Freelance Confidential - Amanda Hackwith [11]
Carefully studying the results of the global survey also rendered some other observations and suggestions for finding security as a freelancer:
Limit your expenses. "Secure" freelancers were more likely to live in smaller cities and towns, despite earning slightly higher incomes. Smaller cities frequently have lower cost of living.
Diversify. Secure freelancers actually reportedly relied less on referrals and got more jobs from aggressive marketing (cold calling, job boards, etc.) than unsecure freelancers.
Consider insuring your needs. Freelancers who reported having access to insurance benefits such as health insurance, life insurance, retirement funds, and business insurance were overwhelmingly more likely to feel secure in their freelancing. If the lack of insurance is one of the contributing factors to your security, make sure to check out sources like the Freelancers Union (http://www.freelancersunion.org/) for access to group insurance in your state.
Enjoy your work. Freelancers who did not feel secure in their work were overwhelmingly less satisfied with their projects, working hours, or opportunities. While you can't always help what jobs come your way, you can be aware of what aspects of your business you dislike or need improvement.
For more tips, see the Diversity chapter for an in-depth look at diversifying your clients, projects, and skills.
The Myth of Income and Satisfaction
After expenses, the average full-time freelancing respondent to our survey earned approximately $31,760 USD. The average hourly rate was $64.19. While such income would certainly not be considered poor, it's not the pools of gold that I envisioned when I took the plunge.
As a full-time freelancer, do you earn more or less than you did as an employee?
Regarding your work, are you satisfied with… ?
These two results drive the point home that, for a lot of freelancers, our biggest motivation for working for ourselves is not to make more money. Freelancers express a high level of satisfaction on the points of challenging projects and career opportunites, satisfaction with working hours is not far behind. Over 60% express clear satisfaction with the challenge presented by their work.
However on the question of income, almost 70% of freelancers answered as unsatisfied or neutral. This may not necessarily be because we're being under-paid or suffering due to low income (though that is certainly a possibility, especially when starting out!). It can also be influenced by the fact that we manage our own work as freelancers. We're responsible for each minute we work and each dime we receive. We're more aware than many other professions exactly how much income we generate for the hours worked.
The Myth of Work-Life Balance
Do you feel you have more or less time for personal projects since you started freelancing?
Sure, I want to make a lot of money, but you don't get into freelancing to get rich. You do it because you can be your own boss, set your own schedule, and choose your own projects. I've always gone into it with the intention of keeping a great work-life balance and I've simply never compromised when it comes to this area. My down-time, quality of life, family, and relationships are just as important as my work so I give them equal time and respect. —Benek Lisefski
The key for happiness and success for many freelancers is balancing their personal life with their professional life. The idea of "work-life balance" has taken on an idealized, almost mythical aspect in the mind of many workers and personal life coaches.
The freelancer's ability to dictate her own schedule is seen as a perfect path to achieving harmony in all aspects of her life. Of course, the flip side of flexibility is that your schedule can quickly and drastically be shifted off balance by a demanding project or can't-miss opportunity. Linda Formichelli told me how she successfully took control of her time to cut her work week in half:
I work hard to be as productive as