How to Transition to Freelance Working
Working for yourself on a freelance basis can be a very empowering move, but it can also be terrifying. You will no longer, after all, have the guarantee of making so much per month. You could end up making so much more, or you may find yourself short every once in a while. Freelancing is owning your own business, and every new business venture contains its own risks, but as a freelancer, you are definitely more flexible, and if you use this guide can stay afloat and succeed:
1. Improve Your Digital Presence
When you work freelance, you need to understand that you are the business, and every business needs to advertise itself to its customers or clients. You can do this as well, and the efforts (and budget) you put towards this endeavor can easily upgrade over time. Start with a free website and by improving your presence on job seeking and freelance websites. From there, you can upgrade your website to a premium model and even start to manage social media accounts and organize marketing campaigns.
2. Start Sourcing Work
There are many ways that you can start to source work as a freelancer. What you do in particular will depend entirely on the type of work you do, but one thing will always remain constant – the need to network.
When you start as a freelancer, a great place to begin is by joining a network of professionals in your field. For some, this is all you need. Those who work in entertainment often need to be in the right texting chain to pick up jobs as they come. For others, you may need to hustle. There are digital job platforms where you can pick up work, but these often yield very low-paying clients. They are great when you first start out, but you need to appeal to the big fish to get the big fish. Leverage your network to get connections, and always explore ways to use your existing clients to help you get new ones.
3. Set Yourself Up as a Sole Trader
Now onto the legal bit. As you are working freelance, you will need to handle the taxes. If you sell products, then you will need to work out the tax that your customers will need to pay. Otherwise, you will need to set yourself up as a sole trader and start keeping track of your expenses.
4. Have Side Hustles and Secondary Income Options
It can be terrifying to go freelance because there is no guarantee of the amount you will earn every month. That is why it is imperative that when you begin, you know exactly how to make money online if and when you need it that is outside of your skillset. There are many little jobs that you can take on a remote basis, allowing you to supplement your income in slow months so that you can live comfortably regardless of the number of work orders coming your way.
5. For the Future: Growing Your Business
Growing will look like two things as a freelancer. One, it will mean being pickier with clients and charging higher rates for your expertise. Two, it will involve hiring employees and transforming your freelance business into a regular business, where you are the CEO. Keep both options in mind, as they offer two very different work/life routines.
