How To Start Your Freelance Business
– Part 1
By
Professor Theodore Henderson
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Entrepreneurs Are Great At Dealing With Uncertainty And Also Very Good At Minimizing Risk. That’s The Classic Entrepreneur.
— Mohnish Pabrai
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So, you believe you want to become your own boss and start a freelance business? Let me guess, you have a powerful desire for financial freedom, flexibility, and to be in control of how you generate the income in your life? But, let’s be honest. Starting a successful freelance business will transform your life. However, it will likewise change your relationship with, your perception of, and connection to work.
The decision to start a freelance business is the first thing, and perhaps the easiest. The reward of becoming a successful freelancer is one of the most liberating career outcomes you can have. It can also be one of the most difficult. Launching a freelance business is not just as simplistic or basic as getting up in the early morning, rolling out of a comfy bed, and opening your laptop. Freelancing, with a smart plan, an easier approach to monetize your hobbies or interests than searching for a “regular day job” in a tight uncertain job market.
See our previous article Your 7 Minute Guide To Become A Freelancer. Also, follow the rest of the series which includes How To Start A Freelance Business Part 2 and How To Start A Freelance Business Part 3.
One of the crucial things to bear in mind when you decide to start a freelance business and you go about building it is that the worst thing someone can tell you is “no.” You need to put yourself out there. There is no embarrassment in being turned down, but there is some in not attempting to give your business 100% effort.
You will have to do a little self-development in some of the key areas of your business. Perhaps you are a little shy or introverted and now you have to actively connect to people. Or other activities that do not regularly come to you; you identify and seek them out. Sounds more complicated than you thought? No worries. The following is a roadmap to help you get there.
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Time to Launch!
How To Start A Freelance Business
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Introduction – Start a Freelance Business
Your freelance activities can be done part-time, on the side, or, eventually, it might become a full-time business.
Beginning with this post, the “How To Start A Freelance Business” series will point you to all the basic tools that you require to be a successful freelancer. It will tackle common problems and answer the most typical concerns that new freelancers have.
Numerous benefits exist after you start a freelance business that other business opportunities or jobs do not provide.
The first section of this series describes the basic structures needed to start a freelance business or career. You will be asked questions compelling you to think about your ideal life. This will make you think of whether a freelance career is the perfect path for you and will offer you some tips on structuring your new way of life.
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It will stress that a plan is crucial. A freelance organization is not merely something you can dream up as you go along. Effectively researching and planning extensively prior to starting will be the trademark of success– guarantee that you comprehend your service, industry, and audience properly, initially.
After talking about preparation, goal setting, and briefly discussing legalities, this series will discuss how essential a portfolio is. It will likewise provide some ideas on how to fill it up successfully to attract your target audience. Following this, it will also go over how you can start working without much experience and delve into the yeas and nays of various platforms and locations to discover freelance work.
You will also have to consider the value of time management and value your work. Your time is essential, and the manner in which you handle it will assist in dictating your work-life balance.
The series will conclude by suggesting some types of business expansion. Once you have reached a level of success, you will have the chance to level up.
Therefore, future freelancers, read on for an excellent guide to start a freelance business and transforming your life.
Step 1 The Basics of Becoming a Successful Freelancer
The Essentials To Being A Freelancer.
This post will start by laying out a few of the standard features of freelance work.
The fundamental details of how to start a freelance business and make it successful will be laid out in this post and the rest of the series. However, it would be remiss to go over the essentials of freelance work without stating unequivocally that, as a freelancer, you are likewise a business owner. You will be responsible for all elements of your company, which is why you need to have a solid understanding of what it encompasses to be a freelancer.
Is a self-employed freelance career right for you?
Odds are, if you are reading this post, it is. Beginning a freelance service requires guts and investment; you already have two things by choosing to read this material.
The remainder of this post will be going over some of the most crucial elements that you need to think about prior to starting your brand-new organization.
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What skills and abilities do you have?
To start with, you required to begin by thinking about what skills or abilities you have. These abilities are most likely things you have actually acquired throughout your life and your career. Your freelance career will be most successful if you play to your strengths and your skills.
It can include, naturally, any education and training you’ve received, as well as things that you master after starting. For more on this topic and monetizing your expertise see Russell Brunson’s book Expert Secrets.
What interests you?
It isn’t enough for real success to need to start a freelance business. As well as your abilities, you would be well served to also recognize what interests you. What are your passions and your interests? What kind of work do you delight in?
What about your downtime and pastimes? What do you do then, and what is it about those activities that you take pleasure in?
Your service will be most effective if you are doing work that you are really enthusiastic about.
Most notably, what type of work do you find most enjoyable?
You must consider and reflect upon the past projects or jobs that you have actually most delighted in. What elements of your previous work have you enjoyed? Is it in the customer care aspect or the collective effort of a team?
Or, if you have actually been stranded doing work that you dislike, reflect on why, and determine what you can do to make certain it does not repeat in your new freelance career.
Concentrating on doing satisfying work will improve your lifestyle and give you a stimulate that other freelancers do not have.
What will your service be?
In addition to identifying what you do, you likewise must figure out what you do not. This will ensure that you are only doing quality work and operating at your highest proficiency in areas you wish to participate.
When you start a freelance business, you must honestly think of what you, in fact, wish to do. You might have an idea of the unclear market or location, but you ought to think of what, particularly the work you wish to do. It should lie at the crossway of your abilities and passions. This will be the secret to your business’ true success.
Freelance work concepts and ideas.
There is a profusion of freelance service ideas that can be customized to your skills and interests. The probabilities are you currently have an idea of what you want to do to start a freelance business. However, listed below, in no particular order, is a list of prospective freelance business concepts.
– Teaching.
- Online English/Language tutor.
– Tutoring
- Academic.
– Social media marketing
- Content Creation.
- Brand Management
– Writing and Composition.
- Copywriting.
- Editing.
- Proofreading.
- Blog sites.
- Journalism.
- Ghost-writing
- Content writing.
– Web Development
- Web design.
- Site development.
- Software shows.
– Search Engine Optimization.
– Data entry.
– Admin.
– Bookkeeping.
– Virtual assistant.
– Marketing.
- Digital Marketing
– Graphic design.
– Photography.
– Transcribing.
– Translating.
If you brainstorm on your own or with people whose opinions are valuable you will come up with other ideas beyond what I have on the list above. As soon as you have a general concept of what you would like to do, you can narrow it down to a particular niche. This is not something that you’re required to do immediately, but you should remember as you grow your service. See Turn Your Passion Into Your Business for more on this topic.
Expertise is essential to service growth– but your specific niche can progress as your instructions modify.
Market Research – Search Engine Optimization
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Who are your clients?
As soon as you know what your business will be, you will need to define who your target audience is even more. Client targeting and market niches will be discussed more later on in this series. Nevertheless, you ought to be considering who your target audience will be as you plan your new freelance business venture. No interested audience means you have no business.
It is vital to remember that, in regards to clients, you ought to be going for quality over quantity. While (and this occurs particularly when you are starting out) it can be tempting to take any and all customers you encounter. You should know that you are empowered to say no. If someone is abusive or attempting to rip you off, move on. There are plenty more out there.
Assign your time to customers and projects that you take pleasure in and believe in. In particular, it is recommended that you attempt to acquire long-lasting customers.
Among your main business and career goals ought to be to maintain quality clients and develop good relationships with them. Regular work is terrific.
Hidden expenses.
There may be unnoticed (or not thought of) upfront company items that you will need to purchase. Obviously, this depends on your industry and the business-specific things you already own; however, you need to consider the things that may be critical. Will you need a brand-new software application or tech innovation? How about office devices?
Can you work from out of the house or do you need to rent someplace? If you are thinking of utilizing a cafe as a workplace– keep in mind the coffees’ budget (and snacks!).
Working these out ahead of time is the best method to avoid getting caught with unanticipated expenses.
Inspiration and Motivation.
Having a freelance business requires motivation, focus, and discipline. You will no longer have a manager floating around, nudging you to work harder; you are now your own employer. Being self-motivated and having excellent time management skills are essential traits of successful freelancers.
It also can not be stated enough that you need to understand your worth. If you feel undervalued or underappreciated, you will likewise likely feel unmotivated.
Find out what inspirational techniques work for you and use them to smash your goals.
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Step 2 – Producing A Company Strategy And Choosing Your Objectives.
A real-world, no fluff, and on-point business plan are invaluable for any business start-up, self-employed ventures are not an exception. You do not require a complicated fifty-page boilerplate laden, full of spreadsheet tables, charts, and calculations. If you need all of that, put it in, but you will not be in the vast majority of business launches. Instead, you can do something as simple as coming up with a brief collection of very well-reviewed objectives that you can refer back to.
When you look for a “business plan” online, templates appear full of tabs with complicated things that require a lot of unnecessary brainpower. Not all of these make sense for freelancers. Instead, think about the primary goals that you have for your organization and your life. Then center your strategy around these.
Your plan and goals need to be adjusted as your organization changes and grows. Set aside time periodically to examine and update your goals.
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Things to think about before you start a freelance business
Before developing a business plan, you need to consider what your goals are for your service. Put in the time to be introspective and really consider why you want to begin a freelance business. Doing so will assist you in taking full advantage of your capabilities and prospects.
Do you just wish to freelance on the side? Or will you aim to broaden it into a full-time profession?
Why do you wish to be freelance? Is it to eliminate the commute? Is it to be your own manager? To supplement your income? To enjoy a better work/life balance?
You must get to the bottom of your motivation for going freelance and change it into goals.
Essentially, what do you want to get out of being a freelancer? Jot down anything and everything that comes to mind and find methods to integrate it into your planning.
Cost of living.
First, you require to determine just how much money you will require to make ends meet. This is, naturally, typically based on your earnings from any other work you have done.
Some individuals find themselves taking a pay cut when transitioning into becoming a freelancer. You must make certain that you can endure this and plan for it in advance.
As soon as you have your ideal earnings level, you can start to determine costs for your product or services. Your cost of living and wanted earnings level will impact the hours you will be working and how many jobs you will be handling.
Likewise, it is crucial to bear in mind that adapting from receiving a routine salary to being a freelancer and making money on an intermittent basis can be challenging. And, worst of all, having to frequently chase after clients who refuse to pay or who pay late.
Document your rates. Keep them in your plan as a reference you can revisit periodically to confirm you are on track. If you are not on track, you can uncover why, and adjust your objectives.
Homework and Research
You are required, as a smart business person, to research your industry and your competitors before you start a freelance business or any other type. You can not rely on a hunch, then merely launch, and expect success. There are numerous other freelancers out there, and your success requires you to set yourself apart from them. The very best way to do this is to know your target market.
You need to investigate your competitors, look at what and how they are doing what they do. Where they exist online, and what mistakes they are making. You can replicate the favorable aspects of their marketing and branding for your own freelance company and evade any errors you see them making.
Furthermore, do this research regularly. Avoid your services ending up being out of date or redundant. Occasionally, reserve time to check in on your competitors and see how their business is progressing– make sure that yours is, too.
Branding Yourself and Your Business
It is imperative to figure out an individual brand name at some time in your freelance business development. Your brand name is how your target customers will view your organization; it makes you appear professional and authoritative. An excellent brand is an indication of company success.
An element of your brand is how it appears visually. This will include your company name (it can just be your name), logo, aesthetic design components, and how your site or portfolio is stylized.
The total objectives and objectives of your organization can be defined and described in your branding.
Where to discover clients.
You need to learn about and comprehend your target market before you start a freelance business. When you have actually determined what you want your service will be, you need to identify enough customers to sustain it. While there generally is a market for pretty much everything, it is still an excellent idea to ensure that customers are interested in your services so you have an idea of the size of the market.
You ought to determine demographically who your target market is and then learn their behavior. At the minimum, you’re required to figure out where they would search for you. What is their web usage like? Where would they look for a freelancer?
This is crucial. Without customers, your business will not succeed. You must strive to know your audience in depth. In this manner, you can target your services to them in a way that they will specifically take pleasure in utilizing.
When you have a business strategy, now what?
Your company plan needs to be something that you can return to when you find yourself stuck. Help your future self out and by providing some motivation. It must be a living evolving document.
You can assemble a list of possible customer concepts and locations to discover new customers. If you’re in a dry spell of work, refer back to these and reach out to pitch them.
Put together a list of your dream projects. If you have some spare time, you might work on them to reinspire yourself and update your portfolio. At the same time, reach out to some prospective customers and pitch your ideas.
You can also develop a list of marketing strategies to execute when work is slow. Discovering new places or approaches to target your customers is a fantastic thing to do. It will expand your organization and increase your potential customer base.
Including a selection of “things to do when you do not know what to do” is essential in any business strategy. It can be easy to come up with a list of things that you’re required to do when your motivation level is high prior to your start. Then, when you have actually started work, you may feel a little lost. You can refer back to this list and reignite the enthusiasm you have for your freelance career.
You should further specify your service strategy to easy objective statements or goals. Some individuals find it beneficial to keep these at hand, someplace you can quickly refer to them.
They could be goals or statements for how you want to perform yourself. Remind yourself of these routinely to guarantee that your organization is heading in the manner you imagined.
It is also crucial that you remember that your strategy and plan can be updated whenever you like. Services are not stagnant things; they should progress and grow. You can revise your business plan whenever you feel it is required. An indication of failure for a freelance service is that it does not increase or change with time. Luckily enough, for a serious freelancer with a business plan, this situation is easily avoided. Stay tuned for the next post in our series on how to start a freelance business.
Additional Resources – Start A Freelance Business
Fiverr – Start your business immediately and offers free training for new or established freelancers.
Flexjobs – FlexJobs is a subscription service for job seekers that features flexible and remote jobs.
Virtual Vocations – A job service that provides job seekers with hand-screened remote job leads
FocusMe – Time management and productivity application.
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Visit our Recommended Business Tools page to review several excellent online business & marketing applications.
About The Author
Theodore Henderson works with business owners, entrepreneurs, and corporate professionals on their business skills, marketing, and leadership strategies. He is an Amazon best-selling author, a Certified Career Coach, Business Skills & Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA.
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Visit The Wisdom4Business Blog for the complimentary series on business startup and entrepreneurship.
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