When I graduated from college 4 years ago, many of my programming and design peers spoke of starting their own business/studio. The idea seemed simple: work at home, charge the masses for your work, sleep in every day. However, I only know of one guy who pulled it off, mainly because he does really amazing stuff. Freelancing isn't a walk in the park. That's why most people work for someone else. And to be honest, I don't think I could be freelance now if I didn't work for three "someone elses" before making the switch. If you're thinking about going freelance, here's a few tips to help:
1) Save Ahead of Time: I wouldn't say freelancing is riskier than a normal job, but the risk is all on you, so you better have a little savings. I personally had about 6 months of living expenses saved before making the switch. Good thing too, because believe it or not, on day one of "no more corporate health insurance," I found I had major kidney stones, and had to use some sonic therapy that eventually cost me over $5K (thankfully I had new health insurance -- without it, I would be almost $30K out.)
2) Already Have Clients: You should be doing freelance long before you switch to it full-time. I'd been doing freelance since college, and way back then, I was doing these large sites for pennies, and often, pro bono. Back then, I was unmarried and had only a couch and sheets of Taco Bell Coupons, so the "hard knock" education was worth it. It took four years of said education and experience to have the clients and the hourly rate I have now. And in the months leading to the switch, I made sure I had clients lined up, even starting some before I quit my day job (although be sure not to let your freelance buildup suck away from your day job -- that's just unfair and unethical.) Of course, it meant very little time with my wife for a couple months, but the payoff (freelance freedom now) is worth it.
3) Crunch the numbers: It's exciting to land your first multi-thousand freelance website. But if you are a middle-class married American, you better be able to land those every other week and get paid on them too just to reach normal salary levels. Remember, you're probably also paying double taxes, health insurance, any retirement plans, etc. Freelancing takes monetary discipline, and you better be ready for it. Don't go for the midtown loft just yet, don't buy the latest gadgets (except for maybe the iPhone), and count yourself lucky if you have a spouse that works.
4) Create passive income: Truth is, even freelancing, you have "employers," deadlines, and the nagging truth is that if you don't work, you don't get paid. So find creative ways to create passive income. Start a specialized blog or website or service (after all, you ARE a designer/developer). Sell your goods (code, illustrations, programs). Try alot of things and eventually, one will pay off.
5) Work hard: Yeah, this is a no-brainer. But without a boss over your shoulder, it's much tougher than it sounds. I prefer to work short days (4-6 hours) seven days a week, and in the down time, look for passive income opportunities. This schema is enjoyable for me, and as a freelancer, I have that freedom. I'm also willing to take on more than I can handle at times, and work 14 hour days, because I know there'll be slow times too (i.e., November-December). Find what works for you, but remember, working hard has a very strong correlation to success.
Feel free to add any advice you've learned yourself...
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