"I want to build my freelancing career, but where do I start?"
This is a question that new freelancers might be asking themselves. If you're thinking of taking on work outside of your 9-5 job, then there are some things that you should consider before starting this type of business venture.
First, you'll need to get your name out there by engaging with clients and building a portfolio. But first, you'll need the right tools to succeed as a freelancer, including knowing how much money it's going to cost you.
Luckily, many of these costs can be laid out at the start, so that you know exactly what you're getting into before beginning work.
Here are some tips to keep in mind when thinking about how you can successfully build your freelancing career:
- Get Organized. If you haven't already, start getting organized by creating an outline of all the costs that you may incur during this period. This includes things such as equipment and insurance. Sit down with a pen and paper and write down everything that you can think of. This is important because when it's time to file your taxes, you will be able to list all of this information in one place.
- Start Saving Money. There are many costs involved when running a successful business and that includes things such as equipment and insurance (see above). Because you'll need to make investments in the beginning, it's important to start saving money right away to ensure that you can cover all your costs and expenses. Every little bit helps and starting with a healthy savings account is always a good idea!
- Look Into Freelancing Insurance. Speaking of insurance, it's something that you will want to think about when building a freelancing career. Some insurance companies offer reasonable rates for people working in this industry so it's something that you should give some thought to while planning your budget.
- Be Upfront About Costs. In addition to knowing how much money it may cost you every month, think about the time associated with running a business as well. Make sure to be upfront with the client about all costs and remember that this will be a factor when pricing your services.
- Keep an Eye On Your Money. When you're freelancing and working on multiple projects at once, it's easy for money to slip through the cracks and before you know it, it's gone! To ensure that your budget is as healthy as possible, make sure to keep an eye on where you're spending and make adjustments when necessary. It's also helpful to keep receipts and track all of your expenses during this time.
- Don't Overreach. Building a freelancing career can be very rewarding, but it's important not to overreach and stretch yourself too thin. You'll have a much more successful business if you're able to focus on one or two types of projects instead of trying to take on five different things at once.
- Steer Clear Of Debt. If you do find yourself in debt, it's best to steer clear and concentrate on paying off what you owe as soon as possible. Debt can threaten a freelancing career and it's important to get rid of this before you do any damage.
- Get Your Name Out There. If you want to build a successful freelancing career, then you'll need to get your name out there by engaging with prospective clients and building a portfolio of work that you can show off. This is how you can get ahead of the competition and start landing those high-paying projects that will help you to reach your financial goals.
- Plan Ahead. As with anything else in life, it's helpful to plan as far in advance as possible when it comes to freelancing and building a career outside of your day job. If you know exactly what you'll need to cover your costs for this period, nothing is standing in your way.
- Stay Focused. It's always helpful to stay focused on the big picture and avoid distractions whenever possible. This is true when it comes to freelancing because you never know which of your prospects will turn into a long-term client and which of them will not.
- Be Ready To Fight For The Job. When it comes to freelancing, you'll meet a lot of people and most of them won't be interested in hiring you. But there is always someone out there who will want what you have and finding these individuals can be challenging because they often get overlooked (see above). Be prepared to fight for the job and always be on your A-game when it comes to competing with other freelancers.
- Diversify Your Skillsets. As you build your portfolio of work, focus on diversifying your skillsets (see above) rather than becoming an expert in one area. This will help you to remain competitive and present yourself as the jack of all trades that you are.
- Think About Long-Term Goals. Freelancing can be a lot of fun, but it's also very demanding so it's important to think about long-term goals before jumping into this type of position. Ask yourself what you want to achieve by freelancing and how you can make this a profitable venture.
- Set Yourself Up For Success. When you're freelancing, it's important to set yourself up for success by knowing exactly what the industry is like and how you can approach clients (see above). You'll also have a much easier time when you find a niche that works for your business.
- Be Flexible. Freelancing is all about being flexible and this includes both your time and your price. You may want to charge $110 for a blog post, but if you're competing with somebody who charges $50 then you'll need to lower your rate (or otherwise be prepared to pass on the project).
- Borrow Equipment. If you need to purchase equipment to work as a freelancer, then it's often helpful to borrow what you can until your business is more established and profitable.
Freelancing is a great opportunity for those who are looking to start their own business, but it's important to consider everything before jumping into this type of position. You'll need to be aware of all the costs involved in running your business, including equipment and other needs such as insurance.
The best way to prepare for this is by saving money so you can afford these things when they inevitably come up. We hope that our guide has helped you understand some of the more complicated aspects of freelancing.