It takes some guts to jump into the world of freelancing. Knowing that you’re ready to quit your 9 to 5 job to pursue some innovative business idea is one thing but turning that business idea into a reality is quite another. If you want to master the world of the freelancer then you need to have not only the determination and spirit necessary to chase your dreams but also the entrepreneurial mindset necessary to make smart and deliberated decisions. You have a talent that you want to sell to clients, but do you know how you’re going to sell that service to clients? Do you know how to separate personal and business finances? Being a freelancer means becoming your own boss and that requires a learning curve.
Still, don’t be disheartened. This article isn’t meant to put you off becoming a freelancer; it’s merely meant to show you that you need to be ready to take responsibility for yourself. The digital era has afforded many of us the luxury of building a business from the comfort of our homes. Thanks to the internet, you can build a brand and find clients who might be interested in your services. Of course, going solo means that you need to figure out how to be the boss and the employee whilst navigating the increasingly-complex modern landscape. Is your head hurting? Maybe the advice in this post will help you out.
Become a master of financial management.
Before you can master the life of a freelancer, you need to get your house in order. That means you need to screw on your financial brain. A poorly-managed personal and business-based financial life could bring this self-employed lifestyle to a grinding halt before it’s really even started. To begin, you need to start budgeting. Most importantly, you need to create a budget for your personal life and a budget for your business life. This is crucial if you want to separate these two elements of your life. You need to set aside money to cover all your necessities in your life and then leave the rest for your business.
All that matters is you live within your means. Financial management as a freelancer includes not only tracking unavoidable expenditures but planning out expenditures to further your business (as we’ll discuss in the next point). The point is that you shouldn’t be scared of spending money in your personal life and in your business; you just need the wits necessary to manage your finances in order to avoid debt. Your business and personal finances will merge together once you go down the self-employed route but you need to work hard to keep on top of your money. If money is in short supply, however, then…
Figure out how to fund your venture.
Of course, continuing from the first point, you have to not only learn how to organize your finances but also how to invest them. Why? Well, you need to fund your freelancing lifestyle. Even if your business is low-maintenance because it’s based online, it’ll need funding for a website domain and perhaps marketing services. You might need money to hire accountants or full-time employees, but you’ll definitely need money for your personal life. You’re a businessperson now and that means you’ve got to be bold. Investing your money to supplement your income will certainly help with this. As risky as it may seem, the risk of having little to no funds for your freelancing venture is greater. You could look into real estate because investing in property is a great way to bring in an additional stream of income.
And you also need to think about the luxuries that could come from a smarter use of money. If you want to be a freelancer who works on the move then you could look for a property for rent in some sunny part of the world whilst making income to fund such a venture by renting out your own home. Being a freelancer is about thinking of smart ways to spend and make money. You need to fund both your business and personal life, and, in the early days of your new business venture, you might find that it’s very difficult to do this with little to no clients. The money has to come from somewhere.
Prioritize digital security.
Remember when other people sorted out your computer when you worked for an employer? Well, you have to figure it all out by yourself now you’re self-employed. Digital security is hugely important to businesses in the modern world. If you’re a freelancer, you most likely work from home and use your computer or laptop to run your business. Perhaps you just use the internet to search for clients. Perhaps your services are internet-based if you’re a writer, photographer, or web designer.
The point is that you rely on technology, so digital security needs to be at the forefront of your mind if you want to keep your business running. Installing firewalls and security programs
Create a portfolio.
Figure out digital marketing.
Moderate your schedule.
Most importantly, don’t work yourself into the ground. https://hbr.org/2016/07/how-to-become-a-successful-freelancer