6 Things to keep in mind when establishing your freelance business
6 Things to Keep in Mind When Establishing Your Freelance Business
The job landscape isn't quite like it used to be. In recent years, we've seen professionals doing away with the traditional 9-5, leading to the rise of the gig economy. In fact, statistics from Digiday note that more and more women are turning to freelance than ever before. While reasons for this shift can vary, most of it can be chalked up to people putting more importance on work-life balance and flexibility.
While being your own boss is great, it also means doing all the legwork by yourself — whether it's securing your working permits, chasing after invoices, or looking for new clients.
Read on below for some tips on how to establish your freelance business
Sign yourself up as a registered business entity
Try to avoid setting yourself up as a sole proprietorship if possible. There is little to no separation between you and your company under a sole proprietorship, which means your personal finances can suffer if your business is hit with a lawsuit. Establishing a registered business entity, whether it’s an LLC or an S-corporation, provides more legal protection.
Create templates
Lots of your freelance work will rely on correspondences and contracts, so it’s best to create templates for these as soon as possible. Having all your cover letters, contracts, and email templates in one folder makes it easier for you to reach out to more people while also generating faster replies. This may seem like a painful process in the beginning, but it will speed up your everyday operations exponentially.
Develop a strong brand identity
Getting your business' name out there can be quite the struggle at the beginning, especially when your business is freelancing. Fortunately, you can overcome this challenge by building a powerful brand identity. From knowing your audience well to consistently conducting brand audits, effectively marketing your freelance business will set it apart from the pack. While you're at it, check in with customers and business partners to see if they're satisfied with your brand's identity. In line with this, Kristen O’Connell credits her 'Reputation Management Process' program for helping her business' message get heard.
Connect with other freelancers
No matter how convenient working from the comforts of home can be, you're still a social creature that needs to connect with others. This is why many freelance entrepreneurs can feel isolated and unmotivated, especially if they’re used to being part of an office setting. Enter, the co-working space. Industrious details that co-working spaces are designed to bring like-minded freelancers and entrepreneurs together in thoughtfully designed spaces. Desks and flexible seating areas can help introduce you to other freelancers whom you can learn from and enjoy working with. What’s more, co-working spaces regularly host events that are designed to help you build an entire network of peers who can refer you to clients or help you navigate the world of freelance businesses.
Don’t forget business insurance
Cybersecurity attacks are growing increasingly common with each passing day. Smart Business details the importance of seeing whether your cyber insurance policy covers the costs in the event of a lawsuit caused by a data breach. Anyone with an online presence is a potential victim, which is why you need to prepare for such an event.
Update your portfolio
Last but not least, make sure that your portfolio is constantly updated. This is the first thing that clients will look at when they’re considering hiring your business, even if you come with a referral. Platforms typically come with built-in templates that let users plug in their content, which is a great option for freelancers who are just starting out.
Setting up your own freelance business is tricky, but the payoffs are huge. Establishing the proper roots beforehand ensures that your business is an entity clients can trust, thereby allowing you to continue doing the work that you truly love. Here at Woman Entrepreneur we aim to empower female leaders around the world by sharing ideas for their businesses and personal brands to thrive. Do you have any other tips you’d like to share? Comment below!