Embracing the Freedom of Self-Employment
As I reflect on my journey, I’m reminded of my first “grown-up” job as a Jr. Communications Officer at the Public Affairs Bureau for the Province of BC. It was 2006, and I was just 21 years old. I wrote media releases, briefing documents, and speeches for MLAs and a Cabinet Minister, mentored by two exceptional women. I thought I had found my career path, but little did I know that nine years later, I’d transition to full-time freelance work and eventually become my own boss.
A Leap of Faith
After graduating from college in 2007, I spent five years in government and three years at a startup. I assumed I’d stay at one company for a long time, just like my parents did. But life had other plans. Working for myself wasn’t the goal – until it became an option. On June 26th, 2015, I took the leap and logged out of the 9-to-5 world for good.
Lessons Learned
As I celebrate one year of self-employment, I’ve gained valuable insights that have helped me navigate this new terrain.
1. Get Comfortable with Irregular Income
One of the biggest differences between working for a company and working for yourself is the irregular income. It’s essential to be prepared for months with lower earnings and others with higher ones.
2. Build a Cash Buffer
Having a cash buffer or emergency savings account alleviates financial stress. It’s crucial to keep it separate and only use it when absolutely necessary.
3. Save for Tax Season
Save 25-30% of your income for tax season. You might not need it all, but it’s better to be safe than sorry. I saved 30% last year and only needed half of it.
4. Be Selective with Projects
Don’t say yes to every opportunity that comes your way. Define the type of work you want to do and only offer those services to potential clients. Saying no to projects that don’t align with your goals is crucial.
5. Charge What You’re Worth
Determining your rates can be frustrating, but it’s essential to charge what you’re worth. If you feel underpaid, you’ll resent the work and procrastinate.
6. Hire Experts to Help You
Hiring other freelancers to help with non-editorial aspects of projects has been a game-changer. Pay them what they’re worth, and you’ll free up time to focus on your strengths.
7. Invest in an Accountant
Paying for an accountant to handle taxes and business finance is one of the best investments I’ve made.
8. Take Control of Your Schedule
As a freelancer, you’re in charge of your schedule. Create a routine you love, take breaks, and prioritize self-care.
9. Cherish Your Mornings
Working for yourself means your mornings will never be the same. No more dreading the alarm clock or rushing to get ready. Mornings are now my favorite time of day.
10. Be Grateful and Have Fun!
I’m grateful for the opportunity to work for myself and for the people who have supported me along the way. Every day, I remind myself to enjoy this journey and celebrate my successes.
How do you celebrate your successes?
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