Working freelance can be liberating. No set hours to be working or a dedicated place to be. You are, in a way, your very own boss.
Freelancers come in all industry sectors and work opportunities. You may be creative, or be putting your administration skills to good use as a virtual assistant. Perhaps you are a whizz at developing websites or just have a knack for social media and marketing strategy. However, taking that initial plunge to go freelance can be daunting. With that in mind, here are some top tips to help you do it.
Can you afford to do it right now...and potentially earn more?
Before taking the plunge into becoming a freelancer, it is essential that you work out a bare bones budget to know what your minimum financial liability is in a worst case scenario. While predicting your income is not easy, knowing how much you can spend is critical.
Being a flexible freelancer will require that you also stay on top of your expenses and make changes along the way if needed, switch business bank account if fees are too high for example. Similarly renegotiating insurance rates and implementing more efficient ways of working. Once you manage to maximise income, you will be happy with your profits owing to your limited expenses.
It might be hard to find the right time, especially if you find yourself coming away from a basic but consistent pay packet each month. Give your finances a health check and see if you can manage and afford to go freelance; work out if you can still pay your bills if you didn’t get work in for a month. Of course, this helps if you have put away some savings or have a secondary income into your home to rely on. But, if it seems like it’s a possibility then why wouldn't you take that plunge and create a better quality of life and potentially earn more?
What about all the paperwork and tax?
It isn’t just as simple as becoming a freelancer and then earning money for projects, and that’s the end of it. Even if it is just you, you are your own business, and there will be paperwork and tax implications to consider. This is when you may want to seek some advice and help from accountants who know this field. This will help avoid any nasty bills landing on your doorstep. A good tip is to think about paperwork and having a separate address for it where you can be registered, this is when a virtual office address service could help with this sort of thing. There can be a lot to think about, so ensuring you get this side of things in line can help you to concentrate on the areas you can make the most difference.
How will you obtain work?
It is very daunting at first, and if you haven’t managed to secure a project that was your initial motivation to go freelance, you may be wondering how on earth you are going to obtain work. This is when it may be worth looking at some of your old work contacts and reconnecting. Pick up the phone, send Facebook messages and get the word out. You could also work on social media platforms to ensure that your services are being advertised. Also, freelance websites like people per hour are a great source of one-off jobs and projects you could consider pitching for. These sorts of projects can often lead to longer term contracts, or even just help build up your income.
Let’s hope these tips help you take that plunge.
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