Freelance work has grown exponentially with the creation of the internet. The trend toward freelance work continues to grow, according to several studies, due to the flexibility for individuals to choose their place of work. Some freelancers choose to work from home; others opt for a favorite coffee shop or a coworking space with friends or colleagues. Many freelancers have adopted a travelers’ lifestyle that allows them to work online and travel the world at the same time. In this resource, we provide 20 tips to help freelancers succeed no matter their preferred location or field of work. We’ve divided our tips into four sections: goal setting, budgeting, time management, and adapting.
Goal Setting
Tip #1: Envision your ideal life. What is it you see? What are you doing and where are you working from? Once you have the vision, begin working on the details that will help you get there.
Tip #2: Create short- and long-term goals. With a vision in mind, which is your end goal, create short-term goals for the next three, six, and twelve months. Developing an additional long-term goal of three or five years can also be helpful. These goals will help you identify priorities and create a timeline. Keep these goals somewhere you can revisit regularly.
Tip #3: Write SMART goals. That is, goals that are specific, measurable, attainable, relevant, and time bound. Instead of simply saying, “I want X more clients by a certain date,” be specific in the type of clients you want. Are they design focused or brand development clients?
Tip #4: Believe in yourself. You’ve set your goals based on the vision you see. Now it’s time to be confident in your abilities and the goals you’ve created. If you’re not confident in yourself and your goals, it will be much harder to achieve them.
Tip #5: Embrace your fear of success. According to several scientific studies, your fear of success might be stronger than your fear of failure [1]. Acknowledging your fear of success and facing these fears for what they are may give you a more mindful and productive relationship with your goals.
Budgeting
Tip #6: Track your expenses. If you aren’t already, there is never a better time to start than now. You need a budget, and the best way to create one effectively is by knowing how much you are already spending. Therefore, you should track your expenses for three months. You don’t need to track all of them, but specifically pay attention to the flexible expenses—items that can vary and/or those you can cut if needed.
Tip #7: Plan for discretionary spending. When you’re employed with a fixed income every month, you know your limits on spending for nonessential and luxury items, but as a freelancer, your income can vary from month to month. When you’re working for yourself, it can be easy to go online and find all sorts of things to buy. Curb the temptation and sock extra discretionary money away for the vacation you’ve always dreamed of instead.
Tip #8: Use the 50/30/20 proportion rule. This rule helps you build a budget by using three spending categories. Based on your expense tracking over a three-month period, you can place all of your expenses into the essential expense category (50% of your income), the flexible spending category (30% of your income), and the remaining 20% should be placed in a savings account, investments, or in debt-reduction [2].
Tip #9: Spend wisely. It’s common to face times when you have to cut your expenses, but freelancers may experience this more often than others. There are several ways to reduce spending and make sure that the money you do spend is used wisely. For example, go grocery shopping once a week based on meals you’ve preplanned; cut down on alcohol consumption; and/or purge assets you are not attached to (jewelry, antiques, etc.). This money can help you pay off personal debts or allow you to go for that splurge you’ve been dreaming of—and you won’t have to touch your savings!
Tip #10: Create short- and long-term savings. If you don’t have one yet, it’s time to start an emergency savings account for unexpected expenses. Financial planners suggest one month’s worth of income [2]. A long-term savings account should also have three to six months’ worth of income set aside to handle slumps in income that can befall even the best freelancers. Dividing things up helps you keep track of what you have and what you need to replenish your funds.
Time Management
Tip #11: Make a schedule. Freelancers often have a flexible schedule, which leads to one of the most common mistakes for freelancers: Flexibility is not an excuse to procrastinate. You don’t have to work 9 to 5—maybe your optimal work time is 10 to 6 or 8 to 4—but no matter what schedule you choose, it’s best to stick to it.
Tip #12: Take days off. While you plan your schedule, do not forget to take time off—not just weekends but also vacations. Remember that you don’t need to have traditional weekends, either. Maybe you schedule your days off on Tuesday and Friday each week. Do whatever works with your schedule, your clients, and your needs!
Tip #13: You’re in charge of your time. As a freelancer, your responsibility is to do what you say you’re going to do, to the best of your ability, to help your clients achieve their goals. The downside of being this super-productive and reliable freelancer in a world where most people don’t follow through is that your clients may come to overly rely on you. Don’t forget to take charge of your time, especially when clients are in different time zones and try to call when you are off hours.
Tip #14: It is okay to say no. The most importance time management skill you have at your disposal is your ability to say no. Boundaries are a safe and productive way for you to manage and negotiate time and responsibilities. One of the greatest benefits of freelance work is that you are your own boss in most situations, but don’t squander this perk by forgetting you can say no.
Tip #15: Write it down. If you’re spinning your wheels, feeling unproductive, and procrastinating, start a time diary. For a set period of time, perhaps start with a week, write down everything you do and when you do it. At the end of the allotted time, analyze where you’ve been wasting hours (on social media?) or simply failing to bill appropriately for time spent on a project. Adapt accordingly!
Adapting
Tip #16: Embrace networking. Few freelancers enter this arena with the intention to network, but when you need more work, attending industry conferences, panels, and mixers is something you need to consider in order to meet new people. While these networking events are clearly important, don’t forget to look to past clients as well; they are often the best salespeople you’ll ever need.
Tip #17: Seek self-improvement. Times of slump at any point in your freelancing career are the optimal time to seek additional work through self-improvement. This downtime is an opportunity to take stock of your evolution—what you enjoy doing most, what training you may need, and how you can go from where you are to the next level in your business.
Tip #18: Think with mobility in mind. If you’ve been a freelancer for a long period of time, you may rely on a desktop, which is useless when you need to travel. To stay mobile, you’ll need a laptop or a tablet, or potentially both, so you have a backup option in case one fails for some reason. Always keep a backup flash drive so you can seamlessly transfer data across platforms in case of emergency, and remember that backing up data to an external hard drive or specialized app is your best friend.
Tip #19: Be proactive. Advertise yourself on freelancing networks. Find the sites that post freelance jobs and subscribe to their email list to receive new updates to the job board. Reach out to companies you admire. You’re the only one who can find your next job, so start your search. You’ve got this!
Tip #20: Prepare to adapt and overcome. Above all else, be willing to adapt to change. The growth of the internet and social media has taught us to expect change at rapid rates. By budgeting your income, managing your time, and setting goals, you are setting yourself up for success. But remember that change can happen rapidly, and if you’re too focused on your timeline, you may miss out of the next best opportunity to grow as a freelancer. Follow the latest trends and set yourself up to adapt and overcome every challenge you face.
