So you’re all set up as a freelancer, you have a portfolio of clients, you’re making good money, and now you’re thinking of becoming your own business. Great!
The transition from freelancer to small business can be confusing but is relatively simple. This short guide will help you make the transition so you can continue to build your mini-empire.
As a successful freelancer, you will know all about the importance of being organized and prepared. Forming a small business is no different.
You should have gained some invaluable experience as a freelancer in marketing, accounts, sales, operations, and so on. Now, it’s time to take those skills to the next level.
Running a small business is not a simple extension of freelancing. It brings a whole host of new challenges you need to be aware of. Expect to experience a steep learning curve in finance leadership, hiring/firing, team management, and brand awareness.
You may initially experience a small dip in income too. Get prepared for this new journey.
When forming a small business, you should try to consume as much information about running a small business as possible. Each night before you go to sleep, fill your subconscious with knowledge from experts in this area.
Use a journal to make essential notes where necessary. Most importantly, put this knowledge into action for your business. Don’t become an information addict.
During your journey, go speak to those that have already built their small business. Invite them for a coffee and prepare some questions for them. Get a real insight from those that have already been successful. This is invaluable knowledge.
Don’t be afraid to utilize small business services. If you need specialized accounting, go check out a business checking accounts overview. If you need a digital marketing tool, go check out the best available for you.
It’s easy to get super excited about your small business venture and want to do everything right now. Calm down, plan your journey strategically, and move gradually through your goals.
First, create a vision of the business you want to own. Then, using that vision, build your business goals for three, six, and twelve months. Using those goals, set out your objectives and place dates against each.
Now, move through your goals gradually, ticking them off as you go. Your small achievements will compound your vision if you work hard and stay disciplined.
Redefine Your Product or Service
You may think that your small business will see you completing the same type of work just on a larger scale. Maybe you will hire some help so you can take on more action. First, evaluate your business offering.
Can you create neat niche packages for your clients to buy that will help you to secure retainers? If you’re a freelance writer, that may include ownership of a brand’s company blog. $997 a month for 4 x SEO-driven blog posts that will boost web traffic and increase brand awareness.
Try to get as niche and specific as possible with your offerings. A generalist is never in demand, experts are. Establish you and your company as a specialist in their field.