Here are a few thoughts from some who freelance across the world of advertising:
If you are going to do your taxes yourself, make sure you get an accountant you trust and listen to him/her. As a freelancer you must be aware of your responsibility for income tax and if you don’t do it properly, expect our friends at the HMRC to request some of your hard earned cash! The best way to ease the pain is to be proactive. Know what your options are for tax deductions and track them religiously.
Getting paid on time (or even at all)
Just getting clients to pay in a timely fashion or AT ALL can be a trying ordeal. Working directly for a client means that you’re at their mercy when it comes to being paid for your work. You’ll get paid when they get paid…right?! Your clients have benefited from your work immediately so why should you have to wait 30 or even 60 days for payment?
Where will the next job come from?
Freelance gives you freedom but at the same time it can be very mercurial. It’s either feast or famine. Some may have a steady flow of work but for the majority the vulnerability of freelance can be difficult. Freelancer spend is a good indicator of market spend.
Payment and work flow seem to be the key themes here. Some of these problems can be avoided or eased by working with a great recruiter who understands your needs. Ultimately though, freelance is unpredictable. However there are those who love the freedom it brings (and the money).
Helpful hints can be found at: www.freelanceadvisor.co.uk