3 Signs You’re Ready To Start Freelancing In 2024

HOA (home-owners association) fees are sharply rising, burdening existing and first-time buyers by as much as $12,500 a year, the Wall Street Journal recently reported.

And although inflation has cooled somewhat, other costs of living are still more than many can afford and has played a major role in the decisions Americans make for their lives and future.

Many professionals still carry the burden of student debt, while others worry about the impact their shrinking credit scores, overdue balances, and the inability to keep up with the pace of unexpected emergencies.

At the same time, the job market is not as it used to be. Professionals have less faith in the traditional employment system in 2024, according to an MBO Partners report, with 31% of those with traditional jobs acknowledging that working independently is less risky than permanent employment, compared to just 18% stating this in 2018, evidencing how perspectives on job security when working for yourself have significantly shifted.

“As the support network and infrastructure surrounding independent work continues to broaden,” the report states, 65% of full-time freelancers “say they feel more secure working independently, and 54% say they will not go back to a traditional job.”

All of these circumstances create the perfect environment for more professionals to join the freelance movement and achieve greater job security and higher earnings to cover rising costs.

But you might still be on the fence and not sure if freelancing is right for you. There’s so much risk involved. What if it doesn’t work out and what if no one decides to work with you? How do you even decide what freelance business idea to start with anyway? Should you simply follow your passion? So many questions, right?

When Should I Start Working As A Freelancer?

Here are three straightforward ways to know when it’s the best time to start freelancing:

1. You Have A “Start Small” Mindset

Every successful freelancer knows that to be successful, you need to work your way back from the big picture and start small, so that you can perfect your services and eventually grow. This is especially the case if you are already working a full-time job, as your employment will limit your ability to put in full-time hours into your freelance business.

Deciding to quit your job and go all-in is not a wise move, but will throw you into premature disaster and you’ll be panicking about where your next client is coming from more than genuinely enjoying your work as a freelancer.

However, if you have the mindset of starting small and working flexibly on the evenings and weekends, taking on small side projects, this will allow you to test the waters and assess your market before fully committing, and as your client base grows, you’ll be in a stronger position to take the leap and hand in your resignation at your job.

Patience, consistency, and determination is key here, and when you possess these qualities, you are more likely to succeed as a freelancer.

2. You Have In-Demand Skills (Or Are Willing To Learn Them)

Another sign that you’re ready to start freelancing is when you have strongly marketable skills, or at the very least, are willing to learn them. Assess whether you currently have in-demand skills that are trending and pay well, such as programming and web development, or video editing and graphic design.

If not, identify a list of high-income skills and see which ones interest you the most, and take time to learn them. You don’t need to be an expert at this stage, but having a foundational hands-on understanding is essential. You can polish your expertise over time, and there are plenty of free and affordable online courses and certificates to help you achieve this.

3. You Are Ready To Embrace Chaos For Long-Term Flexibility

Many freelancers point to flexibility, remote work, work/life balance, and control over one’s schedule as key benefits of freelancing. While these are true, it’s equally important to be realistic and remember that often, you will encounter some short-term chaos and lack of balance to enable the long-term dream of ultimate flexibility and work/life balance later on.

Getting a business off the ground and setting up the initial infrastructure can be draining and time-consuming, so the balance and flexibility you desire may not be realized just yet. If you start freelancing with these expectations you will be better prepared for the challenges that lie ahead. Using the 80/20 rule of time management, focus on the 20% of tasks that will yield the most results so you can maximize your time.

As you can see from the points above, the focus is on your mindset and expectations. Your readiness to start freelancing, whether as a full-time freelancer or part-time as a side hustle, comes down to these factors.