Money makes the world go round – but it can also send you into a tailspin. Craig Grannell explores how a free lancer can best manage funds and thereby grow their business.
Going freelance is simultaneously exciting and terrifying. It pays to be prepared – largely because once you start freelancing, a single company will no longer be regularly paying you. “You must think of your new business as a startup: savings are a ‘runway’ to transition you from the stability of a monthly salary,” suggests strategist Christopher Murphy (mrmurphy.com).
It’s, therefore, a good idea to build up at least three (preferably six) months of living expenses prior to making the leap. Also, have a plan to step back if things don’t work out. “I told my wife we needed at least six months to discover whether my freelancing would work,” recalls creative director, designer and developer Shane Mielke (shanemielke.com). “And if I wasn’t successful, I’d immediately apply to whatever agency would have me, so we wouldn’t cut deep into our savings.”
While that might sound negative, Mielke argues freelancing is anything but – as long as you’re organized. “I made a single tweet, received my first project, and haven’t looked back since,” he says. “Although people sometimes think freelancers sacrifice money for freedom, that’s not necessarily the case – it can be very profitable and I’ve consistently made more money than when I worked as a salaried employee.”
MANAGE YOUR OVERHEADS
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Camille Gribbons
UX designer at Booking.com, Camille Gribbons reveals how she first got into the industry
THE 5G UI REVOLUTION
Tris Tolliday describes his vision of a web UI catapulted forwards by 5G
HOW TO SHOWCASE YOUR DEV SKILLS
Aude Barral shares 5 top tips for landing your dream developer job
KNIVES OUT
Murder mystery film, Knives Out, grabbed everyone’s attention, and so did the fun website that promoted it. Oblio tells Tom May how it created its innovative 3D navigation
HOW EMOTIONAL LABOUR HINDERS WOMEN IN TECH
Christine Brewis, head of digital marketing at Studio Graphene, discusses how gender parity in tech has changed over the last ten years, and what more can be done
EDAN KWAN
He swapped life as a singer for a career making eye-popping digital visuals. The Lusion founder chats to Tom May about battling demons, winning awards and where digital advertising is heading
ANDREW COULDWELL
The Brit in LA discusses his new book on design systems, Laying the Foundations
Top 5 Tips For Ensuring Web Content Is Accessible For All
Merlyn Meredith outlines five top tips for ensuring web content is accessible for all
WHAT DOES THE FUTURE HOLD FOR BROWSERS?
Nico Turco examines the state of play with browsers, whether developers should encourage diversity or monopoly and how Google fits into it all
YEARS IN THE MAKING
Exclusively for net: The latest in a series of anonymous accounts of nightmare clients