When you make your money freelancing, you likely have a goal to turn it into a thriving small business at some point. Figuring out how to get to that objective can feel daunting, but you can take your career to the next level with some planning and tips from eBiz Radio.
Make a Business Plan – Although you know what you want from your business idea, you need to put it in writing. Create a formal business plan that includes:
- Description of your operation
- The legal structure of your company
- Methods of gaining new clients
- Number of customers you need
- Type and amount of funding necessary
- Income and expense projections
Drafting a written plan helps you identify areas you must address and gives you an outline that improves your chances of success with your new endeavor.
Choose a Formal Structure – When you start a small business, it is vital to balance your liabilities with your costs to optimize your company for growth. Formal business entities such as sole proprietorships, corporations, or limited liability companies can offer tax benefits, help you increase your income, and advance your operation. Consider the various options available and weigh each type’s advantages and disadvantages.
Purchase Software – Utilizing software helps you streamline your operation and saves you time and money in the long run. Accounting software provides tools that track your finances and balance your bank accounts, and workflow programs can help you organize tasks and plan for the future. There are also software programs specifically designed to handle freelance businesses, providing tools to manage clients and jobs.
Market Your Services – Advertising can attract more of the right customers for your business. Getting a high return on your advertising budget requires knowing your ideal consumers and the best ways to connect with them. According to research, most people look online for services and products before choosing. You may not know how to begin when so many available marketing avenues exist. Good marketing can move your business forward, helping you achieve your objectives.
Hone Your Skills – Even the best business people – freelance or otherwise – need to keep up with the times. You may have great knowledge in your field of expertise, but learning more about business, entrepreneurship, leadership, or communication can be a boon in your position. You can learn these skills through informal processes, but adding a graduate degree to your resume or list of accomplishments can say a lot about you as a professional. There are great MBA – Masters of Business Administration – and other graduate programs online. The class you’ll complete will help you to be an even more successful leader and entrepreneur. Just make sure the university you choose is accredited.
Send Professional Invoices – It is crucial to create a professional brand when you start a new organization. Clients will view you as more trustworthy, reliable, and competent if you put thought into each aspect of your operation. Try an online invoice maker to make professional business invoices and ensure you get paid for your work. You can customize them to include your brand font, colors, logo, and essential information.
Hire Employees – As your company grows, hire people to handle tasks so that you can focus on getting more business and managing the bigger picture. When you hire effectively, you can better meet deadlines, finish projects more quickly, and serve more patrons. You will have more time to make sales calls, expand your operation and improve your revenue. Analyze the cost and benefit of each new employee to ensure your continued development and success.
Be Selective – As your freelance business grows, you should be more particular about clients. You can give more time and effort to better opportunities with more discerning choices. Taking on bigger jobs will likely net more income than accepting many little, lesser-paying jobs.
With thoughtful planning, experienced assistance, and the right tools, you can turn your freelance work into a successful, thriving business operation. Don’t overlook the importance of furthering your knowledge through a graduate degree. And keep up to date on relevant current issues through eBiz Radio!