Freelancing Advice to a Young Professional
Building some real-world experience.
There's something appealing about the idea of freelancing when you're young. No boss looking over your shoulder. No rigid 9-to-5 schedule. The freedom to work from anywhere, take on projects that interest you, and build something that's entirely your own.
It's no wonder that 70% of Gen Z workers are either already freelancing or plan to in the future, according to a 2024 Fiverr survey. But there's a huge difference between freelancing as a side hustle and freelancing as a sustainable business. Knowing when to start feelancing matters more than most people realize.
I recently had a call with a new college graduate. She'd just landed a PR job, but was curious about freelancing. I didn't launch my business as a fintech writer until I'd already had a 15-year career in corporate jobs, but I shared my experience as a freelancer with several years of experience under my belt.
There are some important considerations for young professionals looking to make the leap who may not yet have much work experience.
Why you shouldn't freelance right out of college
I've known freelancers who've never worked a corporate job, but I think it's a bit easier to make the transition after a few years of corporate life. Even in just a few years, you'll build connections, a portfolio, and industry credibility. About 66% of freelancers find it challenging to get enough work, and it's hardest when you're just starting out as an unknown, unproven freelancer.
Even though I had decades of work experience, I pivoted to a new career (from a tech executive to content marketing and journalism). I spent 18 months at marketing agencies before branching out on my own. The agency experience was a launching pad because I was able to work with an editor, get feedback, manage client expectations, and build my portfolio.
Working a traditional job allows you to get your feet wet. When you eventually announce you're taking on freelance clients, people will actually respond. You'll have proof that you can do the work and people who can vouch for you.
Anna Burgess Yang
5 things to keep in mind about a freelance career
If freelancing is on your radar for the future, here are some things you need to know. These are the realities of working for yourself — the good, the bad, and everything in between.
1. You need an online presence
Even if you're not ready to freelance, becoming active on LinkedIn early pays off later. 61% of LinkedIn users are decision-makers, and 4 out of 5 LinkedIn members drive business decisions. That's a lot of decision-making power on a single platform.
I started posting regularly on LinkedIn when I switched careers in early 2021. I had no specific plan, other than staying in touch with people. I also connected with people I met through my new career.
By the time I started my own business 18 months later, my LinkedIn presence was well-established. I made an announcement that I was starting my own business, and immediately had some people reach out to me.
You don't need to post every day or become an influencer. But showing up consistently, sharing your work, and engaging with others can lead to opportunities later.
2. Freelancing can be more stable than a "stable" job
This sounds counterintuitive, but it isn't. Think about it: if you lose your full-time job, you lose 100% of your income. If you lose a freelance client, you only lose a portion. And, in this economy, it can be easier to replace one client than find a new job.
This was my exact experience. I lost my job at a marketing agency. My entire income, gone. I decided to start freelancing, and within two months, I'd replaced my full-time salary.
Since then, I've had lower-income months, but never zero-income months. And I can financially plan for lower-income months by saving money during higher-income months.
3. You will gain control over your time
Corporate work often means waiting on bottlenecks, such as approvals or feedback. Every step has a stopping point that's outside your control. You might finish your part of a project in the morning and then spend the afternoon waiting for someone else to move things forward.
Freelancers value controlling their own schedules and choosing their own projects. If you work efficiently, you actually benefit from that efficiency rather than having more work added to your plate. Your time becomes yours again.
Anna Burgess Yang
4. You will give up traditional benefits
Something to keep in mind is that freelancing means self-funding everything. You pay for your own health insurance, retirement contributions, and taxes. No one is withholding taxes from your paycheck or matching your 401(k) contributions. You also don't have benefits like paid time off.
Only 16% of freelancers have access to retirement plans, compared to 52% of traditional employees. You can absolutely make it work, but you need to factor these costs into your rates.
- If you're in the U.S., look into a solo 401(k) for retirement.
- Set aside money in a separate savings account to pay your taxes.
- Set aside money in a separate savings account to "pay yourself" when you take time off.
5. Do research so you charge a fair rate
Freelance pricing is often very opaque. How much should you charge clients? You don't want to sell yourself short.
I worked for two marketing agencies that touted their "high-quality" work. I knew what they charged clients. But agencies also have overhead (operations, benefits, etc) and want to make a profit on each deliverable.
I realized that I could charge a high rate as a freelancer, but still charge less than an agency. For clients, this is a great deal: less expensive than outsourcing to an agency, and still receiving quality work.
Common mistakes new freelancers make
When you're just starting out, it's easy to stumble into a few common traps. Here are some things to watch out for.
- Undercharging because you feel inexperienced. Your rates should reflect your expertise and the value you provide. Research what others charge and price accordingly.
- Taking on any client who will pay you. Not every client is a good fit. Working with companies that can't afford your rates or don't value your expertise leads to frustration on both sides.
- Neglecting your online presence. Freelancing requires ongoing visibility. If you disappear from LinkedIn for six months, don't be surprised when your pipeline dries up.
- Failing to set boundaries. Clients will push deadlines, request extra work, and expect immediate responses if you let them. Establish clear expectations from the start.
- Not saving for taxes. Set aside 25-30% of every payment for taxes. Quarterly estimated payments are real, and the IRS doesn't care that you forgot or weren't aware that you had to pay quarterly taxes.
Don't forget to keep your portfolio organized
Start organizing your published work immediately. Prospective clients will always want to see samples, and you don't want to be scrambling. Every time I send samples, I customize what links I send so the list matches what the client is looking for.
Some writing portfolio platforms (like Journo Portfolio) will automatically back up your work as PDFs. This maintains your work, even if the client goes out of business, the content is rewritten, or your work is taken off the client's website.
Your portfolio is proof that you can do the work. Even if a piece isn't something you'd showcase to potential clients, save it anyway. You never know when someone will ask if you've written a specific type of content. If your portfolio is organized and backed up, it'll be easy to find and provide examples.
Freelance pricing is hard to figure out,
so I’ve created a free resource for fellow writers.
FAQs
Should I start freelancing right after college?
Probably not. Building a portfolio, developing industry connections, and gaining experience at a traditional job or agency first makes the transition to freelancing much smoother.
How do freelancers find clients?
Referrals are the top method, followed by networking and inbound inquiries from an established online presence. Cold pitching works too, but it's more effective once you have the sample work and credibility to back up your outreach.
Can you make a full-time income freelancing?
Yes. Many freelancers earn six figures or more, particularly those who specialize in high-paying niches like B2B tech, finance, or healthcare. The key is finding clients with real budgets and charging rates that reflect the value you provide.
How do I manage health insurance and retirement as a freelancer?
You'll need to self-fund both. Some freelancers get health insurance coverage through a spouse, but otherwise, you can purchase a plan on the healthcare marketplace. For retirement, you have options like a Solo 401(k) or SEP IRA.
