Freelancing can provide opportunities to take control of your life, the flexibility to do what you love, and the joy of being your own boss.
Or it can leave you working excessively long hours, constantly worrying about how you can pay your bills, dreaming of the holidays you used to take, and wishing your boss was still around to take those tricky decisions.
But by following some important steps it’s possible to embrace the freedom of freelancing without falling foul of the negatives.
This article looks at some of the ways you can build and sustain a successful freelance career.
The first step to starting a freelance career is to ascertain what your skills and passions are, and how they can be marketed to an audience that will depart with their cash for your specialism.
Knowing your marketplace is also vital. Do your skills match current need? Which businesses require your knowledge? What can you realistically charge – and will it be enough to sustain your business?
Finding your niche is essential, allowing you to provide a specialised service. This will not only allow your business to stand out and supply solutions which your competitors can’t, but will also enable you to streamline your offer and with it your marketing and strategy.
Very few small businesses or freelance ventures see the money rolling in from day one. You will need to allow time to build up a client base. This means thinking about if you have enough money in reserve to keep you afloat while you build your business.
Making sure you are getting invoices out on time and with the correct payment terms attached can help facilitate prompt payment, and plan your cash flow.
Freelance work can be buffeted by changes in the market, so keeping some money aside for a rainy day is imperative. It also allows you to take on contracts with clients which have longer payment terms.
When the money does start arriving, make sure to keep some of it aside to settle the inevitable tax bill. Doing this throughout the year, rather than panicking trying to find the money once HMRC comes calling, will save you a lot of stress.
Learning how to build a strong network may be the most important skill you need to develop as a freelancer.
New connections can help you on the next step of your journey, whether that be through mentoring, putting you in touch with prospective clients or giving you work.
Cultivating relationships can propel your freelance career forward. There are several ways to do this, from fostering existing relationships to attending industry events, joining networking groups, and connecting on platforms like LinkedIn.
Sending cold emails to potential clients can also be effective, but make sure you are not being spammy as that can be counterproductive. A brief introduction with a specific pitch for your services or product, or simply an invitation to connect, can help you drum up vital business.
It’s easy to get distracted by the very service or product you are providing, pouring all your time and creativity into it.
But doing so to the detriment of financial planning can be hugely problematic.
Very few small businesses or freelance ventures see the money rolling in from day one. You will need to allow time to build up a client base. This means thinking about if you have enough money in reserve to keep you afloat while you build your business.
Making sure you are getting invoices out on time and with the correct payment terms attached can help facilitate prompt payment, and plan your cash flow.
Freelance work can be buffeted by changes in the market, so keeping some money aside for a rainy day is imperative. It also allows you to take on contracts with clients which have longer payment terms.
When the money does start arriving, make sure to keep some of it aside to settle the inevitable tax bill. Doing this throughout the year, rather than panicking trying to find the money once HMRC comes calling, will save you a lot of stress.
Behind every successful freelancer is a raft of short- and long-term goals. Careful planning and the development of a coherent strategy are essential to ensure both growth and sustainability.
Short term aims might include securing your first clients, establishing an online presence, or ensuring you have the right insurance policies and accounting system. In the longer term, you might want to look at developing a specialist service or building your client base.
These should be SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound. Rather than simply saying, ‘I want to make more profit,’ your goal could be to ‘increase income levels by 15% in the next year’.
Choosing specific and measurable goals increases the chances of them succeeding and your business growing.
Building a successful freelance business relies on being nimble, adapting quickly to changes in the market and grabbing new opportunities as soon as they arrive.
Expanding your skills and refining your experience can help you to stay ahead of the game, meaning you can branch out into new fields if necessary.
Versatility is not simply a ‘nice to have’. Clients will seek freelancers who can turn their hands to multiple, diverse projects. Being proficient across a variety of fields can boost your appeal to potential customers.
Having the ability to embrace different projects can also help in times when work runs dry. Tapping into your creativity, or being open to different work, will help you to get through these times and remain sustainable.
Diversifying your income and being open to change might seem to fly in the face of developing a niche product, but it is essential to foster a range of clients and to keep your work fresh.
A mix of offerings, within your overall niche, will ensure you remain engaged and excited about the work you are doing.
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