Why Freelancing is the Best Side Hustle for Quitting Your Job This Year
Many people associate freelancing with a “go big or go home” mindset. Either you’re a full-time freelancer who achieves all of your goals, or you’re just dabbling. However, freelancing is a fantastic side hustle, and it’s the perfect service you could provide if you want to quit your 9-5 this year.
Having a part-time job on the side for a large corporation may seem to be a steadier and easier method to leave your 9-5. It isn’t. You’ve only traded one boss for another if you quit your 9-5 and flipped your part-time job into a full-time one. You’ve gained no more freedom and probably not much more money.
Freelancing, on the other hand, allows you to be your own boss. This means you have complete control over your working hours, pricing, and business guidelines. And if you’re stuck in a full-time job that you really want to leave for any reason, freelancing is the most effective way to do so.
A side hustle as a freelancer allows you to:
Test your plan
We all have various ambitions and dreams. Some of us organize our thoughts into a strategy, possibly even a business plan. However, plans are nothing more than aspirations unless they are put into action. Maybe you want to be an Etsy jewelry designer. That appears to be a realistic approach, as there are other jewelry designers on Etsy, and the pieces you create are unique and well-liked by everyone you show them to.
However, as a full-time freelancing gig, it may not be feasible. Maybe it turns out that designing and making a pair of earrings takes you ten hours. Perhaps the most your audience will be willing to pay for them is $40, which works out to just $4 per hour.
It’s much better to discover this while working part-time on your dream job than it is to discover it after you’ve quit your 9-5 job and are reliant on your new career’s income to support your entire life.
Slowly grow your business as time allows
You can expand your business slowly by freelancing as a side hustle around your 9-5. It relieves financial stress and allows you to make mistakes and learn from them. With any new adventure or endeavor, there will be a learning curve, so giving yourself time to master new skills and techniques will make the adventure a lot easier.
Nothing like the stress of “crap, how am I going to pay rent?” to make your adventure a flop. Knowing your expenses are covered will allow you to experiment and pivot as you learn more about your business and what it takes to run it.
Choose your clients and projects
You’re probably considering quitting your 9-5 job because you’re dissatisfied with your projects and/or coworkers. Replacing them with shady clients or projects would not improve your situation.
Freelancing as a side hustle gives you the financial freedom to pick and choose your clients and projects, ensuring that they’re all thrilled to work on and pay well. The last thing you want is for your new source of income to become a source of worry because you have to take on shady clients or projects to make ends meet, e.g. rent, groceries, your coffee…
Raise your rates to reflect the value of your skills
You earn less per hour as a full-time employee because you have the security of having 40 hours of work per week and your benefits. To balance things out as a freelancer, you’ll need to charge more per hour, but it can be intimidating to ask for that much money when you’re just starting out and don’t have a good idea of what you’re worth (spoiler: it’s definitely more than you’re charging).
Starting out with the assurance that your basic expenses are covered allows you to gradually increase your freelance rates as your skills improve (or you just prove to yourself how awesome you are.) This means your earnings will grow faster than those of freelancers who are hesitant to raise their fees to match their skill level.
Set up a safety net before taking a leap
Depending on your industry, different times of the year may be slower or busier. If you offer real goods, the end of the year may be your busiest time. If you’re a portrait photographer, you might be busiest around Valentine’s Day or in the fall, when holiday cards are being sent out.
Other times of the year may be slower, and you may not be aware of these busy and sluggish periods during your first year as a freelancer. Having a safety net might provide you peace of mind when things are slow.
Whether you’re a freelancer or a full-time employee, it might be difficult to contribute to a financial safety net for yourself. You may always use the money from your side hustle to supplement your income, and now is an excellent time to pay off any outstanding short-term bills (think credit card, not mortgage.)
Pivot industries if wished
A freelance side hustle allows you to experiment and pivot without jeopardizing your income. It’s a terrific method to get started if you’re a marketer who wants to branch out into web design. You may establish your name, portfolio, and skillset without the financial risk of switching industries as a freelancer.
You also don’t have to stay in your new industry if you don’t like it. You can try a different one to see if you like it better. The flexibility of a freelancing side hustle is crucial since it allows you to experiment and figure out what you like best without the cost or risk of returning to school or taking the plunge only to discover it’s not sustainable or that you despise some of its aspects that you didn’t know existed.
It’s not the purpose to take the freelance jump into a new career you despise, so take advantage of the fact that you have a side hustle to try out several industries and find what you like best.
Decide when you’re ready to take the leap
From a 9-5 employee to a full-time freelancer, you have ultimate control over your schedule with a freelance side hustle. You can select what you’ll need in order to take the leap, like a given size safety net or a set quantity of money coming in each month.
Setting those parameters in advance is a good idea, and so when reached, taking the leap and quitting your 9-5 job becomes a smart decision. Otherwise, you can wind up hating your 9-5 job, putting in long hours on your freelance business, and being too afraid to quit even though you don’t need it.
When it comes to quitting your 9-5 job, the most important thing you can do is develop a strategy and stick to it. You should put down specific goals and an action plan that you are dedicated to and implement on a daily, weekly, and monthly basis.
