Giving yourself some financial stability before freelancing

[flashwiz]

If your presently in full time employment but thinking about freelancing then im sure that financial problems are the furthest from your mind, but my advice to you would be to apply for a line of credit now for when that rainy day comes as it may just help you to jump start your fulltime freelancing work.

The best time to apply for credit or help is when you are already employed full-time. The bank is more likely to give you an amount of credit sufficient to meet all your emerging needs than once you have started. Think of it as an insurance policy rather than just another stash of cash. This means yes you will have to resist the temptation to shop!!! That £1500 iMac will just have to wait a while longer im afraid. This is more of a rainy day fund to help get you through the tough spots ahead, as they WILL come....

I would recommend anyone looking to go into full time freelancing to save enough money to cover your expenses for at least 3 months, or obtain credit to the same value. Running your own business has its ups and downs and you need to be prepared for when you experience the down times.

[crazyleaf]

Good point. You are perfectly right.

[boomstation]

The words 'freelance' and 'credit' fill me with dread, but certainly your comment on the timing is correct - banks don't trust freelancers at all. The worst thing about freelancing is weathering the waves, so getting something solid to sit on is good advice indeed. Something I've never been very good at is learning to appreciate the brief moments of quiet in between the stress... I always end up fretting about where the next thing will come from, but generally it works out. :-)

[Toon]

Listen to a great argument between 2 people the other day where on guy said you're not a real designer unless you work for yourself, working for a company just means you can't get enough work to make a profit individually. The other disagreed. I agree with what Boomstation says above, and I need to work for a company with a steady flow of work I couldn't cope with the quiet periods. Plus I'd never make a salesman as the minute the client made a bad choice I'd tell him where to go.

[boomstation]

:-) Oh you learn to bite your tongue very quickly when they're holding your knackers, that's fer sher... ;-) I just rant at my poor beleaguered wife instead. and she nods understandingly. Gawdblessah.

I've never been at peace with freelancing for the financial reasons, and recently have been really pushing to be hired. It's definitely one of the toughest aspects.

However, the freedom you have as your own boss is a massive up side. When I find a position, it's going to be the thing I miss the most.

[flashwiz]

I think you need to give yourself as i said some kind of financial foundation so that you have the time to develop both as a designer and also so that you can find clients in a progressive way. There is nothing worse than suddenly too many clients and you then find yourself not giving them 200% of your effort and time... building a name takes time, and it can be quiet sometimes, but believe me eventually things just take off.... walk dont run as they say... the benefits of working for yourself at home far outway going into work... BUT... you do have to be patient a little and avoid just going to buy that new PS3 etc etc... all in good time as they say.

[boomstation]

It's been very tough to get freelance work in the time I've been doing so. That has alot to do with being foreign, but also my somewhat provincial location didn't help. I didn't expect for a minute to get the keys to Graphic City straight away, but I think 5 years is alot to have invested without much return.

At the moment I'm doing ok, but I've had to sacrifice a great deal for it, not least living with my wife... Ultimately, I want that security net around me, and after trying for the time that I have, I'm ready for a duller, but ultimately easier ride.

With the utmost respect, I don't think you should assume that, because you reached a decent level, other people will tread a similar path. While financial stability is undoubtedly a big part of it, there are, as you know, many other factors to consider, not least your industry contacts. Again, as you're undoubtedly aware, these are often procured via working in a design bureau or similar, and the vast majority of freelance designers I've worked with have gone that route.

I'm where I am currently because of one key person in the beginning of which I owe an eternal debt of gratitude, and because I work cheap, fast and pretty much all the time. It's not for everyone, and I've come to realise I'm one of them... Respect to you for weathering the storm and managing to break through, man.

edit: I really hope none of this comes across as catty... :-S Not my intention at all, if so.

[flashwiz]

Hi Boomstation... no not at all.... can understand and relate to everything you say... and i can appreciate sometimes its about been in the right place at the right time as much as it is skillsets and experience etc.

I can also imagine in Oslo depending on how your norwegian is that some clients will also not use you for reasons of the language barrier. I know its always something of a positive shock if i do work for anyone over there when they find out i speak fluent norwegian... Put this together with the higher cost of living over there and i can see why a full time position would be appealing at times....

How long have you been over there for? Got you on MSN by the way... be good to chat sometime.

[boomstation]

I'm amazed you managed to pull any sense from that wittering at all, actually... :-)

I've been here about 3 and half years, but freelanced back in the uk for just over a year. Recently I had to move from my home in Ålesund (famous for the jugend architecture and very pretty) simply because there wasn't enough work there to support us. So I've been in Oslo for 3+ months now, working for egmont, trying to find a house and move everything, including my wife, here. Just bought a place on wednesday, so things are beginning to move.

I'm not fluent yet, but i do speak Norwegian as best I can. I'm sure you remember the bizarre paradox of trying to learn the native language when the natives often prefer to talk English with you... :-) I've got you on msn now mate, so speak soon.

James

[zumojuice]

its a tough world out there.