{ "media_type": "text", "post_content": "Thinking of taking the leap and going freelance.. how many hrs a week should I be expecting to spend on admin? (Hunting, invoicing, tax etc)", "post_id": "5b41f29ab486f20013522233", "reply_count": 10, "vote_count": 0, "bowl_id": "5908c9d5f735ee00105b9fa4", "bowl_name": "WFH Freelancers", "feed_type": "bowl" }

Thinking of taking the leap and going freelance.. how many hrs a week should I be expecting to spend on admin? (Hunting, invoicing, tax etc)

Posting as :
works at
You are currently posting as works at

Depends on your pipeline and if you plan on being mostly an agency W2 freelancer or if you’re more interested in billing yourself as a consultant direct to clients.

Agency/W2, the admin stuff is basically the same as your normal agency work: time sheets/expenses.

If you go the consultant/1099 route you should do two things: 1. Find an accountant before you leave your job and have a consult with them about documents you’ll need, what you can and can’t expense, and a plan for paying your estimated quarterly taxes and 2. Ideally you should have some kind of pipeline to clients. Start reaching out and see if you can moonlight a little while you’re still FTE and then leave once you get your sea legs under you.

Hunting for work will probably take up the greatest portion your time, but that hunt looks very different depending on who your target is.

And, as we always say, make sure you’ve got a significant financial cushion before striking out. The world can change very quickly.

Good luck!

like

Nope, @Designer1, most agencies actually prefer you be on a W2, in my experience. I’ve only had one that 1099’d me

like

It wouldn't matter how they pay you, a day rate is a day rate. They pay you the same amount where they pay you via W2 or 1099. The difference is that under W2 they withhold taxes for you (just like any other job). With a 1099 you get the entire lump sum but you're then responsible for paying your own taxes.

like

@SC1 that’s not correct. When you’re W2 the employer pays part of the payroll tax and you don’t. In a 1099 situation, you have to pay it. So, a 1000/day rate on a W2 will get you more money than a 1000/day on a 1099 will (all other things being equal)

like

100. Until you get a gig.

Freelancers at agencies can get W2? I thought it was usually 1099s until they become a full-time

So when freelance people on this app discuss rates that are like 500, 600, 700 a day, are they talking about a W2 wage?

@Designer1, you’d have to ask everyone individually, but I always assume they’re W2 rates, unless otherwise noted

CD1: OK theres that payroll tax but when you factor in the tax savings through your S-Corp you can pay significantly less taxes when you 1099. With the right corporate structure 1099 is almost always better than W2!

Eh, I actually prefer being on a W2. Less complicated and I have so few expenses it makes my life much easier around tax time.

Additional Posts in WFH Freelancers

What kind of dietary resources do you point your patients do when discussing nutritional changes to your patients for their annual exams?

like

Hello Tata Consultancy ,
Is that true for Experience professional FA is now stop? No appraisal for EP resources who completed 1 year??

likefunny

Can a hiring firm verify your prior billable hours?

likefunny

Do your relgious or political views factor into your investment decisions?

like

How much raise should one expect when promoted from SE-II to SE-III in Walmart? And how much time it takes to reach the promotion?

What do you guys think of the update?

like

23M here. Anybody have any tips or book recommendations on not feeling haunted by your past and anxiety about the future and consistently stay in a “FLOW STATE”.I’m currently reading the Power of Now. I have a habit of burning bridges because I feel that I’m perpetually trying to fit in and act “cool”. I feel that I’ve always been somewhat unconfident but every year it seems to be more and more difficult to manage and taxing emotionally. I go to the gym 4 times a week, try to eat clean, socializ

like

Hello Everyone I've been shortlisted for Knowledge Analyst Healthcare role in BCG. I'm told there will be two Case Study Interviews. Can someone tell me if they know about the types of Case Studies i can expect in these two interviews. Thanks in Advance.

What does it really take to land a job as a pen tester/red teamer? I mean, if I don’t have the proven work experience in the function, what do I need to do to convince a potential employer to risk it?

When life gives you bananas , make banana bread! Made some this morning, I always add walnuts and chocolate chips. Now I already have my weekend treat!

Post Photo
likefunny

I was told that I was the chosen candidate for a new role that I applied for which will be promotion, I just recently received my offer and was surprised and decided to start negotiating. My boss immediately said that this is offer, either take it or lose it and no negotiating, and was only given a day to decide whether I want it or not, so he repost the position, and was also told that I was going about it the wrong way for trying to negotiate, Is this wrong of me to negotiate?

like

Which is better option to select? In terms of learning and job security?
HCL- Deutsch Bank- Lead Consultant -30+2 variable
Epam Systems- Senior Software Engineer- 30+1 jb
Big Data Pyspark profile

like

Leaving healthcare in-house to open mostly remote hlthcare legal/compliance or business consulting after 25 yrs practice. Any thoughts on billable rate? East coast but looking for national clients.

If you got an RFE and lawyers asking for job duties and responsibilities is it for speciality occupation? Also any tips on how to best answer them/what to watch out for. Analyst here.

like

How do you send clients POPs of their ads on top sites that they show up on? Is there a better way of doing this than doing 10 mins of refreshing until you see the ads pop up and take a screenshot?

like

Hey! I just finished up an internship at GT and am going back into the recruiting process for full time. What do opportunities look like in cyber for an undergraduate at Deloitte?

Hi I have an offer of Deloitte 14 LPA fixed Bengaluru location and pk global 16 LPA fixed they told me they will give me Pune location. what is the best choice?

like
like

Microsoft vs EY?
Currently at EY cyber, high performing staff 2 soon to be senior 1. Just applied for a position at Microsoft as a cyber security consultant because I have a technical background and I’m looking for more technical work. What firm has the most prestige/which is the best long term?

like

Additional Posts (overall)

What do you wish you knew about freelancing that you didn't know when you first got started?

like

What do you do when you haven't been paid on time? We are now very overdue on invoice payments. Rent and amex due in 3 days and it's not a fun feeling! This is a super common occurrence for me, and I wonder if this is normal? Or because we're a female team. I also wonder if we are being too generous with our wording and need to get more firm.
*side note I now know to do the 5% invoice thing because of this form. That's a whole other other topic.

like

When looking for freelance work as a strategic planner, is it better to contact HR folks, or strategy department folks? Any tips for drumming up business?

like

I agreed to a weekly rate, before knowing what I was getting myself into. I work more 12+ hours a day and I how much I make now is way less than the work I put in. How can I ask to get paid hourly?

like

Are there any resources for freelancing out of country? My significant other is wanting to make the jump to France from US, and before we decide, I want to know if there will be any issues.

Data / “marketing strategy” peeps - how are you getting freelance gigs??

Marketing my services as a freelancer can really seem tedious. What was the task you most hated about marketing your freelance services?

My full time freelance contract asked me if I would go full time (I’m about 2.5months in to a 3 month contract). They do good work. Has this happened to you, and what did you do and why?

like

Do agencies typically take the full 30 days to pay?

like

Newbie freelancer here. How much tax should I include in my invoices in Florida per piece? Or is it calculated on the total? Excuse the ignorance, and appreciate the help 😬

like

Is there anything you miss about being on a full-time contract? If so, what is it?

like

Having a lot of doubt about my career right now. Haven’t worked in 6 weeks, all of my contacts are radio silent and recruiters are ghosting me. It’s tough in smaller markets

likehelpful

You are a successful FT freelancer. What would convince you to take on a staff role?

like

In NY, are you considered “self employed” when freelancing as W9? Unemployment is asking bc I’ve stopped claiming. Just don’t know if I’m considered “self-employed”. TIA for any advice

like

Anyone run into agencies not using contracts for freelancers? They use email instead.

like

Do you ever drop your rate when work is slow? I’ve always believed if you do this, you’ll never get back to where you were. Is there something in between? Availability based rate?

like

A potential collaborator with a similar skill set and experience said (during negotiations with me) they would charge a 15% premium to me on top of their fees if they were positioned as part of my company vs as their own company. Meaning they would be pushing that fact and their company name with the client unless I laid them this fee. I found the client and sold in the project without their help though my contacts. I have never heard of this. We are both solo operators. Thoughts?

like

With more demand than supply of Freelancers and Staff, have you upped your rates? I feel like now is the time. I've had places offer me more than my normal to "steal me away" from my current gig, but I don't do it because I feel like that's not fair to place who already booked me. But... if they keep extending me, I feel like there's no option for upping my rate. Thoughts?

like

Has anyone freelanced for two companies under the same holding company at the same time? Is that an issue in terms of them finding out?

like

I’m a planner who recently moved to Houston and looking to continue freelancing. Does anyone know of any agencies - or contacts- might introduce myself to? I have zero contacts here. Thanks

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy.

Already have an account? Log in

New to Fishbowl?

image with Fishbowl logo and arms reaching out for a handshake

Already have an account? Log in

By continuing you agree to Terms of Use and Privacy Policy.
Messaging rates may apply

For account settings, visit Fishbowl on Desktop Browser or

General

Legal