Here's when to start your freelance business

When starting your career as a freelancer whether it is consulting, finance, graphics designer, etc., we might never dream that we might actually run a full-time business.

With some of us going out of their comfort zone of a regular payroll, we might find ourselves trying to find potential clients as a freelancer. It was a whole new world, and one where we have to adapt quickly. Where could we find new clients? How could we show them we are worth their investment Most of us aren’t a born salesperson.

As with many things in life, excuses can always be found to avoid the great unknown, but if we really feel that freelancing is the right choice for us initially, take the leap and just do it.

First let go of any potential myths

Before you sign your resignation letter, it's important to consider a few things first. People always think that with freelancing comes more flexibility, more automated work and more money. But, most of the time this isn’t the true because:

Working doesn’t mean you aren't always earning. Part of your time will be spent on paid projects and you'll need to dedicate the rest to networking, meeting potential clients or establishing the scope of a project.

You won't be able to take a proper holiday as clients might need something and you should try to be available within reason. This is where it's important to practice setting boundaries between your work and personal life.

Once you establish yourself as a freelancer, you'll enjoy more independence as you will set the direction your business takes. However, you should always carefully consider decisions and how they can affect your clients, suppliers or employees.

Keep on the hustling

When I started working freelance, I quickly realized that sitting around waiting for my friends to send me some work or projects wasn't going to put me on par with my last salary. The solution came in the form of business networking. So I attended events and made many new contacts and friends, following up diligently and being as helpful as I could. As time went by, people remembered me and got in touch, which quickly translated into new projects. It is important to know about networking, so do your research. You should also learn about sales and get over the idea that it's a bad thing and refine your approach. (Networking Article Here)

Keep 5 to 6 months of savings in check.

Having the desire to make money is a good thing , but you also need to be sensible. In my experience, the lead time on a sale is always frustratingly longer than most of us hope. I have had projects come from people I met years ago. So, if you're starting new, you need to give it time and make sure you have enough savings to survive with some lead projects that might take up to 3 to 4 months without paid upfront.

Portfolio is the key

If you're already doing freelance work on the side of your job, you may find that the jobs you've had so far have come pretty easily through existing connections. If you're going to take the leap, you will have to make a little more effort. While building a good network is very important, to really stand out, you will need to create an easy way to show people your work. Having a growing portfolio is more important that just normal presentation to get the client attention especially when it is just in the beginning.

You're not afraid to charge for your work.

If you're still doing some freelance jobs for free and struggling to feel confident enough to ask for payment then perhaps you can start practicing the language needed to be straight with people. At first you should show that you are enthusiastic about the project, once you’ve achieved your first milestones, make sure you establish clear payment terms beforehand. Be proactive and tell clients that you will “work out a quote" or "confirm payment terms via email."

This gives a clear message it's not going to be free. You should figure out a good way to calculate your rate and always expect to be paid for your work. (Perhaps I will prepare something for how to calculate your rates)

You are self-disciplined and driven.

Running a business is hard work and you have to hustle to find clients and make money. You are suddenly became your own boss and have to be self-motivated, organized, and willing to take on all of the tasks necessary to manage a company. When you are a full-time freelancer, you have to deal with responsibilities that someone else may have done at your old job like accounting, scheduling, and email marketing. You must be willing to learn new skills or hire another freelancer who can help so you can focus on the higher-level strategy that will move the business forward.

Even though the idea of leaving the security of a full-time role can be scary, remember that you’re not the only one trying it out! There’s a huge network of freelancers and resources out there to help lead the way. And it is always helpful to surround yourself with a good support of a group of people in the same position, help each other out, and learn from each other. Seek out a freelance community that is strong and full of people willing to lend a hand.