When we said goodbye to 2013 and rang in 2014 (by we, I mean most of you, because I didn't even stay up that night zzzzzzzzzzz), I never thought my life would change so much this year.
One of the major changes was switching from being a full-time salaried copywriter to a full-time freelance writer and (struggling!) businesswoman.
Whenever I mention to new acquaintances what I do for a living, most of them would say I'm so lucky to work from home as my own boss. But honestly, being a full-time entrepreneur, like other careers, has its own ups and downs.
So for those of you who are interested to go solo career-wise, since I have done three months' worth of legwork, I hereby present for your benefit the pros and cons of being a full-time freelancer or a business owner working from home:
Photo credit: Google
PROS OF GOING FREELANCE FULL-TIME OR RUNNING YOUR OWN BUSINESS FROM HOME
1. You have more control of your time.
- It's SO NICE to be able to run errands during normal office hours instead of having to apply for one day's leave from work like before.
2. No traffic congestion during your commute to and from work.
- It's just an easy stroll from your bedroom to your workspace.
3. No work dress code.
- You can even work in your PJs!
4. No office politics or gossip.
- Because the only staff in the office is you. Yay!
5. You think like a business owner instead of salaried staff.
- Because you're now running an empire enterprise.
6. Hobbies and interests previously neglected are now getting some love.
- Being my own boss allows me a degree of freedom to attend any social events I like, even if it's done during office hours.
- I also get to try new recipes more frequently now since I work from home.
7. Savings!
- My commuting expenses are almost zero (I do have to meet clients from time to time) because I no longer drive to work daily, so I save on fuel, toll charges, and parking fees.
8. More sense of ownership and pride over your work.
- Since you're involved from A to Z (e.g. pitching your proposal, giving a quotation, and then producing the work), you will feel more invested in what you do.
CONS OF GOING FREELANCE FULL-TIME OR RUNNING YOUR OWN BUSINESS FROM HOME
1. Loneliness.
- Unless you have housemates, you will feel pretty isolated from the human population.
2. Your brain will work non-stop!
- Because you work at home, your brain will think you're in work mode every goddamn waking hour.
3. Public holidays mean NOTHING.
- Since you pretty much can choose which day to rest from work, every day is a potential holiday.
4. Your home might not be the best work environment.
- Headphones and a kick-ass playlist come in handy if you have neighbours who renovate their apartments at ALL HOURS, or have demon children who scream ALL DAY.
5. No tangible work perks.
- You have to pony up your own contributions for EPF.
- If you're sick, try not to feel too much pain when you pay for your medical bills out of your own pocket.
6. No monthly salary.
- The uncertainty of my next pay cheque hit me the hardest because I do have financial commitments.
- It gets even worse if your client has selective amnesia and decides to conveniently forget that they owe you money. T_T
7. Any rejection feels more personal than it should be, because you're more invested in your work.
- I had a client who wanted my company to provide corporate re-branding, corporate communications and digital marketing.
- After a series of meetings, we worked hard to prepare a comprehensive proposal based on their needs.
- They were impressed by our pitch, and called for a quotation.
- In the end the client refused our proposal because they were only willing to pay 10% of the market rate. Unbelievable.
8. More pressure
- You feel more pressure to succeed because you're running your own company.
- If you don't have the tools to deal with this (e.g. a strong mind, good friends to cry to), it will break you.
I never regretted going into freelance mode full-time and starting a company. It's been a baptism of fire, really, and I am so happy that I can cross them off my bucket list. *shakes fist triumphantly*
However, in retrospect, there are things that I should have done before plunging into running my own enterprise, so let me save you some headache and list them below:
Photo credit: Google
WHAT TO DO BEFORE GOING FREELANCE FULL-TIME OR RUNNING YOUR OWN BUSINESS FROM HOME
1. Minimise financial commitments.
- Pay off any debts you have, if possible.
- Put off any major purchases or expenses.
2. Have enough savings to last for the first six months.
- You're lucky to see a cent of profits during this time, but your bills must still be paid on time.
3. Network as much as possible - put feelers out there to get possible business leads.
- Some of the leads I got were from friends' word of mouth.
- People are more likely to hire you if they know you or know your referees, who can vouch for your skills and experience.
4. Get peer review for every client before agreeing to work for them.
- Avoid clients with a history of non-payment or difficulty to work with, especially the ones who change their minds every five seconds.
- Almost every freelancer I know has at least one bad client they swear they will never ever work for again.
5. Undergo a short business course or attend a few seminars.
- It's hard to transition from thinking like a salaried staff to thinking like a business owner, so a short course or seminars might help in kicking things off.
6. Get a dedicated business mentor, preferably someone in the same industry
I am very lucky to have friends who are freelancers and business owners, but none of them work in the same industry, so they might not know the common pitfalls.
If you have any tips to add to my lists, feel free to submit them in the Comments section below! :)
The Geek Goddess
Good for you babe! *hugs*
ReplyDeleteThanks Za! :)
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