time to do it, but perfect doesn't exist.

It's so easy to find excuses to delay when in reality, you're just too scared to make the commitment. And I get it. Quitting your job and putting yourself out there is scary. But if you never go for it, you'll never know whether it was the right move.

I guess you need to ask yourself what you are more comfortable with: staying where you are and never knowing what could have been, or walking away from your job even though there's a risk it might not work out?

Freelancing could be the best thing you ever do. It could be the worst. Or it could be somewhere in between. You won't know until you give it a go. But not knowing isn't necessarily bad either - after all, the grass isn't always greener on the other side.

I know you probably wanted a definitive answer about whether to quit your job or not, but unfortunately, I can't tell you whether freelancing is the right path for you. Only you can make that decision.