Why You Shouldn’t Quit Your Job to Pursue Freelancing

Why you shouldn't quit your job to pursue freelancing

I read a lot of social media posts from people who have just quit their jobs in order to start building a freelancing operation from scratch. I know, it sounds exciting. Everyone working a job that they dislike or that doesn’t pay well enough dreams of being able to quit that job in pursuit of something better. And for folks wanting to freelance, it sounds logical to focus all of your time and attention on your new business. But I am here to tell you that this is a very risky approach, and one that I would not recommend unless your circumstances leave you with no choice.

No one aspires to launch a rickety, low-income freelance operation that leaves them feeling stressed and anxious all the time. But the reality is that this is what most people get when they launch their freelancing operation too hastily. If you are feeling urgency to generate immediate income from your freelancing operation, you will almost certainly take costly shortcuts, skip vital planning, and rush to get jobs from any client who will say yes. You will effectively put your business at a significant disadvantage before it has even been launched, and the consequences can take a long time to overcome.

A sustainable, profitable and enjoyable freelancing operation takes time to properly plan, build and launch. It will take time to get jobs rolling in with regularity. And it can take a while to get paid on your first few freelance jobs. In order to weather this period of uncertainty and learning, it is strongly recommended that you launch your freelance operation as a side-hustle while continuing to draw a stable, steady income at a day job. You can gradually build up your freelance client base in your off hours while keeping the lights on and the family fed. Yes, this will be a busy period with some late nights – it will require you to work a day job while using your personal time to prospect for clients and manage your freelancing gigs.

Launch your freelancing operation as a side hustle

This is also a great opportunity to use whatever earnings you make from your freelancing side hustle to save money. In the beginning, even the best run freelancer operations run into slow periods or cash flow issues while waiting for a client’s payment. It is common knowledge among freelancers that feast and famine cycles occur. For example, the Winter season is a period during which many retail businesses slow operations as employees take holidays and the business has completed its Christmas push. If your clients are retail businesses, your freelance jobs will likely slow down during this period. It’s also common when taking larger projects to need cash flow to keep you going while you finish the project and wait for payment to clear.

These are common scenarios that can put your entire freelancing operation at risk – running out of money simply isn’t an option! For most people, this would likely necessitate a return to employment, which is something we want to avoid at all costs once the freelancing business has been launched.

In order to avoid potential problems and minimize anxiety, every freelancer should plan to launch their business with no less than three months of personal living expenses saved, in order to smooth out the feast-and-famine cycles that freelancers can experience, especially in the early days.

To be honest, I really wouldn’t recommend that currently employed folks do it any other way, unless circumstances such as layoffs force their hand. This approach will provide the most solid foundation for launching your freelance operation. It will give you the time you need to build things the right way, and it will minimize stress and anxiety.

So when should you quit your day job to pursue freelancing full time? The time is probably right when you no longer have enough time for tending to both freelance projects AND your day job simultaneously. If the freelance work feels steady and reliable, it’s go time.

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