1. Most freelancers will fail. Harsh, but it’s true. That includes freelancers who do come from solid 9-5 backgrounds, but by going into it without experience, you’re probably stacking the decks even more against yourself.

2. If you don’t have adequate experience built up yet, you may find yourself competing for the incredibly low-paying gigs like many new writers. That’s not only a contributing factor to failure (because you’ll find it very difficult to make even a modest full-time income in many areas of the world without pushing to the point of burning out), but it’s a very difficult business model to break out of (those pieces are nearly worthless in a portfolio for higher paying clients later, and you’ll be so busy cramming in low-paying gigs to make ends meet that you won’t have time to find higher paying gigs).

3. I’m not sure what your degree is in, but you’ll almost always earn more money as a specialist as opposed to a generalist. There are a lot of people who think something like an English degree qualifies them to write absolutely anything (not even close to the case), and you’ll find a lot of them stuck in those low-paying gigs I mentioned previously (those of them that jumped in without experience or proper business planning at least). If that’s the kind of route you want to take, I’d suggest choosing a specialty and building work experience to develop your credentials in that niche first. If you have a specialized degree (such as computer engineering if you wanted to become a technical writer, or a marketing degree if you want to be a copywriter for examples), you may have an easier time earning a significant income fresh out of school. Remember… a lot of the higher-paying clients are paying for your expertise as much as, if not more than, you actual writing ability.

That’s not to discourage you. I just hope that you’re looking at the reality of the situation so you can plan accordingly to avoid those pitfalls. I went out on my own just a few years after college. I was a specialist in a business niche (and in a narrower niche that not many in my industry were pursuing at the time I started), making it much easier for me.

If you have a niche carved out, and you have credentials and have built a solid portfolio through college, then you may very well find freelance success right out of college. It won’t happen in most cases, but you’ll never know unless you try (and I certainly understand the appeal). :) At the same time, there’s nothing wrong with finding a full-time job and writing part-time as a freelancer in the beginning. Once you’ve established yourself a bit more with clients, you can always move to full-time freelancing.