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Freelance or Job ?

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Feb 27th, 2014
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  1. I started freelancing (on the side) with Elance since Jan '14 (Dec 27 to be specific).
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  3. I hit a bit of success early on bagging a small project. That was a week of work. BUT - For the next 3 weeks - I was struggling to get any project. I had a couple of leads who said "cost is too high - I need it done at 50% your bid". I did not want to get dragged into doing work for cheap and I rejected those high value projects. Even 50% of that was a significant amount to give up - but I stay put then. I already had a 8 hour job - so earning was not an urgency.
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  5. Then, something happened after I changed my profile. Since Jan 30th I have been flooded with work. I have desperately attempted to reduce my freelance work load - but it just kept increasing. Part of the issue is that I put 8 hours on job and then more hours at freelance. This has also forced me to decline potential clients for any new work. I know - delegation is the key - but its too early for me to hire anybody.
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  7. In my current situation, I do have more than enough work to complete by mid-March. I don't know much about work after that - but I am assuming it to be at least moderate work then.
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  9. I wish to give up my day job. The average expected earnings as a freelancer until mid-march are comfortably above 1.8 times my average monthly expenses.
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  11. But the three week (zero-work) period was a scary phase. It may or may not occur again - but if it does, I am surely going to miss the consistent income at day job.
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  13. My earlier plan was to try out freelancing for 6 months to check if I can make a bit more than my expenses. By those standards I will probably achieve that in a matter of one month from now. And if things continue this way - I am making much beyond my expectations.
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  15. Many people consider working via Elance as a bad thing, but I have had a good time so far. While I was tempted to reduce rates many a times, I did not have to. I obviously consider Elance only freelancing as a big risk for longer-term and will be looking for opportunities outside later.
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  17. Freelancing on the side is making me work > 16 hours a day in total. Sometimes it is frustrating. I'm afraid that if I have to continue working like this for 6 months - I will end up quitting freelancing out of frustration.
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  19. What would you suggest?
  20. A. Quit job asap
  21. B. Wait for 6 months
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  23. or any other advice?
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