Understanding Your Readiness for Full-Time Freelancing

The recent trend of the Great Resignation may have prompted thoughts about leaving your 9-to-5 job to fully commit to your own venture. It seems almost like a sign from the universe, urging you to set aside your anxieties and take the plunge.

Last year, approximately 33 million individuals in the U.S. left their jobs, with some finding new employment and others venturing into entrepreneurship. This number represents about one-fifth of the workforce. Currently, the UK is experiencing its own wave of resignations, with one in four employees considering a job change.

Many are seizing the chance to enhance their careers or achieve a more favorable work-life balance. It's a favorable time for employees, and the freelance market is thriving, with numerous part-time and full-time opportunities as companies are increasingly willing to offer competitive compensation.

Many successful solopreneurs share their stories online, suggesting that fear is the main reason individuals hesitate to leave their jobs. They argue that waiting to gain more industry experience before diving into freelancing is an excuse to avoid taking action.

However, let's pause and reflect for a moment.

Is this truly the right time for you?

Take a step back and consider your situation. Have you established a viable business concept? Perhaps you've secured a client in the past or generated income through your work. If not, what are we discussing?

If you have successfully landed some work, ask yourself the following questions:

• Do you have projects lined up that will sustain you financially over the next few months?
• Is there a risk that this work might fall through?
• Do you possess an emergency fund to cover any income gaps?
• Have you formulated a strategy for acquiring additional clients when current projects end?
• Do you have a plan to gradually increase your rates to ensure your income grows?

If you answered 'yes' to all of these inquiries, that's great! Maybe you've been contemplating this for a while. But I have one more challenging question: Do you possess the experience and knowledge necessary for this transition?

You might feel confident in your abilities, having already earned money in your field. You might believe that full-time dedication will only enhance your earnings.

That could be true.

However, you may also be experiencing the Dunning-Kruger effect, where you overestimate your competence due to a lack of awareness about the complexities of your field. This can create a false sense of security, contrasting with imposter syndrome.

Regardless, even if you are exceptionally skilled, consider the following:

• Are you potentially doing a disservice to your future clients by not gaining comprehensive industry knowledge through employment first?
• Could you command higher rates if you waited a few more years to build experience and confidence?
• Are you considering quitting now simply because freelancing appears lucrative at the moment? Keep in mind that market conditions can change.

These questions may be uncomfortable, but they are essential to ponder if you're contemplating leaving a stable job that could provide a strong foundation for your future.