Are you thinking about leaving your full-time job for a career as a freelancer? Does fear of the unknown stop you from pursing your dream?
This means you could have a very good chance of completely replacing your current income along with saving money on gas, eating out, and daycare costs.
According to a study by Payoneer these are the top industries leading the way in the freelancing world:
- IT & Programming
- Design & Multimedia
- Writing & Translation
- Sales & Marketing
- Engineering & Manufacturing
- Finance & Management
- Legal Consulting and Misc.
We are all familiar with the “glass ceiling” among male workers versus female. When you set your own rates and work for yourself, you can help close the gap and earn what you are worth:
In fact, it’s very possible to garner a six figure salary according to Daniel Wesley on CreditLoan. “Take a look at the market, figure out the direction it’s moving in, and align yourself with the right opportunities and company,” he writes. “Your goal is to close the gap between what you’re earning now and that $52 hourly wage.”
If you’re looking to move beyond the extra income from side gigs and ready to earn a full-time income then here are a few more reasons to take the leap:
You’re not tied down to one company
An independent income offers flexibility with options to work with multiple clients or businesses as opposed to being locked into the 9 to 5 in one position and company whose specific set of rules need to be followed. Paying for extra perks like health insurance is not a problem when your income is much higher than traditional employment. As you get to work on various projects you can set your own hours and work at your own pace.
You set the fees
The potential to make more money per hour is a lot higher than working for a company as a direct employee. Most companies are willing to pay the higher contractor fee as they get to save money on taxes. Which brings me to an important point — make sure you hire a good accountant who can guide you with the right way to proceed with your business either as a 1099 misc. contractor or an LLC. Because you are the one handling the taxes it’s easy to lose out if you don’t know about the right way to file and which write-offs are available to you.
Builds your skills
If you are working on different types of projects that require wearing several different hats then you have the opportunity to add to your skill set, which may not be as possible through employment for one company. This also allows you to add important input for your clients and help them improve their products or services. Think of this as free education and training, which equals job security as you become more marketable.
Layoffs don’t matter any more
When the economy is down employees lose out and are faced with the dreaded “pink slip.” When you work for yourself you can build your own nest egg and client base without the fear of being fired. As long as you don’t place all of your eggs in one basket you can allow a diverse enough list to carry you through the lean seasons.
More companies are open to hiring contractors
The latest trends over the last few years have shifted more toward hiring an outside person on a contract basis rather than going through the expense of bringing on a full-time employee in-house. There are a lot of reasons for why this is happening, one of which is the high cost of Obamacare along with the large tax burden placed on businesses. Contractors also offer specialized skills without any personal baggage that might come along with a worker inside the company. This also saves a business money on training and education as freelancer already comes equipped with the experience that they need.
Once you decide to more forward as an independent contractor you will want to transition slowly if you are currently employed, as well as plan ahead for any expenses such as medical insurance, an accountant, a retirement savings plan, ect. It’s always a good idea to have a savings buffer in place to carry you over through your transition or any unexpected emergencies that might come up.
It’s not hard to become an online freelancer or start your own business while working in a full-time job. Just download my free eBook, and get started on your career today: