Can Freelancing Be a Full-Time Career?
Things you should know about freelancing full-time
There are a lot of talks these days about the “gig economy” and how more and more people are finding work as freelancers. Finding time to work on your freelancing business can be challenging when working a full-time job.
You may feel like you’re spread too thin and not making enough progress. Or, you may be tempted to quit your day job to focus on your freelancing career. Here are some things you need to know about freelancing as a career.
Is It Possible to Turn Your Freelancing into a Full-time Career?
Yes, it is possible to turn your freelancing into a full-time career. For many people, freelancing is a great way to earn extra money or supplement their income from their full-time job. However, some freelance to make it their full-time career. While it is certainly possible to achieve this goal, it takes a lot of hard work and dedication.
Additionally, it’s essential to build up a financial cushion before making the switch to prepare you for any bumps in the road. Once you’ve taken these precautions, turning your freelancing into a full-time career is possible.
Revolancer is the perfect place to start if you want to turn your freelancing into a full-time career. By securing a few long-term clients and establishing yourself as an expert in a particular niche, you can gradually transition from your current job to a full-time freelancer.
How to Build a Successful Freelance Career
It can be tough to make a living as a freelancer. You’re your own boss, which means you’re responsible for finding your own work and projects. And, since you’re not working regular hours in an office, it can be hard to stick to a set schedule. But there are a few things you can do to set yourself up for a successful freelance career:
- Find Your Niche
When starting, it’s essential to find your niche and focus on that. If you try to do too many things, you’ll spread yourself too thin and won’t be able to excel at any of them. Once you’ve found your niche, build a portfolio that showcases your work in that area.
- Network, Network, Network
When you’re freelancing, networking is essential for two reasons: first, it helps you find clients, and second, it helps you build relationships with other freelancers. You never know when someone you meet will be able to help you with something or introduce you to someone who can.
- Always Be on The Lookout for Long-Term Projects
This may mean partnering with a few key clients or working on a retainer for a set period. Not only will this provide some stability for your business, but it will also give you the chance to show off your skills and build trust with your clients.
Typically, one-off gigs don’t pay as well as ongoing assignments, so it’s in your best interest to secure ongoing work whenever possible. By following these simple tips, you’ll be well on your way to carving out a successful freelance career for yourself.
- Market Your Skills Effectively
Be sure to put together a strong portfolio that showcases the kind of work you do best. Then, use social media and other online platforms to reach out to potential clients and promote your services. You’ll have no trouble finding work if you can market yourself successfully.
How to Deal with Taxes as a Freelancer (UK only)
If you’re a freelancer, taxes can be a bit of a tricky subject. On the one hand, you must ensure you’re paying your taxes correctly and on time. However, you also don’t want to overpay and give the government more of your hard-earned money than necessary. Here is how you can strike the right balance.
Types of taxes freelancers must pay (UK only)
Freelancers often enjoy a great deal of flexibility regarding their work. However, one area they must be very disciplined in is taxes. Unlike employees, who have taxes withheld from their paychecks, freelancers are responsible for paying their taxes throughout the year. This can be a bit daunting at first, but it’s not so difficult once you understand the basics.
There are three main types of taxes that freelancers must pay: income tax, self-employment tax, and business tax.
- Income tax:
It’s simply the tax you owe on your earnings. You need to register for self-assessment with HMRC if you’re self-employed.
- Self-employment tax:
It’s a Social Security and Medicare tax that all self-employed individuals must pay. Consumers are required to pay (VAT) Value Added Tax on most, but not all, items and services. Currently, the UK’s VAT rate is 20%.
- Business tax:
Any tax levied on businesses, such as sales or property tax. As a freelancer, it’s important to be aware of the business taxes you may be responsible for. Sales tax is one common business tax, and it’s levied on businesses that sell products or services.
Property tax is another common business tax, and it’s levied on businesses that own property. Depending on your freelancing business, you may be responsible for paying one or both of these taxes. Be sure to research your state and local tax laws to learn more.
By staying on top of your tax obligations, you can avoid penalties and interest charges down the road. And that will help you keep more of your hard-earned money in your pocket.
Consult an Expert
Tax can be confusing, especially if you’re self-employed or have a complex financial situation. And even if you don’t, it’s easy to make mistakes that could cost you money. That’s why it’s always a good idea to consult an expert if you have any questions about your taxes.
A tax specialist can help you determine your eligible deductions and ensure you’re taking advantage of all the tax breaks available. They can also help you understand the tax implications of financial decisions, such as selling a home or investing in a new business. In short, a tax expert can save you time, money, and stress.
The Bottom Line
Freelancing can be a great way to make money and have more control over your career, but it’s not always easy. Just remember to stay organised, keep track of your finances, and take advantage of all your resources. Following our tips, you can set yourself up for success and turn freelancing into a full-time career.
Before you go
If you like this article, you might also want to check out 5 Most Common Assumptions about Freelancing in order to have a clearer idea about how you can dive headlong into your freelancing career.
Freelance marketplace: Revolancer