Monday, October 22, 2012
The problem with this scenario was that while I was willing to train the guy who was replacing me at my previous job…there was no one to train me as a freelancer. And as I was about to find out, it was certainly easier to become a freelancer than stay one.
There were numerous hurdles that I began to encounter as soon as I left my regular work role. There was a significant cut in pay -- not to mention benefits -- with no clear path to replace that lost income. There was however, very little drop in my expenses, meaning that I had to bridge the gap between income and expenses with work that I had not expected to do. Building up these income streams took time, and in the meantime, I had to cut expenses to the bare minimum.
But there were also other issues that I began to realize came with my move that I hadn’t fully considered the effects of before I left my previous work role. The loss of perks like free lunches, free dry-cleaning, free downtown parking, and even just the loss of regular social interaction with co-workers started to settle in upon me. There were no longer employer-sponsored health care or retirement plans. And I quickly began to lose many of the network contacts I once had, which became a concern as I began to contemplate whether it would be as easy as I thought to reenter the field I left should it become necessary.
Therefore, if you’re thinking about moving into a freelance or self-employed role, I’d say think hard. Don’t just consider the freedom that comes with such a role, but think about all the other things that may come -- or not come -- with being self employed. And don’t just consider the immediate effects, but the long-term effects that can come with the move into the world of freelancing.