1. Increasing Your Earnings
You can start a freelance business on the side while you still have a full-time job and make extra money.
It’s essential to keep meticulous records of everything you earn from your freelance side business, whether it’s a few hundred dollars or several thousand. A CRM system like Close or Salesflare can help you monitor your clients and track the progress you’re making on deals, in addition to keeping an eye on the value of each contract.
I strongly suggest that you put aside one hundred percent of the money you make from your brand-new freelancing business while you are working to increase your income and bring on more customers. Set up a new checking account to receive freelance clients’ payments before you even begin. For a variety of reasons, this is critical. You will have a very clear idea of the amount of monthly income that your freelancing business generates. The money will be kept in a separate account from which you will not be tempted to withdraw, and you will be actively working to build up a safety net for times when things might be tight in the future.
2. Test Out Self-Employment with Minimal Stress.
You need to build up a line of clients and income already flowing in before you quit your job unless you’re willing to blow through possibly a lot of savings or take out a line of credit to hold yourself up while you’re not generating much income with your freelance business or startup. If you’re not willing to do either of those things,
Before I even consider quitting my current job to focus full-time on client acquisition, I need to bring in as much income as my current job provides me, or close enough to it (my personal rule is that my side business must generate 70 to 80 percent of what my full-time job pays me), that I can justify quitting to focus full-time on brand building.
You’ll get a good idea of how much work it is to manage your own business if you spend 10–20 hours per week finding freelance clients and working on their tasks. Make a note of such inspirational quotes since you never know when you’ll need them.
With your day job still providing you with cash, you’ll be able to practice all of your business techniques without the pressure of trying to make a profit.
When I began freelancing, I was incredibly fortunate to have loved the work I did at my day job (Creative Live). It was significant, and I built my own personal brand while overseeing the marketing for the business programs there on a regular basis. As a result, I was able to start my freelance business on the side without having to give up my full-time job because I didn’t have to worry about leaving a job I didn’t enjoy.
3. Professional Development
The most significant reason to start a freelance business while you’re still employed is that you’ll gain a lot of experience rapidly – you’ll be learning your abilities and improving your talents in situations where you have control. You are not under any kind of pressure to take on an excessively large number of customers right away. You could instead focus on doing really good work on a small number of projects, which will help you move up in your chosen field.
I’m well aware of the value of staying current with industry developments and honing my craft on a regular basis as a writer. I get to practice the activities I want to improve at on a regular basis, whether I’m writing for my own website or for a freelancing client project. Others are paying me to increase my skills by freelancing my services.
Additionally, in the process of learning how to design a website, selecting from among the finest website builders, and posting my work online, I genuinely learned what a blog is and taught myself an even more valuable skill set.
In perspective, that was really the biggest triumph, because I’ve gone on to monetize my blog with pieces such as my compilation of the finest web hosting plans and monthly hosting plans that both provide value and drive revenue. These articles have allowed me to grow my audience and my income. I’ve furthermore backed this up by establishing a podcast of my own, which has led to additional chances to monetize my audience, such as talking about the best podcast hosting that I can now recommend to them. I’ve also started a podcast of my own, which has led to further monetization opportunities.
While no one has ever agreed on a specific number of hours of practice required to become an expert on any subject, the more time you spend developing your talents and developing your own unique style, the better. A new Princeton study found that the quantity of focused practice one receives may not be as closely related to performance as previously thought. Working on your favorite abilities, on the other hand, will definitely provide enormous benefits.
Not because they put in an exceptional amount of time into practicing, but rather because they sincerely cared about improving their abilities and becoming the best at what they did. All of these people, from Michael Jordan to Bill Gates, became extraordinary at what they did.
You’ll be able to command better prices for my freelance business if you start practicing as soon as possible.
4. Obsessing Over Your Pricing Strategy
Most people undervalue their services and set the bar low when they initially start a freelance business. Attempting to set rates that are based on “market value” or comparable to others in your sector is often used to justify this. This is completely wrong because you should be charging for the value you deliver. Many freelancers, on the other hand, have to learn this lesson the hard way.
Always start higher than you think you should when bidding on a freelancing project. Concentrate on expressing how much value you’ll provide for the client, and rely largely on successes and results you’ve already achieved for other clients or in your previous employment. The right project planning tools can be a huge help when it comes to determining how long your tasks will take.
The expenses of having your own freelance business are easy to underestimate, as is the value of your services. A salary of $35 per hour at your 9–5 job is not the same as a salary of $35 per hour for your freelance services.
It is time for you to educate yourself on all of the additional taxes, fees, charges, and costs of living that will soon be placed on your shoulders now that you will soon be self-employed. This is because your employer will no longer subsidize any of these things. Now is the time to do this because you will soon be working for yourself. Download the video How to Figure Out Your Regular Pay Rate as a Freelancer, which I made, is a great place to start.
5. Forming Beneficial Collaborations
Genuinely providing true value for your clients’ companies can help your freelancing business and give you an opportunity to build stronger relationships with clients. You are establishing relationships that have the potential to continue for the rest of your life. The ties you can form when freelancing goes well beyond those with your clients.
In my pursuits as a freelancer and as a content marketer at CreativeLive, I’ve come across several wonderful tools for learning how to start (and develop) my freelancing business, and I’ve worked to build meaningful relationships with the individuals behind them. Preston Lee runs Millo, which puts out some of the best and most useful articles about how to improve your freelance business.
I’m intentionally associating myself with them in everything I do because I adore the informative stuff they spend endless hours developing for their readers. It’s a calculated move that helps me develop my own brand in the direction I want to go. If I’m eligible to function with them in the future as part of my freelance company, that’s just a bonus of developing a great relationship based on true mutual interest.
6. Identifying Your Passions
You’ll rapidly learn if you’re passionate about writing, creating, or whatever activity you’re doing if you spend your little free time each day recruiting clients and working on numerous tasks at once. Follow these eight steps to find your abilities and passions, and you’ll be able to determine whether your freelance work is actually important to you.
When you start your freelance business, you’ll discover the types of sectors you prefer working in and the demographics of the consumers you work best with.
Setting yourself up for success requires knowing what you’ll love working on and who you’d like to work with. This can mean the difference between being passionate about a project and viewing it as a job. Your personal hobbies can tell you a lot about your interests and passions, so it’s a good idea to have a look at them and see if there are any methods to align your freelance business with clients whose interests are connected to your hobbies in some way.
7. Creating Your Personal Brand
In whatever you do, I believe you’re establishing a personal brand for yourself. One of the greatest ways to start getting your name out in your sector is to create a freelance business and tie your name to the job you produce for a variety of clients.
“Everything you do helps you build a reputation for yourself.”
How do you want the rest of the world to regard you? When you first start a freelancing firm, you’ll need to create an online portfolio to showcase your work and show potential clients what you can do. Here are a couple of people that have recently benefited from my personal brand:
- Vegan Anj is the website of a friend, Anjelica, who is dedicated to sharing lessons acquired through her vegan path.
- I made SmartWP with my friend Andy. It’s a blog with tutorials and guides on how to design a WordPress site.
- My own site where I’ll chronicle my transition to veganism and share information to assist others to understand more about the lifestyle better.
- WordFinderPro is a Scrabble word finder that helps people who get stuck quickly find new words.
Before you go out and start pitching clients, you’ll need to establish project proposal templates, sample work, and pricing guides. What better time to start making these materials than while you’re still earning money from your day job?
8. The Process of Learning Discipline
Starting a freelancing business requires you to have an unwavering commitment to delivering excellent results for your customers, regardless of what is going on in your own individual life at the time.
The habit of putting things off can lead to your downfall. This method of prioritization is an important part of my “Just Say No” Time Management System, which is also essential to the development of successful blogging skills in the event that you end up moving in that direction as well.
There are no acceptable justifications for falling short on a freelance project; the only explanation is that you did not deliver as promised. The majority of customers will likely understand if something significant comes up that prevents progress from being made on the work that you are doing. You, on the other hand, are in charge of getting the word out about any unplanned emergencies as soon as possible, along with any changes to expectations and new deadlines.
If you are able to find a way to devote a few hours per day to your network marketing business (freelance) while you are still working full-time, you will have no trouble running your own business and meeting deadlines in the future. If you are able to find a way to do this, you will not have any problems.
You are preparing yourself to be as disciplined as you will need to be when you are a full-time freelancer by working on your projects regardless of whether you get up at 5:00 am or stay up late to work on them.