Starting out as a freelancer is exciting, although it does come with some stresses.
There is a minefield of information out there on what you need to do before staring and the different requirements.
With a little research, you can slowly get everything together, ready to launch and start your new, exciting journey.
Below are five things to consider when starting your journey as a freelancer.
#1 What accounts package will you use?
As a freelancer, you must stay on top of your finances. At the end of the year, you will have to declare your income and pay the appropriate taxes, depending on how much you have earned that year.
By using an accounts package, you can easily track your income as well as send out an invoice, record expenses, and know if a customer has paid or not. There are many options out there that do not have to cost a lot, from Xero to QuickBooks.
#2 Will you open a business bank account?
Leading on from above, to keep your finances simple, it is worth considering a business bank account. These accounts are not expensive (a small monthly fee is required); however, they separate your personal spending from your business spending, helping you know what you are spending your money on.
This will also make your expensing process a lot quicker as you won’t be looking through your account, having to work out what was business and what wasn’t. If you search online, many comparison sites show you the best business bank account to take out.
#3 Are you going to have a website created for you?
When becoming a freelancer, how will you promote yourself? A website is a great way to show off your skillset and send it to a potential client when pitching to them. Having a good website can sometimes be the difference between getting the job and not.
Plus, a website can allow you to bring in new customers through organic search who you may not have spoken to without one and earn some additional income. If you haven’t got a big budget, you can make your own website using Wix or Squarespace.
#4 What insurance products will you need?
As a freelancer, you must take out the correct insurances in case you have an accident and need to protect yourself.
Although you hope this never happens to you, it does so you want to be covered, reducing the chances of you having a big bill. One policy you should consider is commercial ommissions insurance.
This will cover you for errors or unintentional omissions from your work that may happen by mistake.
#5 Are you going to invest in some marketing materials?
Having your own marketing materials is important for attracting new customers and showcasing what you can offer.
Getting materials such as business cards, brochures, and a logo will all make you stand out from your competition, giving them a reason to choose you over them.
Marketing materials don’t have to be too expensive; you can use another Freelance website to see if another freelance can make them for you. Why not check out Peopleperhour and see what is on offer there.