In today’s gig economy, freelance businesses are more common than they used to be. Most people were reluctant to earn money through such a sporadic means of income. But with the digital world we live in, it is much easier to establish and maintain a freelance business that is profitable and fulfilling. Here are some tips to help you succeed in your freelance business.
Choose a Niche
Though you might be tempted to do anything and everything freelance, finding your niche and sticking to it will be more profitable. When you focus on one (or two) freelancing types, you can build your business more efficiently. It’s not to say there is not a place for a jack of all trades, but there is a well-known saying, “jack of all trades and master of none.” Having one that you can not only master but excel at will be an advantage, especially in the competitive freelance job market.
Be Clear on Service Offerings
Once you have decided on your niche, it is time to discover then determine what services you will offer. For example, for a freelance writer, writing is the niche, but they may provide services for only one kind of writing or multiple writing types. Decide on what type of services you will offer in your niche then make them clear for your potential clients. If you don’t know what services you offer, how can you expect them to be clear?
Define Your Client
Understanding who your ideal client is will help you with the direction you go on many aspects of your freelance business. Defining and having a clear picture of who will benefit most from your services will inform your approach to gaining clients and keeping them. Also, knowing the demographics of your ideal client will help with marketing strategies and pitches.
Don’t Quit Your Day Job (Yet)
Freelancing can be so freeing that it will be attractive to someone who is not working for themselves, especially if they are in a job they hate. Though the temptation may be great, start freelancing while you still have your primary source of income. Once you build your freelance income and flow to be 50-75% of your current income, you can make moves to quit and fill in that last 50-25% with more time to dedicate to it. Sometimes getting a freelance business to a healthy state can take a long time to build, depending on the type of work you are doing. Also, some types of freelance work are heavily saturated, so being competitive can be difficult. Ultimately, only you know when it is safe to quit your job because you will feel comfortable with the decision (you can always get a new job if it doesn’t work out.)
Level Up Your Skills
Higher skill levels equal higher rates. There are many ways to differentiate yourself from the competition, but an extremely effective one is having a high skill level in your niche. You can do this in several ways. You can take on smaller projects that may not pay as much but will gain you experience and skills. You can also take on projects for which you will need to learn a new skill to complete, be careful doing so. However, if you can’t master the skill, this could be disastrous to the project. Take online classes or watch videos that expand skills in your chosen niche and read books, blogs, and articles by those who have succeeded in their freelance business who share their best practices. Building skills will pay off.
Determine Your Pricing
When deciding how much to charge, you have to consider your skill level and experience. You can’t start at the highest prices with nothing to show you are worth the cost. The best advice is to set a rate that is your bare minimum you need to make to pay your bills. Having a minimum will give you a baseline to jump from when your business builds, and you can ask for higher rates. You must go in knowing what you will and won’t take.
Starting a freelance business can be exciting and freeing and a little scary due to the sporadic nature of the income. Having a base using these tips will ensure success in your highly rewarding freelance business.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.