Being self-employed is not easy. You have to be your own boss and make your own decisions. There is no one to tell you what to do or how to do it, but you are also the one that has to deal with all the responsibility and, of course, finding ways to get paid! Freelancing can be a great way of earning an income while spending more time with family-which is why so many mums find themselves turning to freelancing when having children; whether that’s due to their bosses not accomodating flexible working or not being able to afford the expensive childcare in our country.
Whilst it sounds ideal there are some challenges that come along with this type of lifestyle. One of them is potentially financial instability (compared to a regular wage) and another one is the lack of social support from colleagues or managers at work. As well as having to deal with childcare, whether that’s grandparents watching your children, signing up to preschool programs in Canton, MD, (or wherever you are) or juggling it with your partner.
As someone who has been freelance for 5 years (before I had my son), I thought I’d share my top tips for going freelance.
You still need childcare
It’s worth noting that freelance isn’t productive if you have zero childcare-whatever social media will have you believe, working around nap times is hard and almost impossible if you’re juggling multiple clients and deadlines. Whilst the thought of not having set hours is appealing, looking after kids all day and working all evening is a recipe for disaster. The good news is you can work more flexibly-my son just goes to nursery until 2 pm which means longer with him and lower nursery bills.
Budget accordingly
Make sure that you have enough money saved up before you go freelance if you can-ideally at least a few months’ wages (this is why people go freelance whilst on maternity leave as they have a bit of a buffer). Consider other financial elements-getting professional insurance just in case something happens while freelancing and contributing to a pension.
Don’t always work from home
Don’t just work from the living room-I try to get out of the house to work at least once a week, otherwise you can quickly go stir crazy. Coffee shops, co-working spaces, or just alternating houses with friends so you have some company. This is easy if everything is stored digitally but it’s also possible if you need to use physical documents too-you might rent a more permanent desk with storage in a co-working space or use a smartbox Storage box to carry things around.
Set Boundaries
Work/life balance is a term that refers to how well the person is able to manage the different aspects of their life. It’s important for people to be able to maintain a healthy balance between their work and their personal life and this extends to freelancing. Make sure you explain to clients your working hours and how to contact you when you first start working together. Also have clear terms and conditions for payment and managing workload.
Be tax ready
With the switch from employment to being freelance, it’s important to save money for taxes and national insurance contributions-which are usually paid twice a year (or just once in January if you owe less than a £1000 tax)
It can be daunting but with the help of an accountant and some research on the internet, it is possible to save money for taxes-most usually recommend putting aside 30% of any earnings.