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  • Jul 15th, 2016 4:53 pm
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[OP]
Newbie
Dec 11, 2013
32 posts
2 upvotes

New to Freelancing

Hi guys,

I'm hoping to get some advice regarding self-employment, more specifically freelancing. A little background, I've got an advanced diploma in accounting & am currently studying online to finish my bachelor. I'm working a full time job as an administrator where I audit, track, validate, & analyze data. I also work weekends at Tim Hortons.

I am considering trying out freelancing in order to replace my need to work weekends, so I would need to supplement roughly $600/month. So first off, I was wondering whether it is worth it or not. In terms of experience I am sure it would be much greater than working at tim hortons on weekends, but I'm assuming I would need to charge sub-average wages for a while in order to get some contracts/clients, which means more hours with likely less pay.

Now in order to freelance, I was wondering what kind of back-up I would need. I'm assuming I might try to get some work in & outside of Canada, so most likely dealing with different currencies but also different laws? Should I get E&O insurance? Should I have a lawyer draft a professional Letter of Engagement? I just want my ass covered if anything goes wrong.

The services I plan on providing include: Data entry, data management, most admin work, and some bookkeeping. Also, if anyone knows good sites to get freelance work and don't mind sharing, it would be greatly appreciated. :)

So... just need general advice on how much coverage I need and if you all think it is worth the effort, if not for the money, for the experience?
6 replies
Member
Oct 16, 2012
224 posts
38 upvotes
Vancouver
Not an experienced freelancer, but the website "Upwork" has gigs. Although as far as i've seen, when it comes to wages, it's a race to the bottom.

Also check out the subreddit /r/freelance which has good advice catered to those looking into freelancing.
Deal Addict
User avatar
Nov 27, 2005
1497 posts
446 upvotes
Get a job at an accountants office doing data entry and data management. Doesn't make sense for you at all to start a business.
[OP]
Newbie
Dec 11, 2013
32 posts
2 upvotes
PatMeGron wrote:
Jul 13th, 2016 11:31 pm
Not an experienced freelancer, but the website "Upwork" has gigs. Although as far as i've seen, when it comes to wages, it's a race to the bottom.

Also check out the subreddit /r/freelance which has good advice catered to those looking into freelancing.
Yeah I've been looking at upwork for a bit, it seems like a decent place to start for experience but I agree in terms of financial needs it likely isn't great! I never used reddit but will surely give it a shot! Thanks for your input!
[OP]
Newbie
Dec 11, 2013
32 posts
2 upvotes
djpr wrote:
Jul 14th, 2016 9:28 am
Get a job at an accountants office doing data entry and data management. Doesn't make sense for you at all to start a business.
I already have a full time job as stated in my original post. I'd also like your input as to why it doesn't make sense at all? I may be overly optimistic but I would assume freelancing in my field beats working at tim hortons on the weekends, in terms of interest & experience at the least. But if you have experience to share as to why I shouldn't pursue this, I'm all ears.
Deal Addict
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Nov 27, 2005
1497 posts
446 upvotes
AccountingStudent14 wrote:
Jul 14th, 2016 6:46 pm
I already have a full time job as stated in my original post. I'd also like your input as to why it doesn't make sense at all? I may be overly optimistic but I would assume freelancing in my field beats working at tim hortons on the weekends, in terms of interest & experience at the least. But if you have experience to share as to why I shouldn't pursue this, I'm all ears.
Well from your post I can tell your goal is just to supplement your current salary. The problem lay in a few places:

1. You will be adding more work overall than just the 5-10 hours you want to work on weekends. Invoicing, accounting and numerous other issues.
2. To get clients you probably have to work during the week. Furthermore you have to be available for communication during the week.
3. If your job is mainly order entry and admin work, most of this work is sent to India and china for cents on the dollar. If you are trying to compete with them you are setting yourself up for failure.

If I were you I would spend my time educating yourself to become a CA, CPA, CMA on weekends. Sure it will cost you more in the short term, but in 2-3 years you will have a huge salary bump. I suspect you make around $40,000 salary now, but in a few years you can bump it up to $100,000. A few years after that you can go up to $500,000. The point is not to work 60 hours a week. It's to work 40 hours a week and bump up your salary.

Just my two cents. If I'm wrong anywhere let me know.
[OP]
Newbie
Dec 11, 2013
32 posts
2 upvotes
djpr wrote:
Jul 15th, 2016 11:03 am
Well from your post I can tell your goal is just to supplement your current salary. The problem lay in a few places:

1. You will be adding more work overall than just the 5-10 hours you want to work on weekends. Invoicing, accounting and numerous other issues.
2. To get clients you probably have to work during the week. Furthermore you have to be available for communication during the week.
3. If your job is mainly order entry and admin work, most of this work is sent to India and china for cents on the dollar. If you are trying to compete with them you are setting yourself up for failure.

If I were you I would spend my time educating yourself to become a CA, CPA, CMA on weekends. Sure it will cost you more in the short term, but in 2-3 years you will have a huge salary bump. I suspect you make around $40,000 salary now, but in a few years you can bump it up to $100,000. A few years after that you can go up to $500,000. The point is not to work 60 hours a week. It's to work 40 hours a week and bump up your salary.

Just my two cents. If I'm wrong anywhere let me know.
Yes communication may be an issue, and yes I assume I would be competing very much so for price if I'm solely online. My goal is to get some local gigs once I've gained some experience so as not to compete so much with international wages. I actually would prefer to work during the week to get my weekends off.

As mentioned in my original post, I am spending time on higher education and my goal is indeed to become a CPA, I need to finish my bachelor first. Obviously I may not supplement $600 overnight, but I also don't plan on quitting my second job immediately in order to pursue this. I would like to slowly build into it. I've already got work outlined for tax season, but I would like to have steady income year-round if possible. I totally agree on not having to work 60 hours a week, but until I get a professional designation, I'm willing work as many hours as necessary, weekdays & weekends if it's worth the experience.

I'm pretty set on trying this out, I would just like some advice on what kind of liability I may be exposing myself to and what kind of protection may be necessary.

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