The idea of becoming a freelancer and starting a business can be very attractive. If you’re looking for freedom and being able to work on your own time, opting for freelance life can certainly give you that. But at the same time, you also need to ensure that you’re able to make it work. Being in control of your own time and finding the motivation to work is such an important part of the job! But if you’re a driven entrepreneur who wants to be able to make something of their passion, this could work out perfectly for you.
One of the most important things that you’ll often need to think about here, however, is how you’re going to nail the financial side of things. It’s one thing to want to be your own boss and be passionate about a set topic or industry, and another entirely to turn it into a money-making business. So in this blog post, we’re going to look at the best ways for you to build your freelance business while ensuring that it’s financially viable from the start. Let’s get into it.
Decide What You Want to Do
Create a Plan
When you have a clear idea of what you’re doing, the next thing for you to focus on is your plan of action. Of course, you can go into this spontaneously and make your way as time goes by – but it can often be more useful to have an outline of what you need to do and what you’re working towards. By setting goals, having a financial forecast, and planning out each area of your freelance business, you’ll often have a better shot of ensuring that you’re creating something financially viable here.
Build a Brand for the Business
One of the first things you’ll want to do when you’re looking to get things underway is the branding side of things. You’ll need a website and a social media presence – and for both, you need a brand. So come up with a logo (or get one made!) and start creating your content. Marketing your freelance business is always going to be a huge part of what you do on a daily basis. So make sure that you choose platforms you enjoy, as this will make it easier for you to see results with your marketing activity.
Set Everything Up Professionally
Alongside the branding side of things, you will also want to make sure that your freelance business is set up professionally. To begin with, you may want to register your small business as a sole trader. But if you do want to create a company, you’ll want to ensure that it’s all set up well. From there, you can then commence your business activity.
Get Clear on the Financial Side Early On
The next thing that you’re going to want to focus on is all the financials. After all, if you want to have a financially viable business, it’s key that you have a lot of visibility from the start. You will also want to make the right decisions that help you to turn a profit and generate the income you want, not struggle. Even if you take on debt to get started, it’s all about how you manage it. As credit management expert Alex Kleyner says, debt can be overwhelming but there is always a solution. In more serious cases, working with licensed financial experts can help freelancers stay on track and avoid long-term setbacks. So make sure that you’re making the right financial decisions early on and it should help you to see success.
Know How You Plan to Grow the Business
From here, your next move is to know exactly what you need to do to grow your business. Whether you’re a freelance consultant, writer, designer, or anything in between, it’s useful for you to have a very clear idea of what you’re trying to achieve and the steps you need to take to see growth. Your action plan will come in handy here, but at the same time – you also need to be taking those steps and seeing results!
Be in it For the Long-Term
Finally, you’re then going to want to make sure that you’re doing this as a long-term project. If you just want to get rich quickly, you may find that you fail. It’s all about making the decisions that will get you to where you want to be. When you start thinking about what you’re working towards, you’ll be able to ensure all the actions you take are in line with getting you there. You’ll also be able to see incremental growth each month and be able to drive the business in the direction of where you really want it to be.
