Maximising your Income: How to Freelance while working

Sun, Sep 20, 2015

Financial Advice

We live in strangely contrasting times, as while a volatile global economy and stagnant earnings growth continue to prevent citizens from saving there has never been greater opportunity for individuals to optimise their earnings potential. From the rise of multimedia art and three-dimensional technology to the increasing popularisation of freelancing, it is easier than ever for hard working people to combine self-contracting with a full-time career.


How to successfully freelance while Working

This offers a unique opportunity for workers to optimise their earning potential, while it also enables them to keep all of their career options open for a prolonged period of time. This is a delicate balancing act, and one that requires significant thought. For example: –


Separate your two career Paths

As a starting point, you must make a clear commitment to keeping both of your chosen career pats separate. Your full-time employer will not appreciate you using their time and resources to complete freelance work, even if you have free time in between daily tasks. There is a clear conflict of interests here, so it is wise to separate these two ventures and manage your time accordingly. This may demand several late nights and a willingness to work weekends, but it enables you to succeed in both careers simultaneously.


Understand your Tax Requirements

Tax requirements vary depending on the legislation that governs your nation, although you will most likely be required to declare the additional income that you earn through freelancing. Even though you are already paying income tax through your full-time role, your rate of taxation is determined by the cumulative amount of money that you earn annually. This rule will apply to any regular or recurring freelance work that you undertake, so be sure to consult with established industry experts and adopt a proactive approach to keeping the tax man informed of your activities.


Prioritise your work and be honest with clients

If you hope to optimise your earnings for a prolonged period of time, decisiveness and honesty are two key attributes that you will need. The former is crucial as you look to prioritise your workload, especially as your freelance client list builds and threatens to impact on your full-time career. This is where honesty also comes into play, as you must commit to creating a realistic schedule and communicating honesty with clients. Without this, you are likely to miss deadlines and develop a reputation for being unreliable.


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