5 Essential Articles on Turning Your Freelance Career into a Small Business
There will come a point in your freelance career when you start to wonder whether you should make the leap and turn your enterprise into a fully fledged small business. Maybe you would like to expand your work to cater for wider audiences, or need to hire staff in order to manage the workload you have already. Maybe you are just ready to commit to work on something a bit bigger.
”You may lose a lot of your flexibility in work, and you may suddenly face new sources of competition, but you could see yourself growing faster, and rapidly expanding your client base”
Whatever your reasons, turning your freelancing into a full time business can be tough, and it may not be right for everyone. You may lose a lot of your flexibility in work, and you may suddenly face new sources of competition, but you could see yourself growing faster, and rapidly expanding your client base.
So for answers to all these questions and more, here are Curve’s 5 essential articles on turning your freelance career into a small business:
Before you can start making preparations to turn your freelance career into a small business, you have to decide whether you even should. There are lots of questions you should ask yourself before making the decision.
Are you ready to expand? Would you prefer growth or flexibility? Do you have the time? Running a small business is very different from participating in the gig economy, so make sure you know for sure that the move is right for you.
Once you know that building a small business is something you want to do, you then have to pick the appropriate time to make the change.
Luckily Amber Turner over on The Next Web has assembled a comprehensive run down of the signs that the time is right, from side projects taking on a life of their own and thus demanding more attention, to running out of additional hours to sell for an income boost. Getting the timing right will make the transition a far easier process.
A business is a very different animal to a freelance enterprise, especially in regards to its financial management.
”Starting to operate like a business before the transition will make the process smoother and more cost and time effective”
Small businesses need to retain receipts and operate a comprehensive financial reporting system, so start now. Curve allows you to keep an electronic catalogue of receipts, manage all your finances, and separate your business expenses from your home spend easily.
Starting to operate like a business before the transition will make the process smoother and more cost and time effective.
(4) The transition
The physical process will vary from business to business, but there are some things all freelancers should think about when upgrading a freelance hobby into a full business.
Matt Keener, writing on Entrepreneur, has set out some of them. You are going to need a company strategy, thinking about how you market yourself, and a keen focus on your unique selling points. Look for high-value long term relationships, and abandon the cheap and quick jobs that may have filled your time earlier in your career. There is a world of opportunity out there, but you must reach for it.
There are new challenges that come with running a small business, not least in regards to where the law is concerned. If you have a product, patent it. Ensure your business follows all government regulations, and hire help with this if you need it.
Once you are all clear in regards to registration, tax, employee contracts, and intellectual property, you can truly begin to grow.
Got some articles that you think would be great in our round-ups? Get in touch with us on Twitter and let us know!
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