Freelancing can seem relatively easy and smooth, in fact, it is a dream come true for many. If you think about it, you really are your own boss, setting your own work hours and working from your home. But building a freelancing business from the ground up is more than just lounging on the couch in your pyjamas with your laptop. There are a few things you need to take care of to ensure the success of your business.
Many freelancers think that business will be smooth if they simply do their job. While that is not untrue, there are many other aspects of your business that you will need to look after. For example, do you have a business plan? How do you manage your finances?
These are important questions to ask yourself before setting up your freelancing business. Here are our top 3 tips for freelancers planning to set up a business.
3 Tips for Freelancers to Set Up Business
1. Create a Business Plan
It is essential for all freelancers to create an in-depth business plan that highlights their business goals and how the strategies they will use to achieve them. Without a business plan, you are simply going in blind.
Your business plan should be highly detailed and should include information on your products and services, your target market, your competition and your business strategies. This plan becomes your roadmap to business success and can help you track where you stand at each point. Moreover, it also becomes easier to track your progress towards achieving your goals.
A business plan can also massively help you stay organised. As a freelancer, you will have to create your own workloads and prioritise tasks. With a business plan, you will know exactly what needs more focus and what is important for your business. Not only that, but you can also follow the plan and make better, informed decisions that benefit your business.
2. Taxes and Finances
When it comes to your freelancing business, managing your finances and taxes is essential. As a freelancer, you are responsible for tracking your income, and your overall expenses, filing your taxes and ensuring that your business is in compliance with the relevant laws.
It can get difficult to do it all alone, which is why it is important to consult an accountant. Accountants for freelancers help those with a freelancing business manage their accounts, their finances, create a financial plan and manage taxes.
With a skilled accountant, you can set up a system that allows you to track your income and expenses. There are many accounting software, such as Freeagent or Xero, that can help you overlook your finances. However, your accountant will keep an accurate and updated record of your income and expenses so that you can track your financial performance.
Besides that, working with an accountant will also help you understand tax implications, generate professional invoices, set clear payment terms and follow up on any unpaid invoices.
3. Establish Your Brand
As a freelancer, it is important for you to establish a professional brand. Your brand is essentially your image and reputation that you project to your clients. This is why it is essential to create a strong, consistent brand image that ensures that you stand out from your competitors.
To establish your brand, you will first need to set up your business website. Your website should be professional, easy to navigate and should offer information about your business and your services. Moreover, it should also contain a way for clients to contact you if they need to. Do remember to optimise your website in terms of SEO to drive more traffic.
After this, you should focus on marketing your brand. You can do this by creating business cards, brochures, and using other marketing materials. Ensure that you clearly communicate what your business offers, your contact information and other important details. Besides this, you can also use social media to connect with potential clients and build an online presence for your business.
However, do remember that to build a professional brand, you require consistency. Remember to use the same colours, messaging and brand logo across all brochures, emails, posters, etc.
To Sum Up
While setting up a freelancing business can seem daunting, with proper planning and execution, it is possible to achieve success. With these tips, you are all set to build your business.
Remember to stay organized to save time and minimise stress in the long run and watch your business soar to new heights.