Now that I’m hitting my five-month mark as a full-time freelancer (yikes? hooray?), I’ve been reflecting about what I used to think freelancing would be like what it’s actually all about. You might even compare it to seeing something in a movie and then experiencing it in real life. For instance, daydreaming about, say, sliding down a snowy hill on piece of flat cardboard, and the act of doing it, where the snow is most likely icy and hard rather than the soft, powdery stuff.
Here are some misconceptions I had about the world of self-employment:
It’s Either Feast or Famine
Sure, there are times when you’re incredibly busy—and then there are times, not so much. When it comes to how busy you are, there are also a lot of gray areas. For instance, say you’re working at a steady clip, and you have enough clients to get by comfortably. And then an opportunity comes your way. It’s not a job that you’re extremely excited to take on, but it’s also not one that you make a “whoa that smells super bad” face at, either.
You hypothetically have the bandwidth to take it, but at the same time taking on another gig cuts into time you could be spending working on a passion project or just piddling around doing nothing. Of course, this is the freelancer’s equivalent of a champagne problem. So you have to gauge whether it’s worth it to you.
Say you could really need the money, but your heart isn’t into it. You might risk passing up an opportunity that comes your way or do shoddy work because you just didn’t care about the project. In that case, even if you’re low on funds, the money might not be even be worth it.
You Are Your Own Boss
Well, you’re self-employed, meaning you get to handle your own accounting, health insurance, and self-employment taxes. Congrats! Just kidding, sorta. While you technically are your own boss and can decide whether to accept a gig or work with a client, conversely you have like five bosses, all with different demands and schedules. So you’re going to have to do a bit of a juggling act. Depending on what work you do, you still have to meet deadlines and turn in quality work that your clients are happy with.
You’ll Generate Tons of Money from Multiple Streams of Revenue in No Time
Okay, maybe it was just me who thought this. Although I have been extremely fortunate at landing new writing gigs and clients, I can’t say I’ve been able to rake dough through seven different channels of revenue, which is the online buzz on how to become a self-made millionaire.
Because the potential is there so create a new platform (i.e.,YouTube series, podcast) and products (i.e., affiliate marketing, online course, self-published ebook), there is also the reality of how much time it takes to produce a new platform, product, or service. I’ve been a lot more careful about choosing long-term projects because of how much time I’ll need to invest in such a venture.
A few years ago I was obsessed with the idea of creating an Etsy shop. One of my best friends was kind enough to talk me out of it, reminding me of how much work it takes to build a business. Making the products is one thing, but building a platform and an audience is an entirely separate game. I went so far as to purchase the domain and created social media accounts before I realized that I really didn’t have time or audience to make it work. I was glad my friend was real with me and gave me a reality check.
You Get to Lounge Around All Day in Your PJs
You could wear sweats and nobody would care, but you’re also definitely hard at work. And while you do have a ton of freedom and flexibility in how you structure your time and make your money, you need to be super disciplined at staying on top of things.
I’ve been able to stay afloat as a freelancer by doing a combination of copywriting for the web, personal finance writing for blogs and corporate brands, and picking up hours at my old job. (I’ll get more into creating a CRM, or Customer Relationship Management strategy in a later post.) Right now my personal finance writing is growing a lot, which is pretty awesome. But it’s definitely work, and focused work at that. Meaning you don’t get paid for going to the bathroom or hanging around the water cooler.
Since I’m still relatively new to being self-employed, I’m sure I will uncover more half-truths about freelancing along the way.
What misconceptions did you have about freelancing?
I really enjoyed this! I have been a freelancer for 3 years now and I love the “you are your own boss comment”. You are correct – there are multiple bosses. Actually I truly believe whenever you are in business you are working for the public at large so you are NEVER self employed.
Thanks for a great article.
Yes! It’s kind of a grey area, and almost an illusion to be your own boss at times.