Seriously considering freelance, but most people tell me I’d be crazy to leave a job for it right now. Realistically, what are my prospects? I have a decent book and lions, pencils etc and currently work at an a big, average network agency. My thinking is that I’m working most weekends and not making any good work anyway so I might as well get paid well for it - cos I’m sure not getting a pay rise anytime soon. Have any of you gone freelance recently and don’t massively regret it?

Just wait until your next layoff to give it a go!

I’m a freelancer currently. Have been on and off for about half of my career. This is a very personal decision that you should weigh carefully. Only you will know if this is the right move for you or not.
Here’s a few things to consider:

1) Have you freelanced before, even if it was for a side gig? If not, you really should get your feet wet before diving headfirst into something.

2) Can you get health insurance through a partner/spouse? Having the support from someone else can really help. Whether that comes from health insurance, sufficient income to keep you alive while things get going. This can literally save your life.

3) How well connected are you and have people liked working with you? The work is not going to fall on your lap. You gotta chase it and relationships are crucial. Your reputation as a reliable person who will knock it out of the park every time, is your only currency, and you gotta earn it.

4) How motivated and driven are you? How resilient? It is brutal out there and it’s gonna be HARD—especially the first year. Does that scare you?

5) How much do you have saved, and how well do you manage money? You will not be an employee. You will be a business and have to think like a business. You definitely should have at least six months salary saved up to get you going. You will have to set money aside in the good times for the lean times (and there will be lean times). You’ll have to figure out your taxes, deductions, and figure out what will work out better for you fiscally. You need to be really organized. It’s boring as fuck and not fun. But you have to muscle through it.

6) Is there an industry or media or discipline that you can specialize in or that you excel at? That sometimes helps to set you apart from your competitors. Especially now, when the freelance market is flooded with insanely good talent trying to compete with you for the same gigs.

7) Do you have a creative partner(s) you can work with? Many times agencies will seek a team, and if you don’t have an available partner, you’ll be shit out of luck. But also, if you have a partner, you’ll be able to leverage their network as well.

Answer those questions to yourself, and think about the answers carefully. Hopefully thinking about them will help you make an educated decision. I have freelanced for a long time and right now is probably the most cut throat and tough I’ve seen the market. A lot of people are struggling. Even people who are uber talented and experienced. But that’s not to say you can’t be successful. You totally can, but it ain’t gonna be easy.

If you can spare it, I recommend the Mt. Freelance course. It’s helpful especially for someone new to freelancing. It ain’t cheap, but if it helps you get just one project, it will more than pay for itself.

I have been regretting it since November

I’m in the exact same boat. I do know some people who are crushing it at freelance. I also know of a lot who aren’t. If you already have some solid connections it might be worth a go. If the plan is quit then figure it out, maybe not.

Nobody can tell you what your prospects are for freelance. Freelancing is highly individual to the person, their specialities and book / past work and most importantly their connections. If you don’t have a few solid leads that you think would turn into freelance right now while you’re still working full time, then I wouldn’t do it. No matter what you choose, good luck!

I went freelance quitting a FT job last year, don’t regret it, you get to know more people and build connections, and may have surprisingly nice teams reaching out. but have at least 6 months of rent or mortgage saved just in case you don’t get anything

There’s no fucking way I’d leave my job right now if I were you. People have freelance fantasies about the money and the freedom, but the hardest part is landing the work, and it’s just not out there right now. The more I move forward as a freelancer, the more I believe the work will never be out there like it was, at least for a long while yet.

What is your cash reserve to live incomeless? How long will you give it a go before looking to go back to company gig? Then tack on several months of job hunting in this market. Also research how much insurance (medical/dental/vision) will cost you.

Is it the whole HoldingCo-mega agency-mega client thing that is driving or a real entrepreneurial spirit to do your own thing. Being employee #1 without a net is a totally different animal. Are you going to enjoy the continuous hunt for revenue?

Maybe smaller market agency vs freelance? Smaller company where you’d feel your work is more impactful?

Not telling you to run away from the idea but is really trading one anxiety for another and maybe bigger one. Freelance full time is very different than side hustle freelance.

Get paid out first. Either with a layoff or a separation agreement so you get money. Unless your mental health is at risk, you’ll be leaving money on the table.

If you’re at IPG especially. The layoffs will start to come end or Q2.

Sounds like you don’t have much free time to do it on the side first before quitting, so you can gain some traction? That would be ideal vs winging it.

If not, comes down to connections and conviction.

Just know that a lot of clients are cutting budgets, delaying projects, and trying to do things even more efficiently (cheaper/faster) with the rise of AI promises. And there has been a flood of very senior talent (and very talented people) from holding companies the last few years into the freelance market.

With more people competing for less work to go around, you need some solid leads to break through and gain enough momentum.

And you may still have to work on weekends, but may have a few weekdays off. Depends on client needs and your client mgmt skills without having that person on your side.

Don’t do it.

Making freelance work is one part being a great creative and ten parts having a great network.

If a large number of people at a large number of agencies/brands don’t know you, you’ll starve before you even come close to your current paychecks.

June is anticipated to be bloodbath for the US economy. I wouldn’t leave a FT position right now. I wouldn’t even switch jobs. Last one in, first one out.

I’ve been interviewing freelancers desperate to come back to full time with the economy right now (my GAS title is old btw). I’d say unless you have clients already lined up for freelance and/or a big saving, don’t do it.
If you do it, definitely wait for a layoff first and get that severance money.
Even if you aren’t winning awards or building an amazing book right now, I’d rather be able to pay my mortgage and do the 9-5 (push back on weekend work) than just quit and leave without money/work setup.

stick with the job and take on weekend work

DON'T QUIT YOUR DAY JOB! Unless you have a trust fund, keep working. I know people who are multi-award winners who are having a hard time.

If you read the trades & follow the stock market or even Google recession indicators, you might consider avoiding freelance. There are many freelance freezes already in effect - just ask around. If anything search for a new, full time role! It’s always easier to get employed when you have a job.

“Big, average network agency”? God speed

Even Multiple Grand Prix!