Freelancing is more stable than the job in the long run

Freelancing helps to build a diverse network of clients which gives more stability.

Freelancing is more stable than the job in the long run
Photo by Markus Spiske / Unsplash

There is a common misconception among people that freelancing is risky. In the short term, it takes time to get started. In the long term, it can even beat the stability of a job. The goal of this site is not to criticize jobs and glorify freelancing. My goal is to highlight the inner details and provide an alternate path. So the folks know what to expect and the efforts required to be a successful freelancer/contractor.

Do not fall into the trap of a gig mindset

The most common issue I heard from people is how I will get projects month after month. Your goal as a freelancer is not to be in the market to find projects after some weeks or months. Your goal should be to find a few good companies and build great relationships. Doing a short-term gig of $100 is ok to get started. But the ideal scenario is to work with your clients for many years.

Turn a short term gig into a long term project.

Software projects are never-ending. There is always something to work on features, bugs, performance, maintenance and testing etc. After getting started on a client project, put all your efforts into exceeding the client's expectations. Even if you are hired to fix a minor issue, deliver quality work and turn this gig into a long-term client.

A non-tech example of a CA - You are hired for consultation. You solved the person's query and cleared all doubts. The person who took your consultation will be happy to file his ITR with you. As his business grows, you will be given GST and accounting work.

Show your skillset and communicate effectively to show that you will be a good addition to their team. Who does not need a team member like that? Everyone is looking for people who have good skillset and give their 100% to the work.

More clients lead to a good network which means more stability in the long run.

The concept of stability was for the jobs in the past. In today's tech world, everything is moving fast. You all know that layoffs are happening in tech, even if the companies are sitting on profits. The network effect always helps to land good opportunities. People who know about your work will be happy to work with you Or refer you to their network. A hard truth

You are required as long as you add value or are part of company plans.

Let's take the example of Ramesh and Shubham. Ramesh started his job and worked for two companies in his five years of experience. He has a network of people in these two companies who know about his skillset.

On the other hand, Shubham started his job and worked for two years. Then he talked with his employer and changed his status from employed to a part-time contractor. On the side, he started his freelancing journey. He used the extra time to find clients and work on projects. Over the next three years, he worked with 5-6 companies and built a strong network.

Who has more stability?

Shubham has a diverse network of clients. They will hire him happily or refer him.

This post is part of #DecidingToFreelance series. If you have not subscribed, subscribe to get notified when new posts are published. Thanks for reading.

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