Important Things to Remember When Setting Up Freelance Work
Starting up a freelance business is one of the most rewarding things you can do, and there are countless reasons why you might want to work for yourself. Maybe you’re tired of making that long commute every day, you may want to be your own boss or you might simply be looking to have a better work-life balance. Whatever the reason, there are a few things to consider before making the leap. Here are some important tips for making the transition to becoming a freelancer that little bit easier.
Register your business
Taxes are non-negotiable when it comes to running your own freelance business, so it’s important to let the HMRC know as soon as you’re up and running. Being organised here will really pay off later down the line, so keep all your correspondence in an easy to find location, whether it’s an email folder or a paper version.
Get to know the market
Whatever industry you’re in, it’s valuable to get to know what the market is like before you start contacting prospective clients. You need to know who your target customer is, the audience you’re aiming for and where you can find them before you start reaching out. This will make finding clients far easier and helps you to know how to market your services to them.
Work out the finer details
Do your research ahead of time and work out what you’re going to charge, whether you’re charging a flat rate per project, or a daily or hourly rate. Your level of experience will impact what you charge for your services, but bear in mind that you don’t want to outprice yourself in a market where the same services can be acquired for less money. It’s better to provide a great service for a reasonable rate and reassess it further down the line, when companies will know your value and be more likely to pay you a higher rate, than to charge an extortionate rate straight away. Additionally, if you run into any payment troubles you can contact an adviser like HJS Recovery to help you get your due payment.
Set up a website
Whatever sector you’re freelancing in, setting up a website is a must, not only to promote your business but for potential clients to learn more about your services. Purchasing a domain is easy and affordable, and there are countless templates to choose from to get you started. If you want something more professional-looking, you may opt for hiring a web designer to create a custom-made website for your brand. Having a dedicated site for your services makes it much easier for customers to find and contact you.
Maintain your accounts
Your accounts are one of the most important aspects of running a business, so you need to establish a good process from the start. It’s important to keep a record of all your invoices and payments at the end of each month, so that when the time comes to submit your tax assessment, you’ll be organised. You may find that setting up a separate bank account for your business makes life a little bit easier when it comes to keeping invoices and payments in order.