Freelance Fundamentals – How to Get Started in Freelance
The coronavirus pandemic has inspired many to reconsider their career paths and even take the plunge into becoming freelancers. Freelancing can be highly rewarding in terms of control over time, clients, income and finances; but it comes with its own set of challenges – finding work, managing finances and finding ways to balance family life with work are all areas you must prepare yourself for when taking this route. Taking an organized, methodical approach is key – break each process down into manageable steps while consulting others when needed is vital for success!
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First step to building your freelance business: identify your skills and have faith in yourself and your abilities to earn with those skills. Second step: establish your hourly rate as this will become the billable minimum for clients and projects; set it above what your work is worth initially but be willing to adjust once established as you gain more clients or projects.
Once your freelance operation has been established, the next step should be deciding the appropriate business structure for it. Depending on several factors, but for solo-operators offering professional or creative services the most cost-effective and timesaving way is often forming a single-owner limited liability company (LLC) in their home state; corporations require more ongoing reporting requirements than LLCs do.
Once your legal structure is in place, the next step should be finding work. There are numerous online marketplaces where you can post and bid for projects as well as targeted platforms like FlexJobs and SolidGigs which feature smaller pools of opportunities vetted beforehand. Furthermore, don’t forget to post on social media accounts informing others that you are available for freelance work!
One of the greatest challenges facing freelancers is receiving payment on time for their work. Building strong communication and negotiation skills will help ensure you receive payment on schedule; using an invoicing service that enables electronic invoice submission and payment tracking is another essential tool.
