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7 things you should know about freelancing and contracting

June 8, 2022
3 minute read
working from outside freelancing

The world is now much more set up for freelancing and remote work after the pandemic. In fact, during 2020, the freelance market was estimated to be worth 1.2 trillion dollars.

However, if you’re wondering 'what is freelancing?' and 'what is contracting?', this article’s here to help. In this blog post, we explain their differences and discuss 7 important points that will help you make the most of your freelance career!

1. The responsibility to find work is on you💻

What is a freelancer? Well, freelancing and contract work can provide you with a lot of freedom. You can often set your own hours and work from home, which can be a great perk. However, with that freedom comes responsibility.

As a freelancer, you are in charge of finding your own work and making sure that you get it done on time. This means that you need to be organized and disciplined in order to be successful.

2. A consistent routine is helpful⏰

Just because you’re not working in an office it doesn’t mean that you can lounge around in your PJs all day (sadly). In order to be productive, it’s helpful to establish a routine and stick to it as much as possible.

This means getting dressed for work, setting regular hours, and taking breaks at the same time each day.

The difference between freelancing vs contracting is usually that freelancing is more on a casual long-term basis and contract work tends to be more full-time in the short term.

This means your schedule and routine will differ depending on whether you’re freelancing or contracting.

3. A lot of time will be spent looking for work🔎

When you first start freelancing and contracting, you’ll probably spend a lot of time looking for work. It can be difficult to find steady clients, especially if you’re just starting out.

In order to be successful, you need to be willing to put in the time and effort to find work. This means networking, bidding on projects, and marketing yourself.

Think of looking for work as a part of your day. Spent at least 30 minutes to an hour each day looking at job boards and applying for contract work.

Even if you have a full schedule workwise currently, you need to look ahead and plan your yearly schedule with other projects.

4. Remember to take breaks and have time off💤

Freelancing and contracting can be a lot of work, especially if you’re just starting out. It’s important to remember to take breaks and have time off so that you don’t burn yourself out.

When you’re first starting out, it’s tempting to work all the time in order to try and make as much money as possible. However, this isn’t sustainable in the long run and can lead to burnout.

Make sure to take at least one day off each week and have a few weeks of vacation each year. This will help you stay sane and be more productive in the long run.

5. You will need to invest in yourself🙌

Freelancing is not a get-rich-quick scheme. In order to be successful, you need to be willing to invest time and money in yourself.

This includes taking courses, attending workshops, thinking about ideas for businesses, or joining professional organizations. These investments will help you master your craft and stand out from the competition.

6. You'll be working with a wide range of people🌎

Freelancers often work with a wide range of people, from clients to subcontractors. This can be a great opportunity to meet new people and learn new things.

However, it also means that you need to be able to manage different personalities and communication styles. It can be a bit of an adjustment at first and different companies will have different expectations.

However, establishing clear boundaries from the beginning with help with communication and ultimately the end result.

7. You'll need to have some difficult conversations about money💸

Freelancing can be a great way to live an independent lifestyle, but it’s important to be transparent about remuneration from the beginning. This means being upfront about your rates and what is included in your services. It’s also important to put everything in writing, so that there are no misunderstandings down the road.

Another key tip is to know when and where to charge extra money for your services, or when to offer a 'freebie'. Clients will always try to get the most out of you for a contract or freelance period, but if you feel as if you’re being taken advantage of, you’ll need to ask for more money.

Sometimes, clients will ask for something that is outside of the existing arrangement and it's knowing when to do something for free to keep the existing relationship or charge extra.

It's a really fine balance and you’ll need to continually reassess your work output and know that your time is being properly remunerated.

When you’re starting out, it's easy to accept all the jobs at a pay rate that clients offer. But after some time, you’lll be able to know your own worth and set rates to your standards.

So you want to be a freelancer? The next steps🌈

If you've got to the end of the article and believe that being a freelancer or contractor is for you, it's time to get the ball rolling! 

Start checking out some freelance and contract job boards, and apply to some roles. The main thing is persistence and perseverance.

Once you've started bringing in your own money, you’ll need a banking app that is set up to support freelancers and contractors, saving you time. Sign up for our banking app today and find out how we can help you out.

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