Most people see freelancing as a side gig-type role that’s flexible, unstable, and unpredictable. But those in the know recognise that freelance work often translates into more opportunities down the road, including the chance to launch your own small business.
If you’re aiming to power up from freelance worker to business owner, check out these tips.
1. Smarten Up Your Business Structure
Running a business involves different paperwork than freelancing on the side. For one thing, you’ll need to file for business formation if you plan to hire employees at any point, even if they’re freelancers.
Consider the best structure for your needs — whether it’s a sole trader, partnership, or a limited company. You’ll also need to get your finances in order so a big tax bill doesn’t bring you down. Once your documents are arranged, it’s time for the real work to begin.
Take note that as you dive deeper into launching your own business, you may find that while a DIY approach works, you still need professional advice. When preparing your business plan and looking ahead to the future, an expert in business consulting services is a great resource who can ensure you have a solid business plan and that you’re on the right track.
When you’re considering a move from freelance to full-time, rounding out your business skills is a must. Plus, these days, you don’t have to commute to campus to pursue higher education.
Going back to school for an online MBA program means expanding your knowledge of business management, sure — but it also boosts your strategic abilities, enhances your self-awareness, and can help you round out your leadership approach.
2. Boost Those Business Skills of Yours
3. Invest in Your Technology, Too
Investing in yourself and your skills is one thing. But buying the right equipment is also a must. For starters, think about the type of work you do. Visual artists need good graphics, so spending more on an upgraded laptop is ideal. For writers, an ergonomic keyboard might be a priority, which means either a desktop model or some portable combination that can go where you do.
Think about other tools and gear that can help your workday run more smoothly. Noise-canceling headphones, a quality webcam, or a pile of battery backups for your equipment might be priorities. Don’t forget software. Depending on your client base and your niche, you might benefit from accounting and invoicing software.
If you meet with clients (virtually or otherwise), automated appointment services can eliminate the need for manual scheduling. Or, creative packages for digital design or video editing could upgrade your client offerings. Regardless of the tech you buy for your business, you may be able to write it off come tax time.
Working from home, on your couch, was probably part of the appeal when you started freelancing. But by the time you realized your side gig could transform into a legit business, the couch probably started to lose its appeal.
Instead of camping out on your coffee table (or at the kitchen counter, or in a closet), consider finding a co-working space near you. Heading into the ‘office’ does adjust your mindset when it comes time to hunker down and work. A clear workspace with standard office amenities also supports your business needs — no Googling “how to fix spotty Wi-Fi” necessary.
4. Get Legit with a Co-Working Space
5. Stop Padding Your Pockets: Outsource
It’s tempting to hide away all the cash you start making as a business owner. But experts agree that outsourcing tougher tasks — or business stuff that’s necessary admin — can pay off in big ways, notes Inc.
Imagine if you could ditch complicated tasks, freeing up ten hours a week. With that new-found time, you could spend more of your energy on actual work for clients. Letting go can be a challenge — especially for freelancers with a solopreneur mindset — but it’s a must as your business grows.
Plus, outsourcing one-time projects can save you frustration and funds when you pick an agency like us here at Cube Lab to collaborate with. Our web and graphic design team has knowledge that can help grow your business. So let us step in to help set you up for success.
Levelling up from freelance part-timer to full-time business owner means big changes for your career. But with these tips, you can maximise the experience while scaling up your profits and enjoying it, too.