I contacted a designer from Soho as I thought it would be beneficial to get some advice from someone who is already an established freelancer. One of the questions I had asked him was whether I would need studio experience before considering to freelance. He responded with advice from his own experience that he has never worked in a studio so it not required. However I can gain experience from other sources such as getting clients myself, freelance for an agency and even somewhere that has nothing to do with design.
For extended practice there must be at least two live client briefs, this will give me a good opportunity to try work for clients and get some experience to see whether this is the route I want to take. I do believe for myself I should get some studio experience before I make a final decision.