Freelancing is becoming increasingly more popular these days as it allows individuals to set their own schedule, work remotely, and take on projects they are passionate about. In order to succeed in the freelance business, freelancers need to have a plan B just in case something unexpected happens. The most important thing for freelancers is learning how to position themselves financially so that they can provide stability without having such a rigid plan. Let’s find out some valid reasons why freelancers should have a plan B.
Why Should Freelancers Have an Alternative Plan?
Suppose, for some reason, your freelancing profession collapsed, your account with many reviews became disabled, you are not getting any job with the new account; what to do if this happens?
If you have a plan B, this is a good idea. But the reality is that most of the freelancers in Bangladesh and across the world have no Plan B. Because we don’t hold on to it, it seems like the rest of our lives will continue. In fact, there can be no more misconceptions than this. Let’s go through some valid reasons.
Lack of job security
Freelancers should always have an alternative career plan because their work is not always stable. For example, a freelancer might have a lot of work one month and then hardly any the next. This inconsistency can be difficult to manage financially and emotionally.
No one can predict when the next economic recession will hit or when a big client will unexpectedly go out of business. If you are relying solely on Freelance income to pay the bills, you could be in for a rude awakening if your work suddenly dries up.
Additionally, there is no job security when you are a freelancer. If you are laid off from your day job, you still have to find work to pay the bills. However, if you have an alternative career plan, you can transition to it relatively easily if needed. By having an alternative career plan, freelancers are able to manage the ups and downs of their work more easily and remain financially secure.
Freelancers are not immune to career setbacks
Freelancing can be unpredictable and often feast or famine. What happens if you have a string of bad luck and several months in a row where you do not land any jobs? Or what if you get sick and can’t work for a few weeks? If your only source of income is Freelance work, you will quickly fall into debt.
Freelancers’ expenses are likely higher than they think
Freelancers often have to cover their own health insurance, retirement savings, and other benefits that traditional employees receive through their jobs. And don’t forget about office supplies, software, internet service, and other business expenses. So, if you are a freelancer, make sure you have a realistic idea of how much you will need to make each month to cover your costs.
Freelancers are not as independent as they think
Freelancing can be a great way to have control over your work schedule and your income. But it is important to remember that you are still dependent on others for work. What happens if a client cancels a project last minute or flakes on a meeting? If you don’t have a solid network of contacts, you could find yourself scrambling to find new work.
One of the biggest downsides of freelancing is that your income can vary wildly from month to month. What happens if you have a few slow months in a row? Or what if you land a big project but then don’t find any other work for the next six months?
Requires continuous improvement
Freelancing is a constantly changing industry, and it can be difficult to keep up with the latest trends and technologies. As a freelancer, if you are not good with change, freelancing may not be the right career for you.