Over the past few years, many people have approached me with questions about freelance opportunities for financial modeling and how to find clients. Instead of lecturing them, I prefer to chat casually and guide them to find their own answers.

Believe in Yourself

I usually start by asking about their work experience to understand if they are ready for this journey. I’m not trying to judge their expertise. I’ve seen individuals switch careers or start freelancing right out of university and thrive. What I aim to sense is their self-confidence and passion for this path.

I don’t want to discourage them if they’re not entirely sure about themselves. Instead, I talk about working with a team or pursuing opportunities in private equity funds, where they can join a dynamic team with ready projects to tackle. Or I mention the benefits of working for a bank and learning how bankers handle deals.

However, if they express confidence in their belief in themselves, I move on to the next question:

Money Issue

I want to know if they have financial concerns. It’s not necessary to have substantial savings before embarking on a freelance career, but constantly worrying about finances and freelancing don’t go hand in hand. If they do have financial worries, I recommend considering a part-time job or addressing these concerns before planning their freelance business.

Clarity

For those without financial worries, I stress the importance of clarity. Before looking for clients, I suggest they consider their ideal customers – the type of people and companies they want to work with and which sectors they want to get involved in. I also encourage them to consider their fees and contract structures. It’s a good idea to consult a lawyer to create different types of contracts: one for short-term and another for long-term commitments.

Once these details are in place, the rest is history. I look forward to their calls a few months down the line to hear about the mistakes they’ve made, but most importantly, I’m excited to hear about their successes.

If you’ve found value in crafting your freelance path, consider exploring the equally important question: ‘To Quit or Not to Quit?’ when it comes to your current job.