Launching a freelance career is a tempting prospect for lots of professionals – who wouldn’t want to control their workflow, hours and commitments without a manager or three hanging over your shoulder?
If you commit to freelancing, though, you shouldn’t just quit your job and launch right into self-employment – not if you want to succeed, anyway.
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Instead, make sure that you’ve prepared properly if you want this new phase of your career to go well. And you don’t have to look any further if you’re a bit lost on that front because we’ve covered the eight key areas you need to consider before you delve into self-employment.
That’s not the end of our freelance guidance. Here’s how to avoid the biggest freelance mistakes, and head here if you want to discover the ten things no one will ever tell you about freelancing.
Save some money
Even if you launch into a freelance career with loads of well-paid work on your books it’s going to take a little while for that money to actually get to your bank account – large companies are notoriously bad at paying on time.
When you’ve not got a salary and you’ve not established a monthly churn of income thanks to consistent freelance business then having to wait for money to arrive can cause serious issues.
To combat this potential problem, make sure you’ve saved up a nest egg of money before you embark on freelance life. If you’ve got a cash cushion you can maintain your quality of life, invest in any equipment you need to kick-start your business and cover emergency costs.
Find an accountant, too
Freelance finances can be dizzying if you’re used to having your tax sliced off your monthly paycheck without thinking about it. The situation can be even trickier when handling complex freelance tax returns.
If you want to stay on top of your financial situation, don’t flounder on your own – find an accountant before you launch this new career phase. Before you begin, they can guide you through the complex process of registering your business properly, and every year they can help you figure out how much tax you need to pay and how your expenses, bills and investments impact your payments.
By finding a good accountant before you start to freelance, you’ll save money, time and stress – they’ll pay for themselves.
Set up a website
A big part of freelancing revolves around shouting about just how good you are at your job, and this brand-building should start before you launch your business.
Make sure you’ve got a clean, modern and clear website that advertises your services – include a portfolio, even if that includes work you’ve done for free or for family and friends. Alongside a website, ensure that your social media profiles are ready to go, and start posting on them before you launch your freelance enterprise.