The number of mothers ditching the corporate ladder going freelance or self employed has rises by 24% in the past two years. And the reasons cited for this change is for more flexibility (69%).
Flexibility and work-life balance are words that have been batting around for years. But for many mums, office politics and a long-hours culture in the workplace can make this unachievable.
If you’re thinking about dipping your toe into the world of freelance, here are some things to consider:
Plan your finances
What would you do if you didn’t get any work for three or six months? Would you have enough savings in the bank to buffer the storm? If not, start saving before you hand in your notice and go freelance full time.
Set aside some income to pay your tax
There’s nothing more dampening to a good year’s work than getting a nasty letter from the taxman demanding thousands of pounds in tax. Set aside enough money to pay for your tax and national insurance so you don’t get burnt.
Don’t put all your eggs in one basket
It’s great that friends and family want to support your business efforts and use your services, but you can’t run a successful business depending on them only. Spread your wings – advertise in your local community and online, so that you have a good range of customers that don’t come from one place or source.
Don’t forget to pay yourself
If you’ve put together a good contingency plan, you’ll be able to pay yourself a salary you can survive on. If you can’t, it’s time to find ways to bring in more business, or make some serious decisions about the type of freelancing you’re doing.
Know when it’s time to stop
If you’re always broke, always miserable and feel worse than you did when you worked for someone else, then you really aren’t enjoying the world of freelance. Maybe it’s not for you – and that’s fine! If we all worked for ourselves, we would never be able to employ anyone!
You’ll love our guide: How to Kickstart your Freelance Career