New Tips And Triks For You

Searching for freelance/contract gigs can be tough in the beginning (Photo credit: slightly everything)

With today's economy and job market, many individuals accustomed to full-time, consistent work may have to readjust to a more ad-hoc lifestyle. While for some workers, the idea of being your own boss, picking and choosing projects, and having a flexible schedule sounds like a dream come true, working as a freelancer or contractor also has its challenges. See three challenges below along with a tip for how to overcome each one.

1. Inconsistent work

Probably what frightens people the most about freelancing is the lack of job security. When you are employed full time by a company, you know you have a steady paycheck headed to your bank account twice a month. With contract work, your income can, and likely will, fluctuate. This is particularly challenging when beginning freelance work for the first time, as it may take time to build your reputation and get your footing. Also keep in mind that as a freelancer/contractor, you will need to sell your services since you will not have an employer bringing in your business.

Tip: Find a niche

The key to successful freelancing and contracting is to specialize so you can become the go-to expert in a particular area. For example, writing is a very popular freelance track to pursue. However, instead of marketing yourself merely as a freelance writer, consider your experience, expertise, and knowledge in order to formulate a more robust persona. If you have a passion for and knowledge of politics, seek out political writing gigs. Perhaps you are a former teacher, in which case you are qualified to write about education. Whatever your background, leverage it.

2. Lack of benefits

Full-time jobs generally come with benefits: health, paid vacation, retirement plans, etc. As a contractor, you must seek these out yourself. Health insurance can be a huge expense, vacation may be difficult to build into your busy schedule (and you will not be paid for the time not spent working), and there will be no matching contribution to your retirement plan.

Tip: Do your research

Health insurance is the most daunting benefit to obtain because policies can be confusing and expenses may vary. Research different insurance companies, get quotes, and ask questions of representatives to determine the best firm and policy for your needs. In addition, if you have a partner or spouse with a full-time job offering health benefits, you may be able to be added to his or her plan for much less than it would cost to get an individual plan.

You will not be able to take a paid vacation (unless you bring work with you!) but you can budget time off into your expected yearly salary. You may wish to take on extra projects to make up for any time you will not spend working. Notify any clients well in advance of your time off to manage their expectations.

3. Where to begin

For those who are accustomed to full-time work, whether you choose to strike out on your own or do so by necessity, figuring out how to start as a contractor or freelancer is challenging.

Tip: Network

Usually the most important quality that a client seeks from a contractor or freelancer is trust. When you are just starting out, it may be a challenge to convince a stranger to put that trust in your work and credibility. A great way to begin is by networking - a friend, family member or former colleague will understand your work ethic and likely be happy to bring business to you to meet their needs. In addition, a referral from a friend or family member goes a long way. Notify your network of your new endeavor to see if you can be of assistance to them or someone in their network. Once you have built a client base, it will be much easier to expand to new clients.

Freelancing and contract positions are becoming more common in the new economy, and it is likely they will continue to gain popularity since they present low-cost options to firms when compared to full-time, in-house positions. By following the tips above, you can find success and manage the challenges presented by working for yourself.

What is your freelance experience? Let me know in the comments, email me at shawn.oconnor@stratusprep.com, or contact me via Twitter at @shawnpoconnor.